Exchange rate applicability for composition fee determines shortfall calculation based on authorization issue date for export obligation regularization.
Where there is a shortfall in FOB value the authorization holder must deposit an amount equal to 1% of the shortfall payable in Indian rupees, and the exchange rate for determining that shortfall is to be the date of issue of the authorization.

Trade Facilitation Committee established to address import and export issues through quarterly meetings and nominated representatives.
A Trade Facilitation Committee is constituted at Coimbatore under the Commissioner of Customs to hold quarterly meetings to resolve import and export issues. Designated trade associations, carriers, container depots, warehousing operators, banks and government offices are members and must nominate representatives. Problems at field formations (ICDs/ACC/Airport) must be submitted to the Chair through the Additional Commissioner of Customs; member organizations must provide nominee particulars and submit points within one month, after which the first meeting date will be notified.

Project imports eligibility clarified: construction equipment can qualify as auxiliary for initial project setup and be transferable.
Construction equipment is eligible under the Project Import Regulations, 1986 as auxiliary equipment when essentially required for initial setting up or substantial expansion of a registered project; such equipment may be transferred between registered projects after intended use on sponsoring authority recommendation, and the Plant Site Verification Certificate must record details of construction equipment to ensure proper utilisation.

Foreign direct investment share transfers permitted without prior RBI approval if compliant with FDI policy and SEBI pricing rules.
The circular permits certain share transfers without prior RBI approval where conditions are met: compliance with extant FDI policy and FEMA sectoral caps/conditions; pricing conformity with relevant SEBI regulations; and attachment of a Chartered Accountant's certificate to form FC-TRS filed with the AD bank. Resident-to-nonresident transfers require either prior FIPB approval plus RBI pricing/documentation compliance, adherence to SEBI (SAST) obligations with RBI requirements, or, where FEMA pricing is not met, FDI/SEBI compliance and CA certification. Transfers involving financial sector investees require NOCs from relevant financial regulators and adherence to FDI/FEMA conditions.

Renting/leasing of immovable property service: deposit half arrears and furnish solvent surety to secure the stayed balance.
Supreme Court directed deposit of 50% of service tax arrears on renting/leasing of immovable property in three instalments, provision of a solvent surety for the remaining 50% to the satisfaction of the jurisdictional Commissioner, and individual affidavits undertaking payment of the stayed balance; interest on stayed amounts is reserved for the successful party. The Trade Notice mandates submission of landlord and tax details, challan proof of payments, a bank guarantee or prescribed solvency certificate, and execution of a prescribed General Bond for compliance.

Foreign investment in infrastructure debt: FIIs allowed IFC bonds, reduced lock in for a tranche, and maturity rule clarified.
FIIs may invest in non convertible debentures/bonds issued by NBFCs classified as Infrastructure Finance Companies within the overall FII infrastructure debt limit; the lock in period for FII investment is reduced to one year for investments up to a specified sub limit measured from first purchase; residual maturity of five years is defined with reference to the instrument's original maturity at first purchase. Parallel changes apply to QFI investment in mutual fund debt schemes; FEMA transfer/issue regulations will be amended and AD Category I banks must notify constituents.

Round the clock transshipment operations enabled, with bonded trucking, seal controls and cost recovery for perishable export clearance.
Extension of 24x7 transshipment operations at ACC Bangalore establishes two shift Transshipment Cell where the Superintendent signs the Cargo Transfer Manifest and the Inspector serves as IFO/EFO to escort consignments. Bonded trucking requires custodians appointed under Section 45(1) to furnish running bonds with bank guarantees, insure cargo, provide secure trucks and apron warehouses with Customs Bottle Seals and double locking, and follow a five copy transshipment permit process for sealing, endorsement and verification at destination. Cost recovery applies for customs staffing and post hours export clearance of perishables.

Conversion of shipping bills can confer DEPB entitlement when customs authorized conversion before withdrawal, prompting claim admission and review.
Directorate General of Foreign Trade instructs Regional Authorities to admit DEPB claims where Commissioners of Customs had permitted conversion of free Shipping Bills to DEPB Shipping Bills during the interim period before the conversion facility was withdrawn, and to review past rejections that fall within that period; entitlement arises where Customs, having recorded reasons in writing, permitted conversion and the exporter did not avail the original scheme benefit.

Branch location flexibility for authorised money changers relaxes metro/non-metro ratio allowing diversified branch placement to meet tourist and customer needs.
The Reserve Bank removes the 1:1 metro to non-metro office ratio for authorised money changers, granting greater discretion over branch location while expecting diversified branches to meet tourist and customer demand; other instructions remain unchanged and non-compliance may attract penal provisions under the foreign exchange statutory framework.

