Import policy amendment extends CHIMS trial period and fixes online registration to commence after the trial, affecting specified IC HS codes.
Amendment modifies paragraph 3 of Notification No. 05/2015-2020 to confirm online CHIMS testing availability from 01.05.2021 on a trial basis, extends the CHIMS trial until 30.09.2021, and provides that CHIMS and online registration will be effective for Bills of Entry filed on or after 01.10.2021 for the listed IC HS codes.

Commencement date revised: provisions now set to come into force on January 1, 2022 under corrigendum.
Corrigendum substitutes the words in regulation 2 of the earlier notification so that the phrase "They shall come into force on the date of their publication in the Official Gazette" is to be read as "They shall come into force on January 1, 2022", thereby fixing the effective date of the provisions.

Non-repatriation investments by NRIs excluded from indirect foreign investment calculation under amended FEMA non-debt rules.
The amendment to Rule 23(7)(i) of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 states that an investment made by an Indian entity owned and controlled by NRIs on a non-repatriation basis shall not be considered for calculation of indirect foreign investment, thereby excluding such non-repatriation investments from indirect investment aggregation under the non-debt instruments rules.

Extension of applicability period adjusts the notification date and gives the amendment retrospective effect for the prior measure.
Amendment substitutes the terminal date in the earlier State Tax notification, replacing "31st day of May, 2021" with "30th day of June, 2021", thereby extending the period referenced in the principal notification. The amendment is declared deemed to have come into force from the originally cited commencement date, giving the substitution retrospective effect and modifying the operative temporal scope of notification No. 11/2021-State Tax.

Interim reward payment limits for insider trading informants: cap on interim grants and balance payable after recovery threshold
Regulation 7D is amended to permit the Board to grant the full reward upon issuance of its final order where the total reward does not exceed a specified small value threshold; where the total reward exceeds that threshold the Board may grant an interim reward up to the threshold on issuance of the final order and the remaining balance is payable only after SEBI collects or recovers monetary sanctions amounting to at least twice the balance reward. The amendment also broadens reward language to cover any reward and adds an illustrative table setting out computation and interim payment caps.

Asset management company investment obligation: Board may suspend scheme launches and forfeit invested amounts for regulatory breaches.
A new obligation requires the asset management company to invest prescribed amounts in its schemes based on scheme risk as specified by the Board. Sub regulation (4) of regulation 28 is deleted. Regulation 76 is replaced to empower the Board to initiate actions under the Act and Chapter VIA and to order measures including suspension of scheme launches and forfeiture of AMC invested amounts under the new obligation, subject to an opportunity of hearing.

Exemption for foreign companies from prospectus and subscription requirements in IFSCs under the Special Economic Zones framework.
The Central Government exempts foreign companies (incorporated outside India) from sections 387-392 of the Companies Act insofar as those provisions govern offering for subscription, prospectus requirements, and incidental matters within International Financial Services Centres established under the Special Economic Zones Act, 2005.

Electronic mode exclusion: IFSC electronic offerings and listings not treated as electronic mode under specified clause of the Act.
The Companies (Specification of definitions details) Third Amendment Rules, 2021 add an explanation to clause (h) of sub-rule (1) of rule 2 clarifying that electronic-based offering, subscription or listing of securities in International Financial Services Centres under the Special Economic Zones Act shall not be construed as electronic mode for the purposes of clause (42) of section 2 of the Companies Act.

Electronic mode exclusion clarified for securities offerings in international financial services centres, not treated as electronic mode under Companies Act.
Clarification that electronic-based offerings, subscriptions or listings of securities in International Financial Services Centres shall not be construed as electronic mode for purposes of clause (42) of section 2 of the Companies Act, by inserting an explanation in rule 2(1)(c) of the Companies (Registration of Foreign Companies) Rules, 2014.

Exchange rate determination: prescribed currency conversion rates set for customs valuation of imports and exports.
Under powers of section 14 of the Customs Act, 1962, the Board prescribes the rate of exchange for conversion of specified foreign currencies into Indian rupees and vice versa for import and export goods, effective 6th August, 2021, and annexes Schedules I and II listing separate rupee equivalents for imported and exported goods which are to be used for customs valuation until superseded.

Extension of due date for filing Form GSTR-4: state GST amendment extends the deadline for composition taxpayers to file annual returns.
The State government, exercising powers under the Andhra Pradesh GST Act, amends an earlier notification to substitute the prior return due date with a later date, thereby extending the deadline for filing Form GSTR-4 for the financial year 2020-21; the amendment is notified to have effect retrospectively from the end of May 2021 and replaces the specified date in the earlier notification.

