Fully Accessible Route expanded to include additional specified government securities, enabling broader non resident investment eligibility immediately.
Two identified government securities and all new issuances of seven year and fourteen year tenors are designated as specified securities under the Fully Accessible Route, thereby making them eligible for non-resident investment on the same terms as domestic investors; the Directions are issued under the Reserve Bank's statutory authority and are effective immediately without prejudice to other legal permissions.

Prohibition on importing mobile phones with fake or duplicate IMEI requires an ICDR-issued IMEI certificate before customs clearance.
Import of mobile handsets with all-zero, null, duplicate, fake or invalid IMEI/ESN/MEID is prohibited; importers must obtain an IMEI certificate via the ICDR portal, where automated validation against GSMA TAC data and internal checks issue a certificate with control numbers and QR code for genuine consignments, and customs must validate certificates electronically prior to selective physical examination, while DoT supervises system operation, maintenance and audits.

Excisability of waste and by products confirmed non excisable; circular withdrawn and CENVAT reversal held inapplicable for factory clearances.
The Board rescinds Circular No. 1027/15/2016 CX (25.04.2016) that required reversal of input and input service credit for factory cleared residues, noting the Apex Court's view that bagasse and similar residues are non-excisable and hence the CENVAT Credit Rules do not apply; pending cases should be adjudicated in light of that law and implementation difficulties may be reported to the Board.

Overseas foreign currency borrowings can be used by AD Cat I banks for foreign currency lending, subject to ECB end use rules.
Authorised Dealer Category I banks may utilise funds raised from overseas foreign currency borrowings during the specified window for foreign currency lending to constituents in India, subject to the end use prescriptions applicable to External Commercial Borrowings and compliance with the Master Directions; the on lending permission subsists until maturity or repayment of the underlying borrowings.

FPI short-term investment relaxations permit temporary exemptions for certain debt securities, easing maturity and cap constraints.
The RBI exempted FPI investments in government securities and corporate bonds made between July 08, 2022 and October 31, 2022 from the 30% short-term investment limit until maturity or sale, and temporarily allowed FPIs to invest in commercial papers and non-convertible debentures with original maturity up to one year, thereby relaxing the one-year residual maturity requirement for corporate debt; these Directions take immediate effect.

Short-Term Line of Credit enables government-supported procurement finance for urea, with export declaration and utilization rules.
Exim Bank has extended a Government supported Short Term Line of Credit (STLoC) to Sri Lanka for procurement of urea fertilizer from India; exports must be eligible under the Foreign Trade Policy and shipments declared in the Export Declaration Form/Shipping Bill per Reserve Bank instructions. The STLoC's terminal utilization period is six months from signing, extendable by Exim Bank but not beyond twelve months. No agency commission is payable under the STLoC; exporters may pay commission from their own resources or EEFC balances after realization, subject to AD Category I bank compliance. Directions are issued under FEMA without prejudice to other statutory permissions.

Cybersecurity reporting for QRTAs now requires six-hour incident notifications and quarterly reports to SEBI via the dedicated email.
SEBI requires QRTAs to report all cyber-attacks, threats, incidents and breaches to SEBI within six hours of detection and to the national computer emergency response authority; systems designated as protected must also notify the critical infrastructure protection centre. Quarterly reports detailing incidents and mitigation measures must be submitted within 15 days after each quarter via the dedicated e-mail, using the existing reporting format, and QRTAs must implement systems to ensure immediate compliance.

Faceless assessment streamlining requires complete e-Sanchit documentation, limited queries, and grievance escalation to expedite customs clearance.
Faceless assessment of Bills of Entry is streamlined by limiting multiple queries, monitoring first-check and Port Assessment Group referrals, and requiring complete e-Sanchit documentation before filing. Importers and Customs Brokers should file Bills of Entry in advance, upload applicable regulatory, export, licence, technical, origin, quantity and other assessment documents, and provide specific query responses. Clearance grievances, including delays, unwarranted queries and first-check orders, may be escalated through the Turant Suvidha Kendra or the concerned Additional Commissioner or Joint Commissioner.

GST Appellate Tribunal reforms to align tribunal provisions with judicial principles while preserving federal balance and tax uniformity.
A Group of Ministers has been constituted to recommend amendments to GST law governing the GST Appellate Tribunal so as to preserve the federal balance, ensure uniform taxation, and align tribunal provisions with judicial principles; the GoM may consult legal experts, will be assisted by the Joint Secretary (Revenue), and must submit a report to the GST Council by the prescribed deadline.

Retrospective removal of refund provision: circular withdrawn ab initio under statutory withdrawal power, affecting airport retail supplies to departing tourists
The refund provision for inward supplies by airport retail outlets to departing tourists has been omitted retrospectively, and the government withdraws the earlier circular ab initio that had clarified that refund mechanism, nullifying the administrative guidance and removing its application from the retrospective effective date.

Withdrawal of administrative circular after retrospective omission of refund rule; prior guidance declared withdrawn ab initio and publicized.
Rule 95A providing refunds for taxes on indigenous goods supplied by airport retail outlets to outgoing international tourists against foreign exchange has been omitted retrospectively, and the Board has withdrawn Circular No. 106/25/2019-GST ab initio. The Board requests issuance of trade notices to publicize the withdrawal and inform stakeholders.

