Investor Charter requirement mandates AIFs to disclose grievance data and maintain quarterly complaint records for investor transparency.
AIFs must publish an Investor Charter (Annexure X) in the PPM for new schemes or send it by registered e mail for existing schemes, and disclose investor complaint data in the Annexure Y format-added as a PPM chapter for new schemes or by updating the PPM annually for existing schemes. AIFs shall maintain complaint records compiled within seven days from each quarter end and disclose quarterly and three year complaint statistics, including pending counts, average resolution time and complaints older than three months.

Co investment by AIF managers via portfolio management route now subject to registration, reporting, and modified fee/onboarding rules.
The amended framework permits AIF managers to offer Co investment via the portfolio management route subject to prior intimation if already registered as a Portfolio Manager, or subject to prior registration if not registered. Portfolio Managers must submit monthly reports to the regulator within seven working days (Annexure A) and quarterly client reports (Annexure B). Fee and direct on boarding provisions of earlier guidance do not apply to Co investment, while remaining applicable to other portfolio management services. Reporting formats apply from April 2022; other provisions from the notification date.

Segregation and ring fencing of scheme assets required when using pool accounts, with daily reconciliation and trustee oversight.
Mutual funds may use pool accounts only for mutual fund level transactions where AMCs have board and trustee approved policies and controls ensuring Segregation and Ring-fencing of each scheme's assets, liabilities, bank accounts and securities, with pool accounts reconciled to nil at end of day, unidentified funds allocated to scheme accounts by the next business day, trustee confirmation in half yearly reports, and half yearly audits by trustees' auditors.

Mutual funds must publish an Investor Charter and monthly complaint disclosures on websites within seven days.
SEBI mandates that all Mutual Funds publish an Investor Charter and disclose monthly investor complaint data (including SCORES complaints) on their websites and on AMFI's website in the prescribed format, with information to be posted within the 7th day of the succeeding month. Mutual funds must provide direct complaint-lodging links and a SCORES link/app, display the charter to existing and new unit holders, follow specified timelines for services and disclosures, and are subject to regulatory action for non-compliance.

Refund of wrongly paid GST allowed when supply is later reclassified, subject to payment under correct head and two year filing limit.
The term "subsequently held" includes both taxpayer self reclassification and findings by tax officers or authorities; refunds are available if the taxpayer pays tax under the correct head and files the refund claim within two years from the date of payment under the correct head, with a transitional two year filing period for payments made before the notification. Refunds are not available where the liability was adjusted by issuance of a credit note.

Risk-based identification for notices under section 148: upload flagged information on the VRU portal for tax reassessment oversight.
Assessing Officers must identify and upload on the VRU functionality information categories specified for implementation of the Board's risk management strategy to enable issuance of notices under section 148, including information from government agencies, internal audits, tax authorities, search or survey results, FT&TR references, and court or appellate orders affecting income.

Legal Entity Identifier requirement expands to large-value cross-border transactions, mandating LEI collection and GLEIF validation.
AD Category I banks must obtain and validate the Legal Entity Identifier (LEI) from resident non-individuals undertaking capital or current account large-value transactions from October 1, 2022; once an entity has an LEI it must be reported in all its transactions. Non-resident counterparties may be processed if LEI is unavailable to avoid disruption. Banks must capture LEI data, validate it against the GLEIF global database, encourage voluntary early adoption, and inform constituents that LEIs can be obtained from GLEIF-accredited Local Operating Units, including the recognised Indian issuer.

Revocation deadline extension for cancelled GST registrations: filing allowed until extended date, applicable irrespective of application status.
Time to apply for revocation of cancelled registration is extended to 30 September 2021 where the original due date fell between 1 March 2020 and 31 August 2021 for registrations cancelled under the specified clauses of section 29(2). The extension applies regardless of application status: not filed, pending with the proper officer, rejected (allowing fresh filing), pending on appeal, or decided on appeal. Proper officers and appellate authorities must treat the extended timeline as applicable, and taxpayers may refile where necessary.

PMS transactions in corporate bonds must use RFQ for at least 10% of secondary market trades.
PMS must execute at least 10% by value of their monthly secondary market corporate bond trades via the stock exchanges' RFQ platform in OTO or OTM modes, with compliance measured on a rolling three month basis; trades where a PMS is on both sides must use OTO, OTM trades executed with another PMS count as OTM, and PMS may accept contract notes from brokers for RFQ transactions.

IGM seal-number amendments require responsible parties to provide satisfactory justification, with unresolved requests escalated for supervisory review.
IGM seal-number amendment applications must include a proper explanatory letter and justification from the party responsible for the seal-number change. Proper officers must scrutinise the explanation before processing the amendment. If the officer is not satisfied with the justification, the application must be referred to the Deputy Commissioner or Assistant Commissioner of the Import Noting Section for further consideration.

