Disclosure of material COVID 19 impact: listed entities must report timely, non selective operational and financial effects to investors.
Listed entities should assess and disclose the material impact of the CoVID 19 pandemic on operations and financials, using existing materiality guidelines. Disclosures should be timely, adequate, non selective, and may include operational disruption, restart schedules, measures taken, and quantitative/qualitative effects on capital, profitability, liquidity, debt servicing, assets, internal controls, supply chain, demand and contractual risks; entities should update prior disclosures as material developments occur and include pandemic impact in periodic financial statements where possible.

Import of milk and milk products into India must be accompanied by a veterinary certificate with specified attestations.
All consignments of milk and milk products, including edible lactose, must be accompanied by a veterinary certificate from the exporting country's competent authority attesting that source animals were not fed ruminant-derived meat or bone meal, that animal rennet was not used, that processing achieved temperatures to destroy specified zoonoses, that animals were not exposed to BGH/BST or recent estrogenic treatment, and that residues and toxins comply with Codex limits; customs must insist on the certificate at all entry points, examine consignments on arrival, take samples, and the Department of Animal Husbandry will act at the importer's cost for nonconformity.

Mandatory electronic payment requirement exempted for businesses with only B2B transactions when virtually all receipts are non-cash.
Section 269SU mandates that specified persons must offer prescribed electronic payment modes-Debit Card powered by RuPay, UPI and UPI QR Code. The circular exempts a specified person with only B2B transactions (no retail customers) from section 269SU if at least ninety five percent of aggregate receipts in the previous year, including sales, turnover or gross receipts, are received by modes other than cash.

IRP/RP registration and GST compliance extensions clarified, covering registration procedure, return filing, export timing and ITC 04 filing.
Clarification extends timeframes and prescribes procedures for GST compliance during the COVID 19 period: IRP/RP registration time is extended and corporate debtors with prior complete return filing need not obtain fresh registration; changes in IRP/RP are treated as amendments to authorized signatory; merchant exporter export timing is extended where the original window fell within the affected period; and furnishing of FORM GST ITC 04 for the quarter ending March is extended to the later permissible date.

Paperless import clearance: PGA LPCOs must be uploaded on e SANCHIT; beneficiary uploads barred after cut off.
The notice adds two Registrar of Newspapers document types to e-SANCHIT and requires PGAs to upload digitally signed LPCOs, centralising LPCO uploads with PGAs. Beneficiary uploads on e-SANCHIT are deactivated from the stated cut-off, although the newly enabled PGA must upload LPCOs issued within the prior 15-day window and may upload earlier LPCOs to enable beneficiary use. Beneficiaries must ensure correct ICEGATE e-mail registration because PGAs will communicate LPCO information and IRNs via those addresses; the Public Notice 02/2020 is modified accordingly.

e-SANCHIT electronic LPCO submission: RNI must upload authorizations; beneficiary uploads disabled, ensure ICEGATE email registration.
RNI is added as a PGA on e-SANCHIT to upload digitally signed LPCOs; beneficiary uploads of previously issued LPCOs are disabled from 31.05.2020. RNI must upload LPCOs issued during the 15 days prior to the cut-off and may upload earlier documents to enable beneficiary use. Beneficiaries must ensure correct email addresses in ICEGATE because PGAs will communicate LPCO information via those registered emails; Board's email-based auto registration for limited e-SANCHIT functions applies.

Hedging of foreign exchange risk: implementation deferred; offshore non deliverable rupee directions remain effective as previously scheduled.
Directions on hedging of foreign exchange risk originally to come into effect on June 1, 2020 are deferred and will now be effective from September 1, 2020; Directions on banks' participation in offshore non deliverable rupee derivative markets remain effective from June 1, 2020. The Circular is issued under the statutory foreign exchange framework and preserves any permissions required under other laws, addressed to Authorised Dealers Category I.

Electronic sealing requirement for customs bonded warehouses rescinded pending fresh comprehensive public consultation and review of modalities.
The Board has rescinded previously issued but not yet operationalised circulars mandating RFID and other electronic sealing for deposit in and removal of goods from Customs bonded warehouses, and will prepare a comprehensive circular placing revised modalities on the public domain for stakeholder inputs prior to finalisation.

Upload Drug Controller licence in eSanchit to secure online clearance of pharmaceutical imports and avoid processing delays.
Importers and customs brokers must upload Drug Controller licences, NOCs and related approvals into eSanchit for clearance of pharmaceutical consignments requiring Assistant Drug Controller approval; the measure relies on the Single Window/automated customs data routing to eliminate physical interface, reduce dwell time and avoid queries, and trade associations are asked to publicize the requirement with a contact provided for implementation difficulties.

Relaxation in timelines for regulatory compliance provides extended filing and operational relief for market participants during pandemic disruptions.
The circular extends compliance timelines for trading members, clearing members and depository participants by amending earlier SEBI circulars: specified monthly and quarterly obligations and listed items are extended largely until June 30, 2020; the period of exclusion for another set of provisions is March 23, 2020 to June 30, 2020; and certain items receive a two month extension from their due date. All other conditions of the earlier circulars continue; market infrastructure entities must notify members and publish the circular.

