CBIC has clarified that drawback under Section 74 and refund under Section 27 cannot be paid in cash where import duty was discharged through Duty Credit Scrips. Eligible amounts must be granted through re-credit, ensuring uniform implementation across Customs formations.
SEBI has amended the framework for handling clients’ unpaid securities by introducing direct demat pay-out with auto-pledge through CUSPA. The circular also prescribes timelines for pledge invocation, release, liquidation and phased implementation.
Exercising powers under Section 119(2)(b), CBDT has condoned delays in Form 10AB filing for eligible cases. The Circular does not grant automatic approval under Section 80G.
IRDAI has extended transitional arrangements for annual fee payment and registration certificates until 31 August 2026 or notification of amended regulations, whichever is earlier.
CBIC has extended the SCMTR transitional period until 31 August 2026 to support nationwide implementation. No penalties will apply for technical or procedural filing issues during the transition.
IFSCA has revised its internet banking framework, giving existing IBUs until 31 July 2026 to comply, failing which they cannot onboard new customers for non-compliant liability products.
SEBI has introduced a lighter NISM certification for Persons Associated with Investment Advice who perform only sales and other non-core services. Core investment advisory personnel must continue to obtain the existing Level 1 and Level 2 certifications.
The RBI has withdrawn non-operative FEMA circulars after reviewing directives issued since June 2000. The ruling helps Authorised Persons and stakeholders rely on the current regulatory framework without outdated references.
RBI has rationalised FEMA reporting by introducing revised return formats, discontinuing several reports, and easing compliance requirements for Authorised Persons, FFMCs, and MTSS entities.
RBI has allowed Authorised Dealer Category-I banks to exclude hedged positions arising from FCNR(B) deposits, ECBs, and OFCBs while calculating their net overnight open position. The amendment supports RBI’s swap facilities while maintaining compliance with existing risk management norms.
