Export entry conversion now requires approval for sensitive amendments and may reverse previously availed export benefits under instrument-based schemes.
Post export conversion establishes electronic processing for amendments and provisional export assessment, limits changes to specified shipping bill fields to approval by additional or joint commissioners (or principal commissioners in conversions), and conditions amendments on reversal of any previously availed benefits. The Regulations supersede earlier rules, extend coverage to all export entry types including entries under Section 84, enable conversion of drawback entries into instrument based schemes, prescribe a uniform conversion time limit measured from clearance or the Regulations' commencement, and require DG Systems guidance and trade publicity.

Bank authorisations to import gold and silver updated, specifying which banks may import both metals for FY 2025-26.
The Director General of Foreign Trade amends Appendix 4B of the Handbook of Procedures, 2023 to list banks authorised by the Reserve Bank of India to import precious metals for FY 2025-26, effective 01.04.2025 to 31.03.2026: thirteen banks are authorised to import both gold and silver, and two banks are authorised to import only gold; the Public Notice updates the authorised-bank roster under Appendix 4B.

FPI investment limits updated: percentage caps on government, state and corporate debt and CDS notional sale caps.
FPI investment limits for 2025-26 retain existing percentage caps on outstanding stocks for government securities, state government securities and corporate bonds; all eligible investments in specified securities are to be reckoned under the Fully Accessible Route. Allocation between General and Long term sub categories for G Secs remains 50:50; the absolute increase for SGSs is assigned to the General sub category. Revised absolute limits for two half year periods and an additional aggregate cap on CDS notional sales by FPIs are notified.

Advance fee limits expanded for advisers and analysts permitting annual advance fees with client consent.
SEBI permits Investment Advisers and Research Analysts to charge advance fees up to one year if agreed by the client, while fee controls (limits, payment modes, refunds, breakage and advance-fee rules) remain applicable only to individual and HUF clients who are not accredited investors. For non-individual clients, accredited investors, and institutional proxy-advice clients, fee terms are to be governed by bilaterally negotiated contracts. The circular is effective immediately and must be communicated to registered IAs and RAs.

Determination of unpaid tax and credit adjustments now assigned to proper officers under amended state GST circular.
A new Section 74A dealing with determination of tax not paid or short paid, erroneous refunds, and wrongly availed or utilised input tax credit (for Financial Year 2024-25 onwards) has been inserted. The Commissioner amended the delegation in Circular No. 5/2023 by inserting an entry for Section 74A as Sl. No. 5A in TABLE-1, thereby assigning functions under Section 74A to departmental officers; the amendment takes effect immediately.

Algorithmic trading safeguards extended: staggered effective dates set and exchanges directed to implement systems and amend bylaws.
SEBI extended the timeline for implementation standards under the circular on safer participation of retail investors in algorithmic trading: implementation standards will come into effect from May 01, 2025 and the circular's provisions will apply from August 01, 2025. Exchanges are directed to establish systems and procedures, amend bye laws, rules and regulations, and disseminate the requirements to brokers and on their websites.

Compliance officer position clarified: must be whole time, KMP and no more than one level below top management.
Clarification that the Compliance Officer must be a whole-time employee and designated as a Key Managerial Personnel, and must be positioned no more than one organisational level below the board-interpreted as one level below the Managing Director or Whole time Director(s). Where no Managing Director or Whole time Director exists, the Compliance Officer must be no more than one level below the person heading day to day management (e.g., Chief Executive Officer or Manager).

GST clarifications on penal charges, payment aggregators, skilling services, and reverse charge regularisation under the state tax framework.
GST clarifications cover the tax treatment of penal charges, payment aggregator settlement services, research and development services against grants, NSDC-approved skilling services, reverse charge on commercial property rent under composition levy, and incidental services of electricity utilities. Penal charges levied by regulated entities for non-compliance with loan terms are not liable to GST, while RBI-regulated payment aggregators are treated as acquiring banks only for the limited settlement exemption and not for payment gateway services. The circular also regularises GST for specified intervening periods on an "as is where is" basis.

GST treatment for co-insurance premium apportionment and reinsurance commission regularized on an as-is-where-is basis.
GST treatment is regularized for co-insurance premium apportionment by the lead insurer to the co-insurer and for ceding or reinsurance commission deducted from reinsurance premium. These transactions are treated as neither supply of goods nor supply of services, subject to tax being paid on the full premium amounts by the lead insurer and the reinsurer. The payment of GST is regularized retrospectively on an 'as is where is' basis for the period from 01.07.2017 to 31.10.2024.

IEM eligibility revised: higher investment and turnover thresholds required for large-scale enterprises; applications via G2B portal.
Revisions raise the eligibility criteria for Industrial Entrepreneur Memorandum (IEM) acknowledgment by increasing investment in plant and machinery and annual turnover thresholds, effective 1 April 2025. IEM acknowledgment applies to large-scale industries not subject to compulsory industrial licensing and to enterprises whose investment or turnover exceed the revised MSME limits. Eligible enterprises should apply for IEM acknowledgment through the G2B portal in accordance with the updated criteria.