Realisation and repatriation of export proceeds: permissible period extended, SEZ and warehouse export rules remain unchanged.
The period for realisation and repatriation to India of the full export value of goods or software exported was liberalised by extending the permissible period from six months to twelve months from the date of export; this extension leaves unchanged the rules for units in Special Economic Zones and for exports to warehouses outside India, and was communicated to Authorised Dealer Category I banks under powers under the Foreign Exchange Management Act, 1999.

Special currency basket value revision affecting deferred payment protocols; authorised banks must notify constituents under regulatory directions.
The Reserve Bank revised the Rupee value of the special currency basket applicable to settlement under the Deferred Payment Protocols with the erstwhile USSR, effective September 20, 2011, replacing the prior value effective August 23, 2011; AD Category I banks must notify their constituents and apply the revised valuation, pursuant to regulatory directions and without prejudice to other legal permissions.

Registration certificate issuance to be mailed by office; applicants may opt for personal collection on application.
Certificates will be printed, signed and stamped by departmental officers and sent to applicants by post; assessees may elect personal collection by indicating that option on the ST-1 application submitted to the jurisdictional Superintendent. Registration work will be centralised within each Division and a single group of officers will handle registrations for all assessees in that Division.

Special bonus benefit for designated focus products provides an export incentive for eligible shipments during specified policy period.
Insertion of Table 8 in Appendix 37D introduces a Special Bonus Benefit under the Focus Product Scheme for specified ITC (HS) coded products exported from 01.10.2011 to 31.03.2012, granting a bonus equal to 1% of FOB export value in free foreign exchange; additionally, a new focus product entry is added to Table 4 for exports effective from 01.04.2011, expanding product-level eligibility under the Handbook of Procedures, Vol. I.

All Industry Rates of Duty Drawback: amendments clarify classification, implement transitory replication, and allow retrospective supplementary claims.
The All Industry Rates of Duty Drawback 2011-12 have been amended to resolve classification disputes by replicating entries under additional tariff headings and inserting Note 3A, while retaining existing entries with matched rates and value caps. Clarifications include four digit alignment with the Customs Tariff, classification rules for parts/components, MUV/SUV and leather garments (60% leather threshold), the general incompatibility of All Industry Rates with Advance Licence obligations with brand rate alternatives, and retrospective effect from 1 October 2011 with allowance for supplementary drawback claims.

Exemption for export of excise-verified casein stock permits specified firms to export pre-ban manufactured inventories.
Exemption permits export of excise verified stocks of casein and casein products manufactured prior to the export ban, pursuant to Notification No. 83; the DGFT Trade Notice authorises specific quantities for named firms based on excise verification, and informs customs, regional DGFT authorities and trade members to facilitate exports in accordance with verification records.

Refund eligibility for input services: clarifies tests and invoice-level assessment for export zero-rating under notification framework.
Clarifies that refunds of cenvat credit on input services for export are intended to effect zero rating, aligning refund scope with the Cenvat definition of input service. For 100% exporters every input service meeting Rule 2(l) is refundable; for mixed businesses services used exclusively for domestic purposes are disqualified only on unmistakable facts, while mixed use is apportioned by the statutory correction factor. Eligibility is to be assessed at the input service invoice level and the annex lists illustrative eligible services with specified exclusions.

Deregulation of savings bank interest rates permits banks to set resident savings rates with uniform small-balance rates and no discrimination.
Banks are free to determine savings bank interest rates for resident Indians subject to two conditions: offer a uniform interest rate on savings deposits up to the designated small-balance threshold, and, for deposits above that threshold, permit differential rates only if there is no discrimination between deposits of similar amount accepted on the same date at any of the bank's offices. The directive modifies an earlier instruction and is issued under Section 35A; interest on certain Non-Resident savings accounts remains separately regulated.

In-person verification by sub-brokers may be relied on by exchange subsidiaries, subject to the subsidiary's ultimate verification responsibility.
Subsidiaries of stock exchanges acting as stock brokers may rely on in-person verification performed by their sub-brokers (who are also registered as stock brokers of the parent exchange), but the subsidiaries retain ultimate responsibility for ensuring IPV and must obtain and retain the requisite IPV documents for their records.

Adjudication authority unified for senior officers; uniform monetary threshold set for medium-value central excise cases.
The Board amended prior instructions to prescribe a uniform monetary limit for both Additional Commissioners and Joint Commissioners to adjudicate central excise cases under sections 11A and 33 of the Central Excise Act, 1944: matters where duty involved is above Rs. 5 lakh and up to Rs. 50 lakhs, applicable to extended period and other cases within that band.

Barcoding requirement on tertiary pharmaceutical export packaging mandates GTIN, batch, expiry and serials from 01.10.2011.
Mandatory 1D barcoding on tertiary packing of export consignments of pharmaceuticals and drugs, encoding GTIN, batch number, expiry date and a unique serial number, effective from 01.10.2011 and compulsory for products manufactured on or after that date.