RBI: Investment portfolio norms concerning classification, valuation, and operations for Small Finance Banks have been revised to align with updated market risk frameworks. [Notification No. RBI/2026-2027/84 dated 18.05.2026]
RBI: The directions for classification, valuation, and operation of investment portfolios for Commercial Banks are amended, updating valuation methodologies and accounting standards, effective immediately. [Notification No. RBI/2026-2027/83 dated 18.05.2026]
RBI: Amendment directions have been issued on investment portfolio management, requiring RRBs, SFBs and Payments Banks to maintain an IFR of at least 2% of AFS/FVTPL investments, while UCBs and RCBs must maintain a minimum IFR of 5% of their investment portfolio. (PRESS RELEASE NO. 2026-2027/284 dated 18.05.2026)
SEBI: An updated Master Circular consolidates market surveillance provisions covering insider trading disclosures, trading window closure, system-driven disclosures, surveillance lapses, Non-Convertible Securities amendments and the PAN freezing framework for designated persons. (MASTER CIRCULAR NO. HO/43/15/12(3)2025-ISD-POD2/I/11734/2026 dated 15.05.2026)
SEBI: Conditions have been prescribed for continued classification of an SPV under InvIT Regulations after concession expiry or termination. Investment Managers must exit or acquire new infrastructure assets within timelines and disclose debt, liabilities, litigations and exit strategy. (Circular No. SEBI/HO/DDHS/DDHS-PoD-2/I/11698/2026 dated 15.05.2026)
SEBI: Clarifications have been issued on PAN allotment requirements for FPIs, permitting use of Authorised Signatory details, alternative information where unavailable, “0000000000” where TIN is not applicable, and landline numbers to facilitate smoother onboarding. (PRESS RELEASE NO. 30/2026 dated 15.05.2026)
SEBI: Clarification has been issued permitting InvITs to utilise borrowings exceeding 49% of asset value for capital expenditure, capacity enhancement, major maintenance of road projects and debt refinancing, subject to prescribed regulatory conditions. (Circular No. SEBI/HO/DDHS/DDHS-PoD-2/I/11700/2026 dated 15.05.2026)
Central Excise: The duty applicable on exports of petrol and diesel have been revised to ₹3 per litre and ₹16.5 per litre, respectively, with effect from 16 May 2026. (Notification No. 22/2026-Central Excise dated 15.05.2026)
Central Excise: The duty applicable on exports of Aviation Turbine Fuel (ATF) has been increased to ₹16 per litre from 16 May 2026, resulting in a ₹2 per litre increase over the earlier rate. (Notification No. 23/2026-Central Excise dated 15.05.2026)
DGFT: Import policy for silver bars covered under ITC (HS) Codes 71069221 and 71069229 has been changed from “Free” to “Restricted” with immediate effect, subject to Policy Condition No. 7 of Chapter 71 of ITC (HS) 2022. (Notification No. 17/2026-27 dated 16.05.2026)
Customs: Tariff values for edible oils, brass scrap, gold and silver have been revised effective 16 May 2026. Revised values will apply for customs valuation purposes, while the tariff value of areca nuts remains unchanged. (Notification No. 46/2026-CUSTOMS (N.T.) dated 15.05.2026)
Customs: Procedures for Entry Inward and Vessel Sail-out Clearance have been standardised. Clearances will be granted based on electronic filings and prescribed checks without mandatory vessel boarding, which will now follow a risk-based approach. (Circular No. 26/2026-Customs dated 19.05.2026)
GST: GSTN has introduced a mandatory Annexure-B Offline Utility for refund claims involving accumulated ITC. Taxpayers must upload HSN/SAC-wise invoice details through JSON files, enabling automated GSTR-2B validation, standardized reporting and faster processing of refund applications. (Advisory dated 18.05.2026)
Suspicious e-way bill and movement justified MOV detention writ dismissed, statutory remedy available { Jamaludin vs. Commissioner of State Tax [2026] 185 taxmann.com 673 (Kerala)} Facts: A consignment of arecanut was intercepted by GST authorities during transit. The vehicle was found moving in a direction opposite to the destination mentioned in the e-way bill. Investigation …
Assessment Proceedings Against Non-Existent Amalgamated Company Held Void { Inox Wind Energy Ltd. vs. Additional/Joint/Deputy/Assistant Commissioner of Income-tax/Income-tax Officer [2023] 148 taxmann.com 289 (Gujarat)/[2023] 454 ITR 162 (Gujarat)} Facts Assessee company had amalgamated with another company pursuant to a scheme approved by the NCLT/High Court. The amalgamated company had duly informed the Assessing Officer about …
Insolvency and Bankruptcy Code: IBBI amended the Insolvency Professional Agencies Regulations, 2016 to provide for Board nominee directors, stricter eligibility and renewal norms for independent directors, and mandatory submission of at least two candidates for appointment or renewal of managing directors. (Notification F. No. IBBI/2026-27/GN/REG/140 dated 13.04.26)
DGFT: Export policy of Sugar under ITC (HS) Codes 1701 14 90 and 1701 99 90 has been changed from “Restricted” to “Prohibited” till 30 September 2026. Exemptions continue for EU/USA quota exports, Advance Authorization, Government-approved exports, and consignments already in export pipeline. (Notification No. 16 /2026-27 dated 13.04.26)
Customs: Validity of customs facilitation measures introduced due to disruptions in maritime routes arising from the closure of the Strait of Hormuz has been further extended till 30.06.2026. All existing facilities, conditions and procedural relaxations under earlier circulars shall continue unchanged. (Circular No. 25/2026-Customs dated 14.05.26)
Customs: Effective 01.07.2026, importers will be required to declare hazardous cargo at item level in Bills of Entry. System-based identification, officer alerts and RMS enhancements will support quicker identification and facilitate expeditious customs clearance of notified hazardous goods. (Circular No. 24/2026-Customs dated 14.05.26)
Reliance on MVAT data for TRAN-1 credit impermissible as sec. 140 jurisdiction is compartmentalized {Gunjan Surgical and Scientific Co. vs. State of Maharashtra [2026] 186 taxmann.com 249 (Bombay)} Facts Petitioner had claimed transitional input tax credit under Section 140 of the CGST/MGST Acts through TRAN-1. Department reduced/disallowed part of the credit alleging mismatch in MVAT …
