Master Circular for Depositories: consolidates KYC, BSDA, DIS, CAS, cybersecurity and FMIs operational requirements.
Prescribes SEBI's consolidated operational requirements for depositories, DPs and BO accounts: PAN as primary identifier; accepted PoI/PoA list; voluntary Aadhaar e KYC with biometric/OTP flows; SARAL simplified account opening; BSDA eligibility, charge caps and statement/SMS rules; standardized DIS issuance, serialisation, scanning and validation; timelines for T+2 activities, transmission and ISIN activation; annual system audits, BCP/DR standards and board approved cyber security and resilience framework; central DN database and Consolidated Account Statement implementation.

Pre Shipment Inspection recognition: seven agencies added to Appendix 2G authorising issuance of PSICs under HBP provisions.
Seven foreign inspection agencies are included in Appendix 2G as recognized Pre Shipment Inspection Agencies authorised to issue Pre Shipment Inspection Certificates under the Handbook provision governing PSIA recognition. Inclusion takes immediate effect for a fixed statutory term from the notice date and is subject to documentary and procedural conditions. An annexure lists approved spectrometers and survey meters for each agency with calibration, purchase invoice and photographic evidence recorded to confirm technical compliance for PSIC issuance.

Let Export Order requirement: customs clearance must precede terminal entry, with document processing prioritised for reefers and perishables.
A Standard Operating Procedure mandates issuance of a Let Export Order before export containers enter port terminals, with documentation to be completed at a new Document Processing Area in the Parking Plaza. This replaces checklist based gate approvals, reduces duplicate submissions, aligns Customs processing with Gate Automation and RFID systems, directs factory stuffed and self sealed containers away from Buffer Yard to the Document Processing Area or designated CFSs, and prioritises out of turn processing for refrigerated and perishable consignments marked on shipping bills.

Export warehousing extension: Ahmedabad district added as an authorised location for storage of excisable goods for export.
The Board amended paragraph 2(2) of Circular No. 581/18/2001-CX to include the district of Ahmedabad in Gujarat among places where warehouses may be established and registered for storage of excisable goods for the purpose of export. Field formations are directed to inform stakeholders and acknowledge receipt so that Ahmedabad is treated as an authorised location for export warehousing under the Central Excise Rules, 2002.

GST migration credentials issued: complete provisional pre registration with OTP verification and document upload to activate GST registration.
Provision of provisional login credentials to VAT-registered dealers for pre registration on the GST Portal, requiring entry of the provided username and password, Mobile Number and Email of the Authorized Signatory, OTP verification sent separately to mobile and email, and upload of required information and scanned annexures; submissions are subject to verification under the Proposed Model Goods and Services Tax Act and misleading information may lead to cancellation.

Grievance Management enhancements streamline officer workflows and enable electronic resolution, automated email dispatch and external systems integration.
Enhancements to the e Nivaran module add supervisory visibility via an improved Control Register with Case History/Notings, export capability and enhanced search; worklist and work item upgrades allowing in item updates to category, status and resolution remarks; automatic removal of resolved items when resolution letters are generated and automated email dispatch to taxpayers; system checks to assist processing; integration with CPC TDS and NSDL for transfers; planned future integrations with UTITSL, Refund Banker and CP GRAMS; and a requirement to scan and upload grievance documents, with helpdesk support available.

Deletion of Kuth Root from MEIS schedule removes its ITC-HS entry and takes immediate effect under Foreign Trade Policy.
The Director General of Foreign Trade has deleted Kuth Root (ITC-HS Code 12119046) from Appendix 3B of the MEIS schedule (Sl. No. 506) under powers conferred by the Foreign Trade Policy; the deletion is effective immediately and the specified entry no longer appears in Appendix 3B for MEIS purposes.

GST Council approved model law sections with changes on input-credit reversal, refunds, record-keeping, provisional assessment, and arrest thresholds.
The Council adopted amendments to earlier minutes and approved Sections 47-99 of the draft Model GST law subject to specified changes: replace 'Tax Return Preparer' with 'GST Practitioner'; reduce unjust-enrichment self-certification refund threshold to Rs. 2 lakh or Council-determined amount; apply a six-month payment rule for reversal of input tax credit to goods and services; expand record-keeping to include transporters and godown operators; increase retention of accounts to six years; clarify aggregators as electronic commerce operators for TCS; limit Commissioner's provisional-assessment extension to four years; delete CAG information-power provision; increase appellate pre-deposit to 20%; and redraft arrest provisions with specified monetary thresholds and safeguards.

Prosecution for TDS/TCS defaults: CIT(TDS) sanction and TRACES based Form T filing required within prescribed timelines.
SOP mandates submission of prosecution proposals for TDS/TCS defaults in the prescribed Form 'T' with prior sanction from CIT(TDS). AOs must issue TRACES-generated show cause notices, collect and preserve specified prosecution documents, reconcile contested defaults, and forward complete proposals through the Range Head. CIT(TDS) examines material and explanations, may seek counsel opinion, issues speaking orders granting or dropping sanction, and entries at each stage must be recorded on TRACES; compounding applications may be processed while prosecution proposals remain pending.