Coumarin testing requirement for imported cinnamon: consignments must be tested to ensure coumarin limits are met before clearance.
Imported consignments of cinnamon must be tested for coumarin content on a dry-weight basis, with the coumarin content not exceeding 0.3 percent by weight; testing is to follow the manual of methods of analysis for spices, herbs and condiments, and Authorized Officers are directed to ensure all consignments are tested and to report implementation difficulties to the Board.

Refund of excess electronic cash ledger balances clarified as time limit exempt and unjust enrichment not applicable.
Refunds of excess balances in the electronic cash ledger are not governed by the time limit in section 54(1); unjust enrichment declarations under Rule 89(2)(l)/(m) are not required for such refunds. TDS/TCS credits in the electronic cash ledger are equivalent to cash deposits and any unutilised amounts after discharge of dues are refundable as excess cash ledger balance under the proviso to section 54(1) read with section 49(6). For deemed exports, the relevant date for refund is the date the supplier files the return relating to those supplies.

Dynamic QR code exemption clarified: RBI approved payments allow invoices without QR; electronic cash ledger excess refunds exempt time bar.
Invoices to recipients located outside India for services whose place of supply is in India may be issued without a Dynamic QR Code when payment is received in convertible foreign exchange or in Indian rupees through RBI permitted modes. Refunds of excess electronic cash ledger balances are not subject to the time limit in section 54(1), do not require Rule 89(2)(l)/(m) certifications, TDS/TCS credits in the electronic cash ledger are refundable as excess balance, and the relevant date for refunds on deemed exports is the return filing date of the supplier.

Certificate of Origin (Non-Preferential) expanded as two additional agencies authorised to issue export origin certificates.
Authorisation adds two named trade bodies to the official list of agencies empowered to issue Certificate of Origin (Non Preferential), directing their inclusion in the policy appendices and providing operational contact details to formalise their authority for export documentation and compliance.

Conducting general meetings remotely under COVID-19 circulars: virtual meetings and postal ballots remain authorized for companies.
Permission is extended for companies to hold EGMs by Video Conference (VC) or Other Audio Visual Means (OAVM) or to transact items through postal ballot under the Companies Act, 2013 framework established by earlier General Circulars; all requirements and procedural safeguards in those circulars remain unchanged and continue to govern reliance on the virtual meeting and postal-ballot mechanisms.

Annual General Meeting via video conference permitted for eligible companies, but statutory deadlines remain and legal action may follow.
Companies with AGMs due in 2021 may hold those AGMs by video conference or other audio visual means in accordance with the procedural requirements set out in the referenced circular. This clarification does not confer an extension of the statutory time for holding AGMs under the Companies Act, 2013, and companies that do not meet the statutory timelines remain liable to legal action.

Benchmark rate transition to alternative reference rates alters all in cost ceilings for foreign currency ECBs and trade credits.
The benchmark for FCY ECBs and TCs is redefined to any widely accepted six month interbank rate or alternative reference rate. All in cost ceilings for new FCY ECBs/TCs are increased by 50 basis points to 500 bps and 300 bps respectively over the benchmark; existing LIBOR linked FCY ECBs/TCs transitioning to ARRs receive a one time ceiling increase of 100 basis points to 550 bps and 350 bps respectively over the ARR. INR ECBs/TCs remain unchanged and other policy provisions continue to apply.

Dynamic QR Code exemption for cross-border invoices allowed when payment received via RBI-approved modes in foreign exchange or local currency
Where an invoice is issued to a recipient located outside India for services whose place of supply is in India, and payment is received by the supplier in convertible foreign exchange or in local currency wherever permitted by the RBI, such invoice may be issued without a Dynamic QR Code, as the recipient located outside India cannot use the Dynamic QR Code for making payment.

Refund of excess electronic cash ledger balances not time barred; TDS/TCS credits refundable and deemed export refunds tied to supplier return.
Refunds of excess balances in the electronic cash ledger are not subject to the time limit in sub section (1) of section 54 and do not require unjust enrichment certification under Rule 89(2)(l)/(m). TDS/TCS amounts credited to the electronic cash ledger are equivalent to cash, may be utilised at the registered person's choice, and any unutilised amount may be refunded under the proviso to sub section (1) of section 54 read with sub section (6) of section 49. For deemed export supplies, the relevant date for refund is the date the supplier files the return relating to those supplies.

Container seal discrepancies require prompt re-sealing, customs intimation, manifest correction, recordkeeping, and full examination before clearance.
Import containers with broken, missing, tampered, or mismatched seals must be re-sealed by terminal operators and promptly reported to Boarding section and relevant destination officers. DPD, CFS, ICD, and transshipment movements require specified intimation procedures. Shipping lines must amend the bill of lading and Import General Manifest with competent approval. Boarding section officers must maintain daily records and submit weekly reports. Except for transshipment containers, all affected containers, including DPD containers, require 100 percent examination under docks supervision.