Pending Customs refunds, IGST refunds and duty drawback claims are prioritised for processing and disposal under a Special Refund and Drawback Disposal Drive running from 15 May to 31 May 2021. Exporters, customs brokers and trade or industry associations are requested to assist claimants in furnishing documents required for pending claims. Communications on pending drawback claims are to be made through the designated drawback email channel, and designated personnel serve as contact points for drawback and IGST-related matters.

Trading while in possession of material non-public information is prohibited for insiders, and such trading is presumed to be based on that information unless the insider explains the circumstances. Recognised explanations include informed transactions between equally informed insiders without breach of communication restrictions, statutory or regulatory obligations, compliant stock-option exercises, and pre-disclosed irrevocable trading plans. Non-individual insiders must establish effective separation of information holders from trading decision-makers and safeguards against information sharing.

Communication, access and procurement of material non-public information relating to listed or proposed-to-be-listed entities or securities are prohibited unless undertaken for legitimate purposes, performance of duties or discharge of legal obligations. Legitimate-purpose sharing may occur in the ordinary course of business with specified commercial and professional recipients, provided it does not evade market-abuse prohibitions. Any recipient obtaining such information for legitimate purposes is treated as an insider and must comply with the applicable restrictions.

Market abuse includes insider trading and manipulative, fraudulent and unfair trade practices. An insider is a connected person or a person possessing or having access to material non-public information. Such information is non-generally available information relating to an entity or its securities that is likely to materially affect securities prices upon public dissemination, including financial results, significant transactions, defaults, insolvency matters, forensic audits, regulatory action and material litigation. Fraud covers deceptive conduct intended to induce securities dealings, while good-faith general economic comments are excluded.

The IGCR framework permits job work for eligible concessional-duty imports, including outsourced manufacture, while excluding specified sensitive goods. Importers must provide prior information, execute a continuity bond, intimate imports and receipts, and maintain prescribed accounts. Goods sent for job work require challans and may remain with a job worker only for the permitted period. Imported goods must be used for their intended purpose or re-exported within the prescribed period; otherwise, differential duty and interest apply. Quarterly returns, job-worker records and penalties for contraventions form part of the compliance mechanism.

Section 194A(3)(v) excludes tax deduction at source on interest income paid by one co-operative society to another co-operative society. Interest paid by a district co-operative bank to primary agricultural credit societies on their fixed deposits falls within this exemption, as both payer and recipients are co-operative societies. Such interest payments are therefore not subject to tax deduction at source.

Regularization of IGST refunds claimed contrary to rule 96(10) concerns exporters who imported specified inputs without payment of integrated tax and compensation cess. The Central clarification applies mutatis mutandis under the Delhi GST framework to promote a uniform approach to regularization of the affected refunds.

Lottery winnings received by a resident from Sikkim remain chargeable under the Income-tax Act, 1961 despite deduction labelled as Sikkim income tax. Credit for the deducted amount is unavailable where it was not deducted under the Act and paid to the Central Government. However, taxable lottery income is confined to the net prize actually received: the amount withheld by the lottery authority as Sikkim income tax was not real income received by the taxpayer. The statutory restriction on deductions from lottery winnings does not require taxation of that unrealised gross amount.

Interest paid by a district co-operative bank to a primary agricultural credit society on fixed deposits falls within the exclusion for interest paid by one co-operative society to another under section 194A(3)(v). The payment is therefore outside the tax-deduction obligation that would otherwise apply to interest under section 194A(1), and no tax is required to be deducted at source.

Pending customs refund claims before the Centralized Refund Cell are subject to a special priority disposal drive from 15 May 2021 to 31 May 2021. The drive is intended to expedite processing and disposal of pending claims, providing immediate business relief, particularly to MSMEs, as part of trade-facilitation measures. Importers, exporters, customs brokers, and trade associations are requested to assist in furnishing documents required for pending refund claims.

Place of supply for custodial services provided by banks to Foreign Portfolio Investors is governed in Delhi under the clarification issued for corresponding central GST purposes, applied mutatis mutandis in implementing the Delhi GST Act, 2017. The clarification is intended to secure uniform application of the place-of-supply position under the State GST framework.