Reopening of past indirect tax assessments: not triggered solely by increased turnover from digital payments.
The instruction clarifies that, for purposes of indirect taxation, past assessments will not be reopened solely on the ground that turnover increased as a consequence of shifting transactions to digital payment methods; mere emergence of previously undisclosed receipts through digital channels is not a standalone basis for reopening historical indirect tax assessments.

Direct securities transfer to clearing corporation streamlines tender-offer settlements and enables direct payouts to shareholders.
Direct transfer of shares using the early pay-in mechanism requires shareholders' securities to be moved to the Clearing Corporation prior to bid placement; depositories must supply investor PAN, demat and bank details to the CC. The CC will apply such securities to settlement, return unaccepted shares directly to shareholders, and make direct funds payouts for accepted shares to shareholders' bank accounts, with rejected transfers routed to the seller broker's accounts for onward transfer.

Relaxation of time frame permits processing of past income tax returns with refund claims, subject to specified validations.
Relaxation under Section 119 permits processing of previously time barred returns containing a claim of refund where the return was validly filed and recomputation yields a refund; AST functionality is provided to assessing officers with specified eligibility validations and a defined retrieval and input procedure, supported by a user manual and ITBA helpdesk for technical assistance.

Custodian appointment: MIAL authorized to hold and manage export and bonded cargo under prescribed customs conditions.
M/S. Mumbai International Airport Limited is appointed as Custodian and approved as Customs Cargo Services Provider for the Export Heavy and Bonded Cargo Terminal at Air Cargo Complex, Sahar, Mumbai under Section 8(a) and 141(2) of the Customs Act, 1962 and Regulation 10 of the Handling of Cargo in Customs Areas Regulations, 2009, subject to compliance with statutory provisions, recordkeeping, security, procedural restrictions on removal and entry of goods, infrastructural and administrative obligations, cost-recovery for posted customs staff, publication of charges, monthly reporting of long-stored cargo, and an initial two-year term renewable or revocable for non-compliance.

Reopening assessments should not be based solely on increased turnover from digital payments; requires reason to believe escaped income.
Reopening an assessment under section 147 requires that the Assessing Officer has reason to believe that income chargeable to tax has escaped assessment; mere increase in turnover, including due to digital payments, cannot alone constitute that reason. Assessing Officers are directed not to reopen past assessments solely on the ground of increased current year turnover absent independent material indicating escaped income.

Line of Credit requirements mandate 75% India-sourced supply and specified LC/disbursement timelines under FEMA directions.
A Government of India supported Line of Credit to the Republic of Guinea finances hospital projects and mandates at least 75% of contract value be supplied from India with up to 25% import content. The LOC prescribes separate timelines for opening Letters of Credit and disbursement for project export and supply contracts, requires EDF/SDF shipment declarations, disallows agency commission under the LOC while permitting exporter-funded commissions under prevailing remittance rules, and directs AD Category-I banks to notify exporters; the directions are issued under FEMA provisions.

Customs Cargo Service Provider approval required for Shipping Lines, Freight Forwarders and NVOCCs under handling regulations.
Shipping Lines, Freight Forwarders and NVOCCs that receive, store, deliver, dispatch or otherwise handle imported or export goods in a customs area are Customs Cargo Service Provider under the Handling of Cargo in Customs Areas Regulations, 2009 and must obtain approval to act as such; registrations for manifest filing or continuity bonds do not substitute for that approval, although existing bonds may be accepted for Regulation 5 subject to an undertaking to comply with the Regulations.

Annual return requirement suspended for central excise and service tax pending GST implementation; future rules to follow.
The Board has suspended the requirement to file the combined Annual Return for Central Excise and Service Tax for 2015-16 in view of impending GST implementation; a future Annual Return may be required solely for non GST goods, with a final decision to follow after consultation with trade. Trade associations are requested to notify members accordingly.

Transfer of shares to investor protection fund: simplification and transfer-date extension under consideration; rules to be revised.
Clarification records stakeholder requests for simplification of the share-transfer process and extension of the deadline for transfer of shares to the Investor Education and Protection Fund under the 2016 Rules, states these matters are under consideration, and indicates the Rules are likely to be revised and will be notified in due course.

Relaxation of filing fees extends compliance deadline for Jammu and Kashmir companies until end of December.
The Ministry of Corporate Affairs directed waiver of additional fees for companies with registered offices in Jammu and Kashmir for filings of e-Form MGT-7 and e-Forms AOC-4, AOC (CFS) and AOC-4 XBRL, allowing submission without additional fee up to the end of December due to civil disturbances, continuing relief from an earlier circular and issued with competent authority approval.

Administrative control of bonded warehouses transferred to Deputy/Asst Commissioner, ICD Bangalore for licensing, returns and refund administration.
Administrative control for filing periodical returns, receiving licence applications, processing requests to amend warehouse areas, and conducting verifications for public and private bonded warehouses within the Bangalore City Commissionerate is vested in the Deputy/Asst. Commissioner of Customs, ICD, Bangalore. The Deputy/Asst. Commissioner (Warehouse), ICD, Bangalore is the proper authority for raising demands and granting refunds arising from clearances through the erstwhile Customs Division and for refunding unutilised PLA balances held by warehouses.