Declaration of First Close: AIFs must declare First Close, meet minimum corpus and preserve sponsor/manager commitments.
AIF schemes must declare First Close within the prescribed period from SEBI communication; at First Close the scheme corpus must meet the category minimum and sponsor/manager commitments to meet that minimum cannot be reduced, withdrawn or transferred thereafter. Tenure of close-ended schemes is calculated from First Close; tenure may be modified only before First Close and investors may withdraw commitments prior to First Close. Changes in sponsor/manager or change in control require prior SEBI approval and payment of a fee equivalent to the registration fee, subject to limited exemptions and timelines.

Anonymous escalation addresses delayed Bill of Entry assessment through ICEGATE's faceless assessment grievance tracking mechanism
The Anonymised Escalation Mechanism enables ICEGATE-registered users to submit grievances about Bills of Entry delayed in faceless assessment. A grievance may be lodged after the Bill of Entry has remained pending for at least 24 hours, provided the Import General Manifest number and date have been entered. Users submit the ICEGATE ID, Bill of Entry number and date, and port code through the Helpdesk or ICEGATE portal. A grievance number is generated where the criteria are met, and status may be tracked using that number or the Bill of Entry details.

Relief in average export obligation: sectors with export decline may receive proportionate EO reductions for affected year.
Relief under para 5.19 HBP (FTP 2015 20) allows proportional reduction of the Annual Average Export Obligation for EPCG authorisations where a sector/product group's exports declined by more than 5% in 2021 22 versus 2020 21. Regional Authorities must re fix EO for 2021 22, endorse reductions in licence files, issue amendment sheets to holders, and consider prior policy circulars before issuing demand notices or EODCs, recording this in the EODC check sheet.

Summons under GST inquiry require judicious use, proper recording, and limited escalation after repeated non-compliance.
Guidelines are issued for summons under Section 70 of the Uttarakhand GST Act to ensure uniformity in their use. Summons should be used judiciously, recorded on file, and generally avoided where information is available through other statutory means or on the GST portal. Senior management officers should be summoned only where their role in revenue-loss decisions is clearly indicated. Repeated summons should not be issued without proper service, and after three unsuccessful summons, a complaint may be filed before the competent Magistrate, subject to due service requirements.

Refund eligibility for unutilised input tax credit clarified: amended calculation and specified-goods restriction apply prospectively to new applications.
An amended formula for calculating refunds of unutilised input tax credit due to inverted duty structure is applicable prospectively and governs refund applications filed on or after the amendment's effective date; applications filed earlier must follow the prior formula. A separate notification proscribes refunds for specified goods where input tax exceeds output tax, and that restriction likewise applies prospectively to refund applications filed on or after its effective date and not to earlier-filed claims.

Government backed Line of Credit enables India sourced export supply for Mauritius metro project, subject to RBI and FEMA compliance.
A Government of India supported Line of Credit from Exim Bank to SBM (Mauritius) finances participation in Phase IV of the Mauritius Metro Express Project, permitting exports from India subject to the Foreign Trade Policy. The LoC mandates at least 75 per cent of contract value be supplied from India and allows up to 25 per cent foreign procurement; shipments must be declared in Export Declaration Form/Shipping Bill. No agency commission is payable under the LoC, though exporters may use their own funds or EEFC balances after realisation, subject to AD Category I bank compliance. The circular is issued under FEMA and does not affect other legal permissions.

Anonymised escalation mechanism routes delayed Bill of Entry grievances while preserving officer and assessment-location anonymity under faceless assessment.
The Anonymised Escalation Mechanism enables importers or Customs Brokers to register ICEGATE grievances concerning delayed assessment of a Bill of Entry under Faceless Assessment, while preserving the anonymity of the assessing officer and assessment location. Tickets are routed in ICES to VDN or ADN officers according to whether the Bill of Entry is pending at the Faceless Assessment Group port or port of import, and transfer with the Bill of Entry when its assessment location changes. Officers can view the Bill of Entry status for monitoring and follow-up. After assessment is completed, the ticket is closed in the system and reflected as closed on the ICEGATE grievance dashboard.

TRQ allocation for sugar permits specified exports from India to EU and USA under prescribed certification and reporting conditions.
The Director General of Foreign Trade allocates specified TRQ quantities of sugar for export from India to the EU and USA, confirms such exports are 'Free' subject to existing restrictions and reporting requirements, directs that Certificates of Origin for preferential access be issued by the Additional Director General of Foreign Trade, Mumbai on APEDA's recommendation, and designates APEDA as the implementing agency to operate the quota.

Transitional credit verification must follow uniform central guidelines adopted for State tax field officers implementing GST law.
Transitional credit verification under the Tripura State Goods and Services Tax regime must follow the central guidelines adopted to secure uniform implementation of the law. The directions, issued under the statutory power for uniform implementation of the Tripura State Goods and Services Tax Act, 2017, apply to State tax field officers. Officers are required to follow the annexed central circular while verifying transitional credit.

Refund-related clarifications require tax field officers to follow uniform guidelines for administering goods and services tax refunds.
Refund-related clarifications require State tax field officers to follow the annexed central guidelines on refund issues. The instruction, issued to secure uniform implementation of the State goods and services tax law, applies to designated tax authorities administering refund matters.

