Permissible holders of Depository Receipts: NRIs allowed for employee benefit, bonus and rights issues; issuers must identify NRI holders.
SEBI clarifies that permissible holders of Depository Receipts must be non residents and not NRIs, but creates exceptions allowing NRIs to hold DRs issued under share based employee benefit schemes and to receive DRs via bonus or rights issues. Beneficial Owner retains the Prevention of Money Laundering Rules definition, and both permissible holders and beneficial owners remain responsible for compliance. Listed companies must identify NRI DR holders under employee schemes and provide that information to the designated depository for monitoring; exchanges and depositories must amend rules and notify market participants.

DPD-DPD container procedure restoration ends temporary extended-port transfers while preserving responsibilities for pre-cutoff movements only.
The DPD-DPD procedure under Facility Notice No. 63/2008, as amended, is restored from 00:00 hours on 23 December 2020. The temporary arrangement permitting movement of DPD-DPD containers from JN Ports to ICD, Mulund and ICD, Tarapur is withdrawn. CONCOR may not undertake such movements thereafter, while containers moved or lifted before the cut-off remain subject to the procedures and responsibilities under the withdrawn temporary arrangement.

Tariff Rate Quota allocation for sugar enables preferential exports to USA under specified certification and reporting conditions.
Allocation of 8424 MTRV of raw cane sugar, refined and specialty sugar, and sugar-containing products is notified for export to the USA under the Tariff Rate Quota for US fiscal year 2021. Exports (HS Code 17010000) are 'Free' under TRQ subject to existing conditions. Where required, the Certificate of Origin will be issued by the Additional Director General of Foreign Trade, Mumbai, and prescribed reporting requirements continue to apply.

Verification of preferential origin certificates must be complete and timely to prevent unnecessary trade delays and repeated queries.
Verification of preferential certificates of origin under CAROTAR must be complete, legible and supported by requisite covering communication and jurisdictional approval before referral. Requests should follow prescribed formats, standard operating procedures and timelines; be submitted via designated electronic channels where possible; and be framed only where there are valid grounds to doubt origin or where importer-supplied information is insufficient, in which case verification with foreign authorities may be sought.

Faceless assessment: re assessment requires opportunity to be heard under Section 17 and mandatory e Sanchit uploads.
Re assessment under the faceless assessment regime must follow the principles of natural justice and Section 17: officers shall solicit comprehensive clarifications via ICES, avoid repeated queries without supervisory approval, and, where re assessment alters classification, valuation or notification applicability, provide the importer an opportunity to be heard in writing or by video conferencing (which may be waived). If the importer does not accept the change, a speaking order must be issued promptly. Supporting documents for exemption or compliance claims must be uploaded in e Sanchit at filing using prescribed document codes.

Duty drawback processing requires prompt crediting within prescribed short timelines and immediate bank crediting to exporter accounts.
Customs instruction requires expedited duty drawback processing: comply with NCTF directive to effect the majority of drawback credits within three days and deposit refunds into exporter accounts within two additional days; reiterates prior bank guidance to credit exporter accounts on receipt of computerized drawback advice or the next working day; mandates strict implementation by Zones and submission of an action-taken report to the Board by the stated deadline.

Quarterly GST returns with monthly tax payments permit eligible taxpayers flexible compliance, invoice reporting, and prescribed interest treatment.
The QRMP Scheme allows eligible registered persons to furnish FORM GSTR-3B quarterly while paying tax for the first two months through FORM GST PMT-06. Taxpayers may use a fixed-sum method based on prior cash-tax payments or self-assessment after considering liability and available input tax credit. Outward supplies are reported quarterly in FORM GSTR-1, with an optional Invoice Furnishing Facility for selected invoices in the first two months. Timely fixed-sum payments protect against interest on interim shortfalls if the full quarterly liability is discharged by the quarterly return due date.

Tariff rate quota imports: Handbook provision updated to adopt the latest Customs notification governing TRQ imports.
The Handbook provision for imports under the Tariff Rate Quota Scheme (Para 2.60) is replaced. The revised paragraph provides that imports under the Tariff Rate Quota Scheme are governed as per Customs Notification No.28/2020-Customs dated 23.06.2020 of the Department of Revenue, Ministry of Finance, as amended from time to time, thereby updating the Handbook to adopt the latest Customs Notification governing TRQ imports.

Faceless assessment grievance facilitation enables stakeholders to seek helpdesk support and urgent escalation for Bill of Entry clearance issues.
Faceless assessment clearance grievances concerning Bills of Entry filed at Mumbai Customs Zone-II, JNCH, Nhava Sheva are channelled through the Turant Suvidha Kendra, functioning as a Facilitation Helpdesk. Importers, exporters, customs brokers and other stakeholders may seek clearance-related assistance from TSK officers through designated communication channels. Urgent Bill of Entry clearance grievances may be escalated to the designated nodal officer serving as the single point of escalation.

Information sharing for income verification: specified authority to flag whether tax returns meet the stated income threshold.
The Director General of Income tax (Systems) is designated as the Specified Authority to respond to requests from the state department; the state must supply PAN/Aadhaar, Assessment Year and an income threshold, and the Specified Authority will return a flag - "Yes," "No," or "Not Available" - indicating whether the Gross Total Income/Total Income in the ITR for that Assessment Year is above or below the stated threshold.