Reverse charge on passenger motor vehicle rentals applies to non-corporate suppliers who do not charge standard GST rates.
Reverse charge mechanism for fuel-inclusive passenger motor-vehicle rental services applies where a non-body-corporate supplier provides the service to a body corporate and does not issue an invoice charging GST at 12%. Where GST at 12% is charged by the supplier, the body corporate has no reverse-charge liability. A supplier covered by reverse charge must not charge tax from the recipient. The framework is clarificatory and also governs the period from 1 October 2019 to 30 December 2019.

GST clarification on Information Technology enabled Services is withdrawn ab initio to ensure uniform legal implementation across field formations.
Withdrawal of prior GST clarification on Information Technology enabled Services takes effect ab initio to ensure uniform implementation of the Bihar Goods and Services Tax law. The earlier clarification concerning doubts about the GST treatment of ITeS services is withdrawn following concerns regarding its implications across field formations.

Return non-filing under GST triggers electronic notice, best judgment assessment, recovery, cancellation, and possible provisional attachment.
Failure to furnish GST returns requires issuance of FORM GSTR-3A, allowing fifteen days for filing. If a return remains unfurnished after this period, the proper officer may make a best judgment assessment in FORM GST ASMT-13 using available return, e-way bill, inspection, and other information, and upload the assessment summary in FORM GST DRC-07. A valid return filed within thirty days of service of the assessment order causes it to be deemed withdrawn; continued default may result in recovery proceedings and cancellation of registration.

Extension of limitation: order preserves limitation periods during pandemic, requiring adherence in tax assessment processes.
The circular records that representations sought exclusion of the lockdown period from limitation computations under the Delhi Value Added Tax Act, 2004 and directs that the Supreme Court's suo motu order extending the period of limitation from mid March 2020 until further orders is binding under Article 141. All assessing and objection hearing authorities under the DVAT Act, 2004 are instructed to adhere to that extension when dealing with limitation periods in tax proceedings.

Interest Equalisation Scheme extension preserves concessional support for pre- and post-shipment rupee export credit through the renewed period.
Extension of the Interest Equalisation Scheme renews concessional support for pre- and post-shipment rupee export credit for one additional year with unchanged scope and coverage; the scheme remains effective for the renewed period or until further orders. Implementation is subject to Reserve Bank of India guidelines and notifications, and stakeholders are requested to utilize the scheme and report any difficulties to the Directorate General of Foreign Trade.

Relaxation of Minimum Public Shareholding compliance shields listed entities from penal measures during the specified relief period.
Recognized stock exchanges and depositories are directed not to initiate, and to withdraw any penal actions already initiated, for listed entities whose deadlines to meet Minimum Public Shareholding requirements fall within the prescribed relief window; exchanges must notify listed entities and publish the circular, which takes effect immediately as a regulatory relaxation under the Listing Obligations and Disclosure Requirements framework.

Relaxation of procedural requirements allows electronic service of offer documents and electronic inspection for open offers and buy-backs.
Relaxation permits electronic transmission of letters of offer, tender forms and related materials for open offers and buy-back tender offers up to July 31, 2020, provided the documents are published on the company, registrar, stock exchange and manager websites. Acquirers/companies and lead managers must undertake complementary outreach (post, SMS, television, digital ads) and publish advertisements notifying shareholders of electronic dispatch and web availability in the same newspapers as the original public statements; additional newspapers and electronic media may be used. Electronic inspection of material documents must be provided.

Provisional assessment permits conditional release of imports pending COO verification with reduced security for qualifying importers.
Provisional assessment allows conditional release of consignments from China claiming duty exemption under an APTA Country of Origin Certificate pending verification of COO signatures and seals; releases shall follow Circular No. 38/2016 and security under Section 18 of the Customs Act. Designated categories (Authorized Economic Operator, Status Holder, specified manufacturers and institutional actual users importing pharmaceuticals, personal protection equipment and hygiene products) are exempt from security (0%), other importers of those goods face 25% security of the differential duty, and all other importers remain at 100%. Eligible importers may furnish a Bond or an Undertaking in lieu of Bond, which must be replaced by a proper Bond as required, and Appraising Groups must maintain records of relaxations.

PGA e-SANCHIT expansion requires agencies to upload digital LPCOs, shifting upload responsibility from beneficiaries to PGAs.
PGA e-SANCHIT now requires PGAs to upload digitally signed LPCOs; RNI is added as a PGA with two document types and the total enabled PGAs becomes fifty-one. Beneficiaries will be barred from uploading previously issued LPCOs after the deactivation cut-off, and RNI must upload LPCOs issued during the 15-day window (and may upload earlier LPCOs) to allow beneficiary use. PGAs will communicate via ICEGATE-registered email addresses; stakeholders must ensure correct emails because beneficiary upload capability will be deactivated.

National Calamity Contingent Duty inclusion required in Brand Rate duty drawback calculation under customs law.
Clarifies that the incidence of National Calamity Contingent Duty (NCCD) on inputs used in export manufacture must be factored into calculation of the Brand Rate of duty drawback; explains NCCD's levy as an excise and customs duty under the Finance Acts and that central excise and customs provisions (including refunds and exemptions) apply; notes Drawback Committee inclusion of NCCD in All Industry Rates and directs stakeholders to report implementation difficulties to the Deputy Commissioner (Technical).