Mahindra 4540 tractor, check engine light flashing, 214 hours on tractor. I have changed all the filters. Tractor runs great but govenor does not work.

This seems to indicate oily fan belt (4) - needs adjusting or replacing (3).

https://tractormanualz.com/mahindra-blink-codes/

Videos and Manual

https://www.google.com/search?q=mahindra+emax+22+blink+codes

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Well it says it is easy. I reckon you are looking for latches.

https://www.mahindrausa.com/fckimages/pdfs/series-tractor/New_2600_Brochure_FINAL_2.pdf

EASILY SERVICEABLE > Servicing your tractor has never been easier. Hood and side panels open quickly and efficiently with no tools required, providing ease of access for radiator, battery, filter replacement, and oil checks.

Or. Phone and ask

https://www.mahindracanada.ca/--byo-2645-shuttle-cab

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Not very wise to assume the check engine light came on for no reason. The way to avoid disappointment is to always expect the worst. The light is on for a reason and there could be a fault code stored and you need to know what it is for future reference.

It is true it is usual to initially cancel the code and see if it recurs...

I am not sure which diagnostic reader is suitable but I hear Indian stuff has slightly different electronic systems to everyone else though common to South Asia.

I suggest you check in the handbook to establish the precise function of the (flashing) engine light and then ask around for somebody local with suitable software/diagnostic equipment...

Blinking check engine light means random misfire.

check that the vent in the fuel tank is not blocked as this may be a fuel starvation problem

The govenor has nothing to do with fuel pouring out.

When you say you put in a new engine- was it the same model/ type/ spec as the old one?

Maybe we should focus on the carb part.

SOUNDS LIKE YOU HAVE A AIR LEAK AND SOME BAD GAS AND YOU MAY WANT TO CHANG THE OIL 1 MORE TIME LETME KNOW IF THIS HELPS IF NOT ILL DIG IN TO IT WITH YA

some of those had like a sediment bulb with a screen it before the fuel filter they are famas for pluging up

Being a reminder light it should reset itself after engine run hours increase from the programed reminder time

Replace the spark-plug, check the quality of the fuel(gas that is mixed or was stored more then three months is stale and wont fire correctly) make sure the fuel and air filter not clogged. If there is no change then your problem may be more technical, a nest may be restricting the govenor or you missed something with the carb and there still is debre causing it to stall.