Duty to report divergent liquidation decisions: liquidators must record reasons and submit reports on the Board portal.
Liquidators must record in writing any decision that departs from the Stakeholders' Consultation Committee's advice, state reasons for the divergence, and submit the written reasons and related records to the Adjudicating Authority and to the Board and include them in the next progress report. The Board has provided an electronic proforma on its website for such reporting, and insolvency professionals are directed to use that proforma.

RoDTEP rate implementation expanded to additional export sectors; exporters can claim benefit for eligible shipping bills.
Revised RoDTEP rates under an updated Appendix 4R expanding coverage to specified items in Chapters 28, 29, 30 and 73 have been loaded into the Customs EDI System; exporters may claim RoDTEP benefits for eligible shipping bills filed in the EDI System from the system effective timestamp, and operational issues should be reported to the Commissioner of Customs, Chennai-IV by email.

Import of pet animals: DGFT authorisation and quarantine NOC govern permitted permanent and temporary entries.
Import of pet animals (cats and dogs) is a restricted category subject to wildlife/CITES rules; commercial breeding imports are prohibited while pet dogs, R&D institutions with CPCSEA recommendation, and security forces qualify for exemptions. Permanent and temporary imports require DGFT authorisation except where baggage rules permit import of up to two pets on change of residence after two years abroad. Applications follow ANF-2M, must include vaccination/pet passport and supporting documents, and require Advance NOC from the Regional/Quarantine Officer with exporting-country health tests; designated ports and quarantine facilities apply.

ISIN allocation guidance: changes to security alone do not trigger a new ISIN when core issuance terms remain unchanged.
Clarification states that changes to the underlying security, creation of additional security, or creation of security for unsecured debt do not require a new ISIN provided core issuance terms (maturity, coupon, face value, redemption schedule or nature of the instrument) remain unchanged; Depositories shall not assign a new ISIN in such cases, and debenture trustees must ensure regulatory compliance when the underlying security changes.

Foreign Portfolio Investors master circular sets registration, KYC, investment limit monitoring, ODI issuance and reporting rules.
Master Circular consolidates SEBI guidelines for FPIs, DDPs and EFIs: it prescribes registration and continuance procedures, DDP due diligence and reporting, KYC and beneficial ownership identification and periodic review, segregation and reclassification rules, ODI issuance, hedging and reporting requirements, and detailed investment limit monitoring including red flag activation, breach handling, proportional disinvestment timelines and market specific position/auction/margining frameworks.

GST Council approves rate and rule changes, e commerce and registration reforms, data sharing and procedural clarifications; select items deferred.
The GST Council on 17 December 2022 ratified notifications and approved Fitment Committee rate/classification changes for specified goods and services, accepted Law Committee recommendations to amend CGST/IGST rules and forms (notably Aadhaar biometric pilot, registration verifications, GSTR 1/3B reconciliation mechanism, decriminalisation thresholds with exception for fake invoices, refund and interest computation rules, and e commerce procedural measures), approved limited relaxations on penal interest for initial bank remittance delays, endorsed masked GST data sharing with government departments, and deferred select contentious items for further examination.

Orderly winding down framework for clearing corporations mandates SOPs, resource retention, transfer/close out procedures and regulatory oversight.
Policy mandates board approved SOPs for orderly winding down of clearing corporations' critical operations upon voluntary, involuntary or regulatory triggers; identifies core functions to be maintained, procedures for transfer or close out of positions in interoperable and non interoperable scenarios, continued application of regulatory provisions during wind down, asset distribution subject to statutory dues and regulator contributions, maintenance and use of liquid resources to sustain critical services during wind down, and oversight by the Regulatory Oversight Committee with reporting to the regulator.

Performance benchmarking: portfolio managers must tag each investment approach to one strategy and select a prescribed benchmark.
Portfolio managers must tag each Investment Approach (IA) to one Strategy from Equity, Debt, Hybrid or Multi Asset, select one prescribed benchmark per IA from up to three benchmarks prescribed by APMI, and ensure board oversight. Changes to Strategy or benchmark require offering subscribers an exit without exit load, prohibition on using prior track record for reporting, documented justification and verification in the annual audit under Regulation 30.

Principles of Financial Market Infrastructures applicability extends to AMC Repo Clearing Limited, imposing PFMI compliance obligations immediately.
The circular applies the Principles of Financial Market Infrastructures (PFMIs) to AMC Repo Clearing Limited, noting that regulatory amendments enabling limited purpose clearing corporations and the formal recognition of AMC Repo Clearing Limited for repo and reverse repo in debt securities bring it within the PFMI compliance regime. The directive is effective immediately and is issued under SEBI's regulatory powers to protect investors and promote market development.

SIB module compliance for offline INS-01 cases governs enforcement recording and follow-up investigation entries.
Investigation & Enforcement and Mobile Squad units were directed to complete departmental SIB Module entries in all cases where offline INS-01 notices had been issued during special inspections. The instruction applies where further investigation proceedings were carried out for sensitive, practical, or functional reasons, and reiterates the requirement that entries in the departmental portal be made in accordance with the earlier circular. Subsequent action was to be completed as per rules by the specified deadline.

Refund of unutilised input tax credit: amended calculation formula and sectoral refund restriction apply prospectively to later applications.
The circular clarifies that the amended refund calculation formula under sub rule (5) of Rule 89 applies prospectively and governs refund applications filed on or after its effective date, while earlier applications remain governed by the pre amendment formula. It also clarifies that the notification denying refunds for specified goods in chapters 15 and 27 where input tax exceeds output tax operates prospectively and applies only to refund applications filed on or after its effective date.

