Daily Updates

Customs: The government is fully automating several key customs procedures to minimize the need for physical interaction between trade entities and customs officers. This update specifically moves out-of-charge (OOC) for imports and let-export-orders (LEO) for exports into a digital, system-driven workflow to speed up cargo clearance. [Circular No. 06/2026-Customs Dated 01.02.2026]  

Customs: The Government has onboarded CDSCO, WCCB, Textile Committee, and MeitY onto the SWIFT 2.0 platform, creating a single touchpoint for trade to streamline clearances, effective February 1, 2026. [Circular No. 05/2026-Customs Dated 01.02.2026]

Customs: The Government has issued guidelines for the uniform implementation of the new Baggage Rules, 2026, ensuring standardized customs procedures across all field formations, effective from February 2, 2026. [Circular No. 04/2026-Customs Dated 01.02.2026]

Customs: The Government has extended the deferred payment period to 30 days and introduced “Eligible Manufacturer Importers” as a new class for duty deferral facilities. [Circular No. 03/2026-Customs Dated 01.02.2026]

Customs: The Government clarified that Remote Pilot Aircraft (RPA) for military use includes Drones, UAVs, and UAS, eligible for BCD and IGST exemptions when imported by specified defence entities. [Circular No. 02/2026-Customs Dated 01.02.2026]

Customs: The Government has added “Eligible Manufacturer Importers” as a new class under Section 47 of the Customs Act, 1962, allowing them duty deferral facilities, effective February 2, 2026. [Notification No. 12/2026-Customs (NT) Dated 01.02.2026]

Customs: The Government has amended the Deferred Payment of Import Duty Regulations, 2016, extending the duty deferral period for trusted entities from 15 to 30 days, effective February 2, 2026. [Notification No. 13/2026-Customs (NT) Dated 01.02.2026]

Customs: The Government has notified the Baggage Rules, 2026, which overhaul and consolidate previous regulations for international passengers, effective from February 2, 2026. [Notification No. 14/2026-Customs (NT) Dated 01.02.2026]

Customs: The Government has notified the Customs Baggage (Declaration & Processing) Regulations, 2026, streamlining digital declarations and processing for international passengers, effective from February 2, 2026. [Notification No. 15/2026-Customs (NT) Dated 01.02.2026]

Customs: The Government has extended the validity of exemptions for life-saving drugs, medical devices, solar energy parts, BESS, and R&D equipment until March 31, 2028, effective February 2, 2026. [Notification No. 01/2026-Customs Dated 01.02.2026]

Customs: The Government has rationalised Basic Customs Duty by extending exemptions for critical minerals and solar components until 2028 while omitting several outdated entries effective from May 1, 2026. [Notification No. 02/2026-Customs Dated 01.02.2026]

Customs: The Government has amended Social Welfare Surcharge (SWS) notifications to update exemptions for specific goods like toys, catalysts etc effective Feb 2, April 1, and May 1, 2026. [Notification No. 03/2026-Customs Dated 01.02.2026]

Customs: Notification No. 26/2016-Customs is amended to substitute “Baggage Rules, 2016” with “Baggage Rules, 2026”. These changes take effect starting February 2, 2026.   [Notification No. 04/2026-Customs Dated 01.02.2026]

Customs  The Government has rescinded old notifications (No. 11/2004 & 27/2016) regarding laptop exemptions and Transfer of Residence. These are now streamlined under the new Baggage Rules, 2026, effective Feb 2, 2026. [Notification No. 05/2026-Customs Dated 01.02.2026]

ASMT-12 closes scrutiny proceedings department cannot reopen the same issue through DRC-01A or DRC-01. {Periyasamy Karthikeyan vs State Tax Officer W.P.(MD) No. 3049 of 2025 Madras High Court (Madurai Bench) | Order dated 06.01.2026} Facts Department issued ASMT-10 during scrutiny. Taxpayer gave explanation with reconciliation. Officer accepted it and issued ASMT-12 (closure). Later, department again …

Judicial Corner: ASMT-12 closes scrutiny proceedings department cannot reopen the same issue through DRC-01A or DRC-01.(02.02.2026) Read More »

SEBI: SEBI has issued a Master Circular consolidating all operative circulars under the LODR Regulations, 2015, updated till 30 December 2025, covering disclosures, reporting, governance, BRSR and related compliance requirements. (MASTER CIRCULAR NO. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30.01.26)

SEBI: SEBI has eliminated Letters of Confirmation, permitting direct credit of securities to investors’ demat accounts. Issuers/RTAs must verify and credit securities within 30 days. The circular is effective from 2 April 2026. (CIRCULAR NO. HO/38/13/(3)2026-MIRSD-POD/I/3763/2026 dated 30.01.26)  

SEBI: SEBI will open a one-year special window from 5 February 2026 to 4 February 2027 for transfer and dematerialisation of physical securities traded before 1 April 2019, including previously rejected cases. (CIRCULAR NO. HO/38/13/11(2)2026-MIRSD-POD/ I/3750/2026 dated 30.01.26)

SEBI  SEBI issued a circular enhancing ease of investment by eliminating the requirement of Letters of Confirmation, enabling listed companies and RTAs to directly credit securities to investors’ demat accounts after due diligence. (PR NO. 10/2026 dated 30.01.26)

Customs Customs tariff values revised for oils, metals and bullion; gold fixed at USD 1740 per 10 grams and silver at USD 3830 per kg, effective from 31 January 2026. (Notification No. 11 /2026 – CUSTOMS (N.T.) dated 30.01.26)