Transitional credit verification guidelines set the framework for TRAN-1 and TRAN-2 claims, scrutiny, and ledger credit posting.
Guidelines are issued for verification of transitional credit claimed through TRAN-1 and TRAN-2 pursuant to Supreme Court directions reopening the common portal for a limited filing window and subsequent scrutiny by jurisdictional tax officers. The framework requires examination of earlier filings, coordination where central and State components are involved, issuance of notice where credit is inadmissible, and passing of a reasoned order within the stipulated verification period for credit to be reflected in the electronic credit ledger. Detailed checks are prescribed for carried-forward credit, capital goods, stock-based claims, goods in transit, input service distributor credit, and deemed credit, with emphasis on avoiding double credit and ensuring documentary verification.

Transitional credit verification: officers must verify TRAN 1/TRAN 2 claims, coordinate cross jurisdictionally and pass reasoned orders.
Guidelines prescribe procedures for verifying Transitional Credit claims filed or revised via TRAN 1/TRAN 2: jurisdictional officers must verify claims using declarations, back office data and records, coordinate with counterpart central or state/UT officers where claims span jurisdictions, obtain signed verification reports detailing admissible and inadmissible amounts with reasons, issue notices and afford hearings where inadmissibility is indicated, and pass reasoned orders within the prescribed verification timeline to allow credit to be reflected in the Electronic Credit Ledger; excess credit is liable to demand and recovery.

Inverted duty structure refund rules clarified: amended formula and specified goods restriction apply prospectively to new applications.
The amendment to the formula for calculating refunds of unutilised input tax credit due to an inverted duty structure is prospective and applies to refund applications filed on or after its effective date; applications filed before that date remain governed by the earlier formula. A separate restriction denying such refunds for specified goods in chapters 15 and 27 also applies prospectively to applications filed on or after its effective date and does not affect applications filed earlier.

Registration requirement for Online Bond Platform Providers mandates stock broker registration and regulatory compliance for platform operations.
SEBI requires Online Bond Platform Providers to be Indian companies registered as stock brokers in the debt segment and approved by a recognised stock exchange, restricting pre existing platforms to listed debt securities and public offering candidates. Entities must appoint specified compliance and managerial personnel, obtain SCORES authentication, maintain robust secure technology with real time dissemination and open access, perform KYC and due diligence, route listed orders via exchange RFQ and clearing corporations, issue electronic order receipts and deal sheets, implement risk management and grievance redressal within 30 days, and comply with disclosure, advertising and reporting obligations.

Restricted import ports limit high-risk food imports to designated ports, requiring centralized handling and stakeholder consultation.
Imports of specified high-risk food categories-milk and milk products; egg powder; meat and meat products including poultry and fish; infant nutrition foods; and nutraceuticals/health supplement and special-dietary medical foods-are permitted only through a prescribed list of 61 ports directly manned and managed by the food import regulatory authority. Stakeholders are invited to comment within thirty days, the restriction has a stated commencement date, and customs authorities are directed to notify trade, sensitize officers, and report implementation difficulties.

Registration of foreign food manufacturing facilities required; exporting countries must submit manufacturer lists for Indian registration.
Mandatory registration of foreign food manufacturing facilities producing Milk and Milk Products, Meat and Meat Products (including poultry, fish), Egg powder, Infant Food, and Nutraceuticals, effective 1 February 2023. Competent Authorities of exporting countries must submit lists of existing and intending exporters in the prescribed format to designated email addresses; registrations will be carried out by the Food Safety and Standards Authority of India on its portal. Customs authorities are instructed to sensitize trade and report implementation difficulties to the Board.

Transitional credit filings via FORM GST TRAN-1/TRAN-2 reopened; claims to be verified within 90 days and credited to ledger.
The Supreme Court directed reopening of the common portal to permit filing or revision of FORM GST TRAN-1/TRAN-2 for a limited window, and mandated that jurisdictional tax officers verify claims filed during that window and pass reasoned orders within 90 days, after which allowed transitional credit shall be reflected in the Electronic Credit Ledger. Verification duties, State Central coordination, procedural checks, documentary requisites, opportunity to be heard, reporting formats and recovery of excess credit are specified.

Refunds for accumulated input tax credit: amended calculation and specified-goods restrictions apply only prospectively to new applications.
An amendment to the refund calculation formula for unutilised input tax credit due to inverted duty structure is prospective and applies only to refund applications filed on or after its effective date; applications filed before that date shall be processed under the earlier formula. A separate notification restricting refunds for specified goods where input tax exceeds output tax is also prospective and applies only to refund applications filed on or after its effective date, not to earlier applications.

Units removal under section 144B(3) removes specified schedule entries and takes immediate administrative effect per CBDT order.
The Central Board of Direct Taxes, exercising powers under sub section (3) of section 144B of the Income tax Act, amends Office Order 2 dated 10.06.2022 by omitting the entries for Sr No. 92 and Sr No. 105 from the Schedule; the omission takes immediate effect and the order is issued with the approval of the Chairman, CBDT.

Refunds for unutilised input tax credit due to inverted duty structure now subject to a new prospective computation rule affecting later claims.
Clarification states that the amended formula in rule 89(5) for computing refunds of unutilised input tax credit due to an inverted duty structure is substantive and applies prospectively to refund applications filed on or after its effective date, while applications filed before that date remain subject to the pre amendment formula. Separately, a notification restricting refunds for specified goods in Chapters 15 and 27 where input tax rates exceed output rates is also prospective and applies only to refund claims filed on or after its commencement; earlier claims are unaffected.