Revision of SION input-output norms for ossein: import unit corrected to metric tonnes, affecting export compliance.
Revision of SION A1827 amends the Handbook of Procedure entry for Ossein to specify Crushed Bones as the required import input and changes the unit of measurement for the imported item from kilograms to metric tonnes; the amendment is notified under the Foreign Trade Policy and Handbook of Procedure.

Simulated test environment optionalizes mandatory mock trading sessions; exchanges must provide access and monthly reporting.
Mandatory mock trading sessions become optional if a Recognised Stock Exchange provides a simulated test environment available to all members, for at least two hours after market hours on at least two trading days weekly, with data from at least one trading day in all segments not older than one month. Members with approved algorithms must participate at least one trading day monthly and such participation shall be audited and reported in the System Auditor's report; exchanges must provide daily logs to members and a summary to the regulator in the monthly development report.

Tariff Related Quota licenses must be declared in import declarations or concessional duty will be denied by the system.
DGFT-issued electronic TRQ licenses are transmitted to ICEGATE for registration in ICES; importers must provide TRQ license details in the Bill of Entry to claim concessional duty, whereupon the system will automatically debit imported quantities against the license and present license and debit information to the appraising officer. Omission of license details or exhaustion of licensed quantity will result in denial of the notification benefit and levy of tariff duty. Officers must scrutinize duty and duty-foregone calculations on initial Bills of Entry, and implementation issues are to be reported to the designated customs official.

Unified Payments Interface (UPI) adoption enables app/web public issue applications with mandate-based fund blocking and electronic reconciliation.
Permits application to public issues of debt, preference and securitised instruments via stock-exchange app/web interfaces and intermediaries with blocking of application funds through the Unified Payments Interface (UPI). Stock exchanges and depositories must validate PAN and demat details in near real time and transmit bid and UPI ID data to a designated Sponsor Bank, which initiates a one-time mandate for investor authorization. Upon mandate acceptance banks block funds and communicate status to Sponsor Bank, stock exchange and registrar; registrar reconciles block confirmations, prepares basis of allotment, and triggers debit/collect and unblocking actions for final settlement and allotment.

Personal hearing through video conference may be allowed when a draft assessment modification is disputed after a written response.
Under the Faceless Assessment Scheme, 2019, the ReAC may allow personal hearing through Video Conference where a proposed modification in a Draft Assessment Order is disputed by the assessee or authorised representative; allowance follows consideration of case-specific facts. Requirements: the assessee must have submitted a written response to the DAO; Video Conferences are ordinarily thirty minutes and may be extended on request; documents or evidence may be furnished during the session or within a reasonable time permitted by the assessing unit.

Foreign law firms' practice restriction bars establishment of offices in India under FEMA and mandates bank reporting of violations.
Foreign law firms, foreign lawyers and foreign companies are not permitted to practice law in India and therefore shall not establish branch offices, liaison offices, project offices or other places of business in India for the purpose of practicing law; Authorized Dealer Category I banks must not grant FEMA approvals for such establishments and must report violations of the Advocates Act to the Reserve Bank, while other BO/LO/PO policy provisions remain unchanged and the Master Direction has been updated accordingly.

Temporary import exemption for durable containers clarified: declaration, identification and continuity bond requirements specified.
Clarifies exemption on temporary import of durable containers not conforming to standard marine dimensions but intended for re export. Reiterates eligibility: durable, reusable, identifiable at re export, and compliant with Notification No.104/94 Cus. Prescribes procedures: declare containers as separate items in bill of entry or shipping bill (sections 46 and 50), verify unique identifiers on export, discharge duties on any laden cargo while containers remain exempt subject to bond and security, and register continuity bonds in the Customs Automated System. Directorate General of Systems to issue Systems Advisory.

Quarterly Return Monthly Payment Scheme enables eligible taxpayers to file quarterly returns while making monthly tax deposits.
The Quarterly Return Monthly Payment Scheme allows eligible registered persons to furnish FORM GSTR-3B and FORM GSTR-1 quarterly while depositing tax for the first two months through FORM GST PMT-06. Taxpayers may use either the fixed sum method based on prior cash payments or the self-assessment method using current liability and available input tax credit. Optional Invoice Furnishing Facility reporting permits selected invoices to be reflected for recipients before quarterly FORM GSTR-1 filing. Deposits are applied to quarterly return liability, and interest and late-fee consequences depend on timely monthly deposits and quarterly filings.

Pre-show cause notice consultation mandatory for high-value duty demands; consultation to be conducted by the issuing authority.
Pre-show cause notice consultation is mandatory where the proposed demand of duty or recovery of CENVAT Credit exceeds the revised monetary threshold for higher-level adjudication, excluding preventive or offence-related show cause notices. The consultation shall be carried out by the authority issuing the show cause notice even if adjudication will be by a different officer. The circular rescinds the earlier instruction on the subject and has overriding effect over conflicting circulars and instructions.

Prohibition on trade with North Korea requires customs to amend erroneous country entries before granting clearance to prevent misleading trade reports.
Customs formations must correct inadvertent data entry errors identifying North Korea as the country of import/export before granting Out of Charge/Let Export Order (OOC/LEO); clearance is to be permitted only after deleting the incorrect reference to North Korea and recording the correct country, and RMS amendments will be made to prevent recurrence.