Refund of unutilised ITC for export of electricity: claim process and Rule 89 calculation clarified using monthly REA.
Procedure for refund of unutilised Input Tax Credit on export of electricity: file FORM GST RFD-01 under "Any Other" with remark "Export of electricity- without payment of tax (accumulated ITC)", upload Statement 3B, the monthly Regional Energy Account issued by RPC Secretariat, export invoices, tariff agreements, and Statement-3A calculation. Relevant date is the last date of the month as per the monthly REA. Refund calculation follows Rule 89(4): exported turnover = scheduled energy (REA) x tariff per unit, using the lower of REA and invoice quantities; Adjusted Total Turnover excludes domestic electricity turnover.

Refund of unutilised ITC for export of electricity: filing, documentation and calculation rules under GST procedures.
Refund claims of unutilised Input Tax Credit for export of electricity must be filed in FORM GST RFD-01 under "Any Other" with the remark "Export of electricity- without payment of tax (accumulated ITC)"; applicants must upload Statement 3B with export invoice details, monthly Regional Energy Account (REA) statement of scheduled energy from the RPC Secretariat and tariff agreements, and provide a refund calculation in Statement 3A. The refund is calculated using the rule 89(4) formula, with turnover of exports determined by scheduled energy in the REA multiplied by the agreed tariff per unit; where quantities differ between invoice and REA, the lower is used.

Re credit of electronic credit ledger for deposited erroneous refunds enabled via FORM GST PMT 03A after FORM GST DRC 03 payment.
Provides the procedure for re crediting amounts into the electronic credit ledger where taxpayers deposit erroneously sanctioned refunds: eligible categories include IGST refunds contravening sub rule (10) of rule 96, unutilised ITC on export without payment, unutilised ITC on zero rated supplies to SEZ without payment, and unutilised ITC from inverted duty structure. Taxpayers must deposit the erroneous refund with interest and penalty via FORM GST DRC-03, submit the prescribed written request (Annexure A) to the proper officer, who will re credit the ledger by order in FORM GST PMT-03A upon satisfaction, preferably within 30 days.

Re-credit of electronic credit ledger allowed after deposit of erroneous refund, with officer order in FORM GST PMT-03A.
Re-credit in the electronic credit ledger is permitted where a taxpayer deposits an erroneously sanctioned refund with applicable interest and penalty through FORM GST DRC-03; the taxpayer must request re-credit using the prescribed Annexure-A, and the proper officer, after verifying payment, shall re-credit an equivalent amount by order in FORM GST PMT-03A, preferably within thirty days from receipt of the request or payment.

Refund entitlement under inverted duty structure clarified: concessional notifications can allow ITC refund when output rate undercuts input.
Refund of accumulated input tax credit is admissible where accumulation arises because the rate of tax on outward supplies is lower than the rate on inputs at the same point in time due to supply made under a Government concessional notification prescribing a lower tax rate for specified supplies; refunds remain unavailable for nil rated or fully exempt outputs and are subject to other statutory conditions and any Government notification excluding certain supplies from refund.

Refund of accumulated input tax credit allowed where concessional notification causes lower output tax rate, subject to exclusions.
Refund of accumulated Input Tax Credit is available where accumulation arises because the rate of tax on outward supplies is lower than the rate on inputs at the same point in time due to supply under a concessional notification; refunds remain unavailable for nil rated or fully exempt supplies and for supplies specifically excluded by Government notification, and other statutory conditions for refund continue to apply.

Deemed export credit for refund is not ITC under Chapter V and is excluded from Section 17 disallowances.
Tax paid on supplies regarded as deemed exports is placed in recipients' electronic credit ledger solely to enable refund claims and is not ITC under Chapter V; therefore it is not subject to Section 17 disallowances and is excluded from "Net ITC" when computing refund under rules 89(4) and 89(5). The proviso to section 17(5)(b) applies to the whole clause; "leasing" in that clause covers only motor vehicles, vessels and aircraft. Employer perquisites under contract are not supplies for GST. Electronic credit ledger funds may be used only for output tax (not reverse charge, interest, penalty or other liabilities); electronic cash ledger may pay tax, interest, penalty, fees or other amounts.

Input Tax Credit clarification: ITC for deemed exports and utilisation rules for electronic ledgers clarified under GST.
The Circular clarifies that portal-enabled ITC for claiming refunds on supplies regarded as deemed exports is not ITC under Chapter V and must be excluded from Net ITC for refund computations; the proviso expanding credit availability where an employer is legally obliged to provide goods or services applies to the entire blocked-credits clause; "leasing" in the blocked list is limited to motor vehicles, vessels and aircraft; employer contractual perquisites are outside GST as services by employee to employer; electronic credit ledger may discharge only output tax (excluding reverse charge) while electronic cash ledger may meet tax, interest, penalty, fees and other liabilities.

Fraudulent input tax credit triggers demand, recovery, interest and targeted penal action under goods and services tax law.
Clarifies that issuance of tax invoices without actual supply does not constitute a taxable "supply" and therefore does not attract tax demand against the issuer, though the issuer is liable to penal action for issuing invoices without supply. A recipient who fraudulently avails and utilises ITC without receipt of goods or services is liable to demand and recovery of ITC with interest and penal action for fraudulent availment. If that recipient passes on credit by issuing invoices without supply, no tax demand arises for non-existent outward supply, but penal action applies for issuing invoices without supply and for taking/utilising ineligible ITC; other consequences may follow on facts.