Regulation 2 establishes the objective of a framework prohibiting market abuse in securities markets within the International Financial Services Centre. The framework is directed at safeguarding investor interests by addressing market abuse in that securities-market setting. It defines the regulatory purpose of the International Financial Services Centres Authority (Prohibition of Market Abuse in Securities Markets) Regulations, 2026, and its investor-protection function.

International Financial Services Centres Authority (Prohibition of Market Abuse in Securities Markets) Regulations, 2026 establish a regulatory framework directed at prohibiting market abuse in securities markets within the International Financial Services Centres regime. The Regulations are made under the International Financial Services Centres Authority Act, 2019, read with specified provisions of the Securities and Exchange Board of India Act, 1992, and take effect upon publication in the Official Gazette.

The deadline for Angel Funds registered on or before September 10, 2025 to implement the Accredited Investor mandate is extended to March 31, 2027. Until that date, these funds may not offer investment opportunities to more than 200 non-Accredited Investors. From March 31, 2027, they may not accept contributions from non-Accredited Investors for investment in an investee company. Existing investors may continue to hold investments already made under the applicable private placement memorandum or fund documents.

PFMS-level non-validation of bank account details affecting Drawback and IGST refund processing is addressed through a one-time validation drive for listed IEC holders. Listed IEC holders must update revised IFSC codes or bank account numbers through the online Export Promotion Bank Account Management facility on ICEGATE, using the modify option. The process applies particularly to changes resulting from PSU bank mergers and amalgamations and is intended to facilitate validation and refund scrolling.

Interest paid by a co-operative bank on time deposits to co-operative societies remains exempt from tax deduction at source despite the withdrawal of the member-based exemption for co-operative banks from 1 June 2015. The clarification preserving exemption for interest paid by one co-operative society to another applies to co-operative banks, even where recipient co-operative societies are also members of the paying bank. Where all recipients are co-operative societies, no withholding-tax obligation arises; consequently, default demands, interest for non-deduction, and related expenditure disallowance are unsustainable.

Special GST procedure for manufacturers of specified commodities under Central Tax Notification No. 04/2024 is applied mutatis mutandis under the Delhi Goods and Services Tax Act, 2017. The central clarification on issues concerning that procedure is adopted with necessary adaptation to the State GST framework to secure uniform implementation. Implementation difficulties may be brought before the Commissioner of State Tax, Delhi.

Electronic amendment of Bill of Lading details in prior or advance Bills of Entry is available through an auto-approved Customs EDI process. Importers or customs brokers may use amendment code A_PBEIGM to correct MBL, MAWB, HBL or HAWB details. The system auto-approves and regularises the Bill of Entry where corrected transport document numbers match the Import General Manifest. The facility is limited to transport document number corrections and electronic regularisation requests; container-detail and other amendments require Customs officer approval.

Ineligible IGST input tax credit must be correctly disclosed and reversed in Table 4 of FORM GSTR-3B. Permanent reversals, including blocked credit, credit attributable to exempt or non-business supplies, and credit unavailable because of time-limit or place-of-supply restrictions, are reported in Table 4(B)(1) or Table 4(D)(2) and are appropriated during IGST settlement. Temporary reversals capable of later reclaim are reported in Table 4(B)(2), with reclaim disclosed in Table 4(A) and Table 4(D)(1). Proper Officers must verify GSTR-3B against GSTR-2B and monitor compliance.

Medical oxygen cylinders and pressure vessels imported for COVID-relief and oxygen-distribution purposes may receive expedited clearance under relaxations to the Gas Cylinders Rules, 2016. Physical inspection of foreign manufacturers' facilities is waived, with online approval based on specified manufacturer, technical, testing and inspection records. Importers with pending online applications, and those without applications for urgent logistics needs, may bring cylinders into India. Consignees must comply with relaxed conditions before filling cylinders with medical oxygen, while customs clearance may be granted without prior PESO approval for eligible consignments.