Preferential issue ineligibility clarified: parties transferring units within six months, including sponsors, are barred from allotment.
Preferential issue of units by a listed InvIT shall not be made to any person who sold or transferred units of the issuer during the six months preceding the relevant date; if any person belonging to a sponsor sold or transferred units in that period, the sponsor is ineligible for allotment on a preferential basis.

Quarterly return monthly payment scheme streamlines GST filing with quarterly returns, monthly tax deposits, and optional invoice furnishing.
Quarterly Return Monthly Payment Scheme permits 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. Eligibility is determined from the preceding financial year using turnover reflected on the common portal, and a person crossing the turnover limit during a quarter becomes ineligible from the next quarter. The option is exercised on the common portal within the prescribed window, applies GSTIN-wise, and includes default migration arrangements. Quarterly FORM GSTR-1 filing is required, with an optional Invoice Furnishing Facility for selected invoices in the first two months.

Compounding of FEMA contraventions: delegation to regional offices with updated classification and disclosure under the Master Direction.
Compounding powers under FEMA have been delegated to the Reserve Bank's Regional Offices/Sub Offices to compound specified contraventions under the FEM (Non Debt Instruments) Rules, 2019 and FEM (Mode of Payment and Reporting of Non Debt Instruments) Regulations, 2019, covering issuance of shares without approvals, receipt of investment, and specified reporting/payment obligations. The Reserve Bank has discontinued the separate 'technical' classification and will regularise such contraventions by imposing minimal compounding amounts per the Master Direction. For compounding orders on or after the stated date, only summary information (applicant name, provisions compounded, date of order and compounding amount) shall be published on the Bank's website.

Extension of declaration filing period under Sabka Vishwas Scheme allows affected declarants additional time for filing and compliance.
The Order extends the last date for filing declarations under the Sabka Vishwas Scheme for eligible declarants in Jammu & Kashmir and Ladakh and prescribes sequenced deadlines for issuance of the statement, issuance of the estimate of amount payable, and payment of dues; filing and verification must follow Chapter V of the Finance (No.2) Act, 2019 and the rules made thereunder, and tax formations are to inform trade and industry and report implementation difficulties to the Board.

Continuous disclosure compliance: exchanges to impose uniform fines and enforcement measures for listed debt securities, preference shares and commercial papers.
SEBI mandates a uniform enforcement framework requiring recognized stock exchanges to monitor continuous disclosure compliance by issuers of listed Non-Convertible Debt Securities, NCRPS and Commercial Papers, levy specified fines for enumerated disclosure failures, coordinate actions across exchanges for multi-listed entities, credit fines to the Investor Protection Fund, and impose restrictions (including prohibition on issuance and further listing) until compliance and payment of fines, with publication of actions and allowance for deviations only with written reasons.

Discontinuation of FEMA returns: specified reports withdrawn with immediate effect, Master Direction to be updated.
The Reserve Bank of India has withdrawn a specified set of returns and reports under the Master Direction - Reporting under FEMA with immediate effect to reduce compliance burden; the Master Direction will be updated accordingly and authorised dealers should inform their constituents. The circular is issued under Section 10(4) and Section 11(2) of the Foreign Exchange Management Act, 1999, without prejudice to other statutory permissions, and the Annexure lists the discontinued reports by reporting entity and frequency, noting that hardcopy DRR filing alone is discontinued.

Suspension of licence amendment services temporarily during IT migration; new licence issuance and applications remain available.
Temporary suspension of licence amendment services for Advance Authorization, EPCG and DFIA licences will occur from 12:00 PM on 20th November 2020 until 30th November 2020 due to migration to a new DGFT IT environment; amendment functions (re-validation, invalidation, value enhancement, EO extension) will be unavailable while new licence issuance and submission of new applications remain available. Exporters/importers must plan accordingly and ensure IEC registration/linking beforehand; DGFT helpdesk, helpline and email support are available.

Foreign trade policy consultation invites stakeholder suggestions via an online form to draft a new multi year policy.
Stakeholders including Export Promotion Councils, trade and industry bodies, commodity boards and regional authorities are invited to provide suggestions for drafting the new Foreign Trade Policy, the current policy having been extended to 31 March 2021. All inputs must be submitted exclusively via the designated Google Form (https://bit.Iy/3khHEI2) and not by email or paper, and must be lodged within fifteen days from the notice to enable centralized collation and processing.

Debenture trustees must monitor security created, submit asset cover certificates and publish timely disclosure of defaults and compliance.
Debenture trustees must independently and periodically assess issuer compliance with issue covenants, with focused monitoring of the security created and asset charges. Trustees shall embed monitoring terms in trust deeds, obtain issuer documents, and submit prescribed reports (quarterly Asset Cover Certificates, guarantor net worth, valuations) to exchanges within specified timelines; amend existing trust deeds within 120 days; follow prescribed breach response procedures; furnish revised half yearly reports to the regulator; and publish defined disclosures on trustee websites within stated timelines.

Corporate Circle jurisdiction streamlined through turnover-based identification of top registered persons and structured transfer proposals.
Uniformity in the jurisdiction of Corporate Circles is to be maintained by identifying the largest registered persons in each zone on the basis of turnover and transferring the jurisdiction of the top 60 registered persons to the Joint Commissioner (Corporate Circle) through a reasoned proposal to the Headquarters. The standard composition of 45 goods suppliers and 15 service suppliers may be relaxed where service suppliers exceed 15, while the top 15 service suppliers must be included where their number is fewer than 15. Future jurisdictional changes are to be proposed only after the close of the relevant financial year and at the beginning of the next financial year.