Special Court designation under section 280A assigns jurisdiction for tax and undisclosed foreign income offences to a designated court.
The Central Government, under section 280A of the Income-tax Act and the corresponding provision of the Black Money Act, in consultation with the Chief Justice of the High Court, designates the Court of the Special Judge for Economic Offences-cum-VIII Additional Metropolitan Sessions Judge-cum-XXII Additional Chief Judge, City Civil Court, Hyderabad, as the Special Court for the State to exercise jurisdiction over offences under those statutes.

Special Court designation under tax law enables dedicated trial jurisdiction for offences under income-tax and undisclosed foreign assets provisions.
The Central Government, under powers conferred by the income-tax enforcement provision and the black money legislation and in consultation with the Chief Justice of the High Court of Meghalaya, designates the court of the senior-most Judicial Magistrate First Class of East Khasi Hills District, Shillong as the Special Court for the State of Meghalaya to adjudicate offences within the scope of the income-tax enforcement provision and the undisclosed foreign income and assets provisions.

Special Court designation establishes specified magistrate courts in Gujarat to hear cases under the Black Money Act.
Central Government, invoking powers under the Income-tax Act and the Black Money Act and after consulting the Chief Justice of the High Court of Gujarat, designates specified Additional Civil Judges and Judicial Magistrates of First Class and a Metropolitan Magistrate as Special Courts, each mapped to a named district or city area in Gujarat to exercise jurisdiction for purposes of the Black Money Act.

Tax exemption for Real Estate Regulatory Authority: specified income notified exempt subject to conditions on activity, returns, and audit.
Notification treats the Real Estate Regulatory Authority constituted under the Real Estate (Regulation and Development) Act as a class of Authority for specified income comprising government grants/loans, fees/penalties from stakeholders, and interest thereon, subject to conditions: no commercial activity, unchanged nature of activities and income across listed years, prescribed income-tax return filing, and filing an audit report with a chartered accountant's compliance certificate.

Tax exemption under section 10(46) for National Council of Science Museums' specified income, subject to compliance and reporting.
Notification grants income-tax exemption to National Council of Science Museums, Kolkata, for specified income: government grants-in-aid and subsidies; ticket fees or subscriptions; maintenance charges for auditoria and public scientific/educational facilities; and interest on investments. Exemption is subject to conditions: no commercial activity, unchanged nature of activities and specified income during the applicable financial years, filing of return of income as prescribed, and submission of an audit report verified by the accountant plus a chartered accountant's certificate confirming satisfaction of these conditions.

Late fee waiver for delayed GSTR-3B returns extended with graded relief for specified taxpayers and tax periods.
Late fee for delay in filing FORM GSTR-3B is rationalised by amending the existing Uttar Pradesh GST waiver notification and by extending conditional relief for specified tax periods and classes of registered persons. The amended table revises the period of late fee waiver for taxpayers with aggregate turnover above five crore rupees and for taxpayers up to five crore rupees who furnish returns under section 39, with different waiver periods linked to March, April, May 2021 and January-March 2021 tax periods. Further provisos grant waiver of late fee under section 47 for delayed FORM GSTR-3B returns for July 2017 to April 2021 filed between 1 June 2021 and 31 August 2021, and prescribe separate waiver limits for later tax periods.

Penalty waiver for GST non-compliance under Uttar Pradesh law extends to breaches of the specified notification during the covered period.
Penalty payable by a registered person under section 125 of the Uttar Pradesh Goods and Services Tax Act, 2017 is waived for non-compliance with Notification No. 429 dated 30.04.2020. The waiver is issued under section 128 on the recommendation of the Council and applies to non-compliance during the specified period, subject to prior acts or omissions before supersession.

GST compliance due date extended by amending the earlier notification for specified periods.
Extension of the due date for specified GST compliances under the Uttar Pradesh Goods and Services Tax framework by amending the earlier notification issued under section 168A of the Uttar Pradesh GST Act, 2017 read with section 20 of the Integrated GST Act, 2017. The amendment substitutes the relevant dates in the parent notification so that compliances falling within the period from 15 April 2021 to 29 June 2021 are treated as payable or performable up to 30 June 2021, with certain connected references also revised from 15 June 2021 to 15 July 2021.

Independent director governance strengthened with tighter pecuniary limits, shareholder approval and enhanced appointment safeguards.
Amendments strengthen board independence and governance by recalibrating pecuniary relationship thresholds and time frames for disqualification, requiring shareholder approval for independent director appointments and removals by special resolution, imposing a post resignation cooling off for independent directors before executive appointments in group companies, mandating audit committee approval of related party transactions only by independent directors, and requiring nomination committees to define skills and capabilities for independent director appointments.