GST officer designation amendment revises the Schedule and inserts a new entry for Section 74A.
The Schedule to Order No. 2832/GST-II, dated 08.12.2017, is amended by omitting the words "Assistant Excise and Taxation Officer of State Tax" from serial numbers 37 and 38 and inserting a new serial number 38A for Section 74A, naming the Deputy Commissioner of State Tax and the Excise and Taxation Officer of State Tax as the relevant officers.

Faceless Assessment compliance: upload complete supporting documents and use specific e Sanchit codes for faster customs clearance.
Trade must upload all supporting documents on e Sanchit at the time of filing the Bill of Entry-product data, regulatory approvals, proof for duty benefits, correct unique quantity codes and sufficient bond/license balance-and provide reasons and evidence for any amendments; use specific predefined e Sanchit codes, indicate priority end use where applicable, and seek redress or facilitation through the Turant Suvidha Kendra or the Principal Commissioner for implementation difficulties to expedite assessment under the Faceless Assessment regime.

Sea Cargo Manifest compliance extended; stakeholders urged to file mandated electronic declarations under interim non penalty facilitation.
The transitional facilitation for implementation of the Sea Cargo Manifest and Transhipment Regulations (SCMTR) is extended until 31.05.2025 to enable mandatory electronic filing of Sea Arrival Manifests and export/transhipment messages. Stakeholders including carriers, shipping lines and freight forwarders are urged to test and file declarations in the prescribed electronic format. Officers are instructed not to commence penal action under Regulation 13 during the interim period where stakeholders show efforts to comply; the SCMTR Cell will monitor filings and organise weekly outreach sessions for issue resolution.

Sea cargo manifest obligations extended to permit filing electronic declarations without penalties, easing implementation and testing requirements.
Transitional relief under the Sea Cargo Manifest and Transhipment Regulations, 2018 is extended to 31.05.2025 to allow stakeholders to test systems and file prescribed electronic arrival, export and transshipment messages without incurring penalties; the notice cautions that regulation 13 prescribes a penalty for contraventions and requests stakeholders to report difficulties to the SCMTR Cell at the Chennai Preventive Commissionerate.

Waiver of interest and penalty under Section 128A clarifies eligibility, payment modes and appeal withdrawal requirements.
Clarifies that taxpayers who paid tax via FORM GSTR-3B before 1 November 2024 are eligible for the waiver of interest and penalty under Section 128A for demands relating to the specified period, provided payments were intended for those demands and subject to officer verification; payments after that date must follow Rule 164 modes including FORM GST DRC-03 and electronic liability register entry. For notices/orders covering both covered and uncovered periods, taxpayers may pay tax for covered periods, file FORM SPL-01/02, inform the appellate authority of intent to avail the waiver and withdraw appeals for covered periods, whereupon the authority will adjudicate remaining periods appropriately.

Duty-free containers must be re-exported within six months under bond; extensions may be granted with recorded reasons.
Steamer agents must execute a Continuity Bond undertaking to re-export duty-free containers within six months; the Container Cell accepts bonds, records movements in a Key Register, and allows same-day landing formalities. Extensions may be granted by Deputy/Assistant Commissioner for up to three months and by the Commissioner for up to six months at a time for recorded reasons. Monthly re-export statements are filed by the 5th, entries verified, import records closed, and Cancellation Certificates issued; defaults trigger action under the Customs Act, 1962.

Intraday position monitoring instituted for index derivatives; breaches flagged to members but penalties paused pending further directions.
Exchanges shall implement intraday monitoring of equity index derivative position limits with at least four randomly timed snapshots per trading day and extend end-of-day monitoring mechanisms to intraday checks. Exchanges must prepare a joint SOP to notify trading members and clients of intraday notional position breaches for risk monitoring. Intraday breaches of existing notional limits will not attract penalties or be treated as violations until further directions.

Portfolio managers must submit quarterly offsite inspection data within 15 days, including day-wise client AUM and holdings.
Clauses 5.4.3 and 5.4.4 are modified: portfolio managers must submit quarterly data in specified formats within 15 calendar days from quarter end, with day-wise data for "Client Folio AUM" and "Client Holding Master." The submission requirement is declared applicable from an earlier specified date and the circular is effective immediately.

Submission timelines for offsite inspection data extended to fifteen days after quarter end; RTAs must submit data on an ongoing basis.
The circular amends Clause 5.27.2 of the Master Circular for Mutual Funds to require Mutual Funds to submit daily data in monthly files on a quarterly basis within fifteen calendar days from the end of the quarter, while Registrars to an Issue and Share Transfer Agents must submit the said data on an ongoing basis; the provisions take effect immediately under the regulator's statutory powers to protect investors and regulate the market.

InvITs: preferential issue lock in aligned with sponsor holding rules; inter sponsor transfers allowed; follow on offer framework set.
The circular amends preferential issue lock in rules to require 15% of sponsor allotted units to be locked for three years where the project manager is the sponsor or its associate (otherwise 25% locked for three years), with remaining sponsor allotted units locked for one year; sponsors must comply with Regulation 12(3) and 12(3A). It permits inter se transfers of locked in units within a sponsor's group while preserving the original lock in period and allows transfers on change of sponsor or conversion to self sponsored manager subject to meeting minimum unitholding obligations. It also prescribes procedures and disclosure, filing, listing, fee, dematerialisation and due diligence requirements for follow on offers, including a 25% minimum public unitholding post issue.