AEO accreditation for MSMEs eased with relaxed eligibility, reduced annexures and expedited processing for accredited applicants.
The circular institutes procedural relaxations for AEO accreditation for MSMEs, lowering transactional and duration eligibility thresholds, shortening qualifying periods for legal and financial compliance, rationalizing AEO annexures into MSME-specific annexures for T1 and T2, reducing bank guarantee requirements for accredited MSMEs, and expediting processing timelines for priority applications. These relaxations apply only to applicants holding and maintaining a valid MSME certificate and require submission of documentary evidence across compliance, financial and security criteria as set out in the MSME annexures.

Quarterly return with monthly payment option allows eligible taxpayers to file quarterly GSTR 3B while paying tax monthly under QRMP scheme.
The QRMP Scheme allows registered persons with aggregate turnover up to five crore rupees to file Form GSTR 3B quarterly while making monthly tax payments for the first two months; eligibility is portal determined and GSTIN wise. Outward supplies are reported in quarterly GSTR 1 with an optional Invoice Furnishing Facility (IFF) for the first two months to reflect selected invoices earlier. Monthly deposits may be made via a portal pre filled fixed sum method or by self assessment in Form GST PMT 06; deposits offset quarterly liabilities and refunds of such deposits are permitted only after the quarterly GSTR 3B is filed.

Waiver for recording UIN on invoices extended; attested invoice copies must be submitted to the jurisdictional officer.
Waiver from recording of UIN on invoices is extended for supplies relating to refund claims for April 2020-March 2021, provided invoice copies are attested by the authorized representative of the UIN entity and submitted to the jurisdictional officer; authorities should publicize the concession and report implementation difficulties to the Board.

Opening of current accounts: permitted for specified statutory and escrow purposes subject to use restrictions and monitoring obligations.
Banks may open current accounts for specified statute- or regulator-mandated purposes provided the accounts are used only for permitted transactions, flagged in the CBS, and subject to banks' half-yearly monitoring of current accounts and CC/ODs to ensure compliance and to assess the banking system's aggregate exposure, computed using CRILC, CICs, NeSL and customer declaration; banks with less than ten percent exposure have limited debit rights with defined exceptions, escrow arrangements must include lending banks and non-lender banks cannot act as escrow agents.

Deemed registration verification SOP mandates physical checks, financial scrutiny, risk-based notice, and cancellation proceedings where warranted.
Compulsory post-registration verification is directed for taxpayers who obtained deemed registration where Aadhaar authentication was not opted for or had failed. The proper officer must physically verify the business premises and conduct preliminary financial scrutiny, including examination of ownership or tenancy, employee details, identity particulars, bank KYC, returns, bank account activity, capital employed, and sources of funds. In specified risk cases, FORM REG-17 may be issued, and if cancellation appears warranted, proceedings under the applicable cancellation procedure are to be initiated. The verification exercise is to be completed within a time-bound period with weekly reporting and supervisory oversight.

Temporary import exemption for durable containers requires a re-export bond and specified ICES SW_CTRL shipping bill entries.
Durable containers not conforming to standard marine container dimensions must be declared as items in the Bill of Entry and an executed re-export bond is required to claim the temporary import exemption. ICES has been updated to require SW_CTRL table entries on the Shipping Bill for export/re-export, including Serial No, Control type code = DUC, Control Location, Control Start and End Dates, Control Result Code formatted as BE No.||BE inv no||item no (or NORE), and Control Result Remarks containing the container identification. Partial Credit of RE Bond functionality is to be used to credit bonds post-export.

Exemption for temporary import of durable containers clarified: eligibility, identification, bond and procedural steps for import and re-export.
Durable containers temporarily imported for re-export qualify for full customs and integrated tax exemption under Notification No.104/94-Cus. if they are durable, reusable, identifiable at re-export and meet other notification conditions. Marine-container procedures remain governed by Circular No.31/2005; non-standard durable containers must be declared separately in bills of entry and shipping bills, a re-export bond and security (continuity bond recommended) must be furnished at import, unique identifiers verified at export, and bond procedures including partial crediting are supported in the Customs Automated System.

Deemed registration verification: physical inspection and documentary financial checks required where Aadhaar authentication is not completed.
Mandatory post-registration verification is required for taxpayers granted deemed registration where Aadhaar authentication was not opted for or has failed. Proper officers must conduct physical verification of the principal and additional business premises or, with senior approval, obtain documentary evidence; suspected cases may trigger FORM REG 17 and proceedings under rule 22. The SOP mandates on site checks (utilities, premises size, ownership, employee records, identity documents, bank KYC) and preliminary financial scrutiny (ITRs, bank account activity, capital structure, audited accounts, and loan proposals).

Self Sealing Permission revalidation requirement: submit prescribed documents and file electronic CIM ES for e seal cargo compliance.
Extension and revalidation procedure for Self Sealing Permission at JNCH requires submission of a request letter, existing permission/registration copy, representative authorization if applicable, IEC/PAN/GSTN proof, attested specimen signatures with photographs, and a declaration of prior cases; a dedicated FSP Cell e mail has been provided for filings and exporters using RFID/e seals must file the Customs Inland Manifest for e Seal Cargo (CIM ES) electronically.

Quarterly return monthly payment scheme streamlines GST compliance with quarterly filings, monthly tax payment, and optional invoice furnishing.
The QRMP Scheme allows eligible registered persons with aggregate turnover up to five crore rupees to furnish FORM GSTR-3B quarterly while making monthly tax payments for the first two months of each quarter. The option is exercised on the common portal within the prescribed time window and is GSTIN-wise. Quarterly outward supply details are filed in FORM GSTR-1, with an optional Invoice Furnishing Facility for selected invoices, and monthly tax is paid through FORM GST PMT-06 by either the fixed sum method or the self-assessment method. Quarterly filing, interest, and late fee consequences are specified for delayed compliance.