GST classification of electrically operated vehicles: lack of fitted batteries does not change their tax classification, attracting concessional treatment.
Electrically operated vehicles are classifiable under HSN 8703 and attract the concessional GST rate even if batteries are not fitted at supply; absence of batteries does not change the essential character. Napa and similar brittle stones with only minor polishing fall within the reduced-rate entry for non-mirror-polished ready-to-use building stone. Mango products under CTH 0804 are taxed by form (fresh exempt, sliced dried concessional, other dried forms including pulp at the standard rate). Treated sewage water is exempt under heading 2201. Nicotine polacrilex gum for tobacco cessation is classifiable under tariff item 2404 91 00 at the applicable rate. The 90% fly ash content requirement applies only to fly ash aggregate, not bricks, and milling by-products of pulses classifiable under heading 2302 used as cattle feed ingredients attract the concessional rate, with past periods regularized on an as is basis.

REIC-form submission for enforcement cases after FY 2018-19 must follow prescribed thresholds and regular reporting
Enforcement case information to be shared with REIC/CEIB must be submitted in the prescribed REIC-Form-1 through Headquarters for cases booked after FY 2018-19. The instruction reiterates that only cases meeting the prescribed tax-evasion threshold are to be referred, and that all pending particulars, as well as future case information, must be forwarded regularly and without delay in the specified format.

Transitional credit claims via TRAN 1/TRAN 2 may be filed/revised; officers must verify and decide admissibility within 90 days.
Transitional credit may be filed or revised via TRAN 1/TRAN 2 on the reopened common portal within the specified window; jurisdictional state or central tax officers must verify claims (including coordination where both tax components exist), observe natural justice, obtain records, and decide admissibility within 90 days of the window's closure, uploading a reasoned order to credit allowable amounts to the electronic credit ledger; inadmissible excess credit is recoverable with interest and penalty. Annexures set out SGST verification checks and a verification report template.

Sugar export restriction extended; mill wise export quotas allocated and subject to quota, documentation, and compliance requirements.
The Government extended the restriction on export of sugar (raw, refined and white) until 31 October 2023 and allocated a total mill wise export quota for sugar season 2022-23, pro rated among eligible mills based on three year average production. Mills may export only their allocated quota within the prescribed window, may surrender or exchange quota under specified procedures, must support exports with required agreements and invoices, upload daily export details on the departmental portal, and face enforcement under the Essential Commodities Act and the Foreign Trade Act for violations.

Import eligibility change: exclusion of shea nut and shea butter from specified Appendix entry alters pre-import export obligations.
Amendment excludes Shea Nut or Shea Butter from Serial No. 10 of Appendix 4J. Serial No. 10 now applies to import items (except Shea Nut or Shea Butter) as allowed under notified SION or prior fixation of norms by the Norms Committee for export of items under Chapter 7 and Chapter 15 of ITC(HS). Export Obligation Period with pre-import condition is ninety days from date of clearance of each import consignment by Customs Authority.

Hedging of commodity price and freight risk permitted abroad with conditions; banks must ensure due diligence and reporting.
Eligible resident entities (other than individuals) may hedge commodity price risk and freight risk in overseas markets using permitted products; gold hedges are limited to recognised IFSC exchanges. Banks may authorise and remit for such hedges after due diligence on exposure, hedge tenor and quantity, justification for OTC or non identical benchmarks, board approved hedging policy and requisite risk management. OTC contracts must be with regulated counterparties in acceptable jurisdictions, structured products are subject to net worth and listing conditions, all payments must pass through designated special accounts, and banks must maintain records, obtain annual statutory auditor certification, report irregularities and submit quarterly XBRL returns.

Hedging of Commodity Price Risk enabled for overseas markets; banks to facilitate under RBI directions and enclosed master direction.
RBI directs Authorised Dealer Category I banks to facilitate hedging of commodity price risk and freight risk in overseas markets by their customers, within the framework of existing foreign exchange derivative regulations, and encloses a Master Direction detailing operational, eligibility, documentation and reporting modalities; the Directions are issued under statutory powers and are without prejudice to permissions under other laws.

Hedging of gold price risk now permitted on IFSC exchanges for eligible residents, subject to regulatory permissions.
Resident entities are permitted to hedge price risk of gold on exchanges in the International Financial Services Centre (IFSC) recognised by the International Financial Services Centres Authority, subject to eligibility and operational conditions in the Master Direction. The Master Direction Foreign Exchange Management (Hedging of Commodity Price Risk and Freight Risk in Overseas Markets) Directions, 2022 has been issued to implement this change; the directions are issued under statutory authority and remain without prejudice to any other legal permissions required.

Transitional credit procedures: portal filings accepted; officers must verify claims and issue reasoned orders for admissibility.
Taxpayers may file or revise FORM GST TRAN-1/TRAN-2 within the court ordered portal window; jurisdictional tax officers must verify claims via back office systems or self certified copies, adhere to natural justice, check prior filings, adjudications and returns, coordinate with counterpart Central/State officers where claims span both taxes, prepare a detailed verification report specifying admissible and inadmissible amounts with grounds, issue notices and hearings where needed, and pass reasoned orders uploading them to the portal so allowed transitional credit is reflected in the electronic credit ledger; excess credited amounts are recoverable with interest and penalty.