Amendments to reward/incentive schemes expand eligible export items, adjust admissible rates and add focus markets under the policy.
Amendments revise the Reward/Incentive Schemes in Appendices 37A, 37C and 37D of the Handbook of Procedures by deleting specified castor oil items, adding multiple agricultural, food, chemical, pharmaceutical, textile, engineering and rubber products into VKGUY and Focus Product Scheme tables with specified admissible or bonus rates, and expanding Market Linked Focus Product and Focus Market listings to include additional product-country pairings and markets, effective for exports made from 01.01.2013.

Restriction on follow-up assessments during election period limits notices for preceding years when searches yield no evidence.
Restriction on issuance of assessment notices for six preceding years applies where searches or requisitions during an election period seize cash or assets but yield no evidence or investigation for earlier years. The investigating officer, with Director General approval, must certify that the search/requisition occurred in a notified constituency or that seized assets are connected to the election process and that no evidence exists for previous years; the certificate is to be communicated to the Commissioner and Assessing Officer, limiting unnecessary proceedings.

Declaration of complete product specifications required for marble slab imports; mis-declaration triggers action under customs law.
Importers and Customs House Agents must declare complete specifications of imported marble slabs including type, design and colour in import documents and Bills of Entry; consignments lacking such description will be taken up for assessment/examination only after the requisite declaration is made. Goods found to differ from declared specifications during examination will be treated as mis-declaration and subject to customs enforcement action. Accurate specification also aids trade statistics collection and analysis.

Incremental Exports Incentivisation: procedural rules require ANF 3F filing, non transferability, realisation basis benefits, and proof of landing.
Procedure requires applications for the Incremental Export Incentive Scheme to be filed with the Regional Authority in ANF 3F; export performance is non-transferable; benefits are admissible on a realisation basis with filing permitted after realisation commencement; filing deadlines and late cut provisions follow existing Handbook rules; incremental growth must be in freely convertible currency to designated markets and proof of landing must meet the Handbook's applicable requirements.

Line of Credit enables India origin exports to Mozambique subject to sourcing, disbursement timelines and FEMA compliance.
A Line of Credit (LOC) of USD 250 million from Exim Bank to Mozambique finances eligible exports from India; at least 75% of contract value must be supplied from India, with up to 25% procured externally. The Credit Agreement is effective from December 26, 2012; LCs and disbursements are allowed up to 48 months from scheduled completion for project exports and 72 months from execution for supply contracts. Shipments must be declared on GR/SDF forms. No agency commission is payable under the LOC, though exporters may remit commission from their own funds or EEFC balances after realisation, subject to remittance rules. Directions issued under FEMA.

Line of Credit conditions: export supply must be predominantly from India and compliance required under FEMA directions.
Exim Bank's Line of Credit to Guyana finances eligible goods, services and consultancy for a multispecialty hospital with at least 75 per cent of contract value supplied by Indian sellers and up to 25 per cent (excluding consultancy) procured abroad. The Credit Agreement is effective December 20, 2012, with prescribed last dates for Letters of Credit and disbursement; shipments must be declared on GR/SDF Forms. No agency commission is payable under the LOC, though exporters may use their own resources or EEFC balances for commission subject to remittance rules. AD Category-I banks must notify exporters; directions issued under FEMA.

Re-fixation of export obligation allowed after sectoral export decline; regional offices must consider policy circulars pre-demand notice.
Para 5.11.2 permits re-fixation of the Annual Average Export Obligation when a sector or product group records a qualifying decline in exports; DGFT has issued successive policy circulars applying this relief, and Regional Authorities must consider those circulars before issuing demand notices and include the requirement in the EODC check-sheet.

Re-fixation of Export Obligation permitted where sectoral exports decline, prompting EPCG authorisation amendments and administrative checks.
Regional Authorities must re-fix the annual average Export Obligation for EPCG authorisations for 2011-12 where product groups showed qualifying export declines; reductions must be endorsed in RA licence files and reflected in Amendment Sheets. Regional Offices shall consider prior policy circulars under Para 5.11.2 before issuing demand notices and must include this review as part of the EODC check-sheet. An enclosed list identifies the product groups with export declines.

Extension of reconciliation return deadline: DVAT 51 and original declaration forms filing extended for all 2011 12 quarters.
Extension of time granted for furnishing the DVAT 51 reconciliation return and for submission of the original portions of declaration Forms 'C', 'E I'/'E II', 'F', 'I', 'J' and 'H' for the first through fourth quarters of 2011 12, with the online Form CD 1 filing deadline aligned to the reconciliation return submission requirement.

XBRL filing allowed for cost audit and compliance reports with an extended penalty-free filing deadline.
The Ministry of Corporate Affairs permits filing of Cost Audit Reports and Compliance Reports in XBRL format for 2011-12 and any overdue prior-year reports. The concession applies to all cost auditors and concerned companies and waives penalties where filings are made in XBRL within 180 days from the close of the relevant financial year or by January 31, 2013, whichever is later. The Institute of Cost Accountants is requested to circulate the instruction and the E-Governance Cell is asked to upload the circular.

WCO Certificate of Merit nominations invited; customs formations to submit proposals with vigilance clearance and report celebrations.
Field formations must nominate customs officers and private sector or academic representatives for the WCO Certificate of Merit with justification; customs officer nominations require vigilance clearance. Nominations are to be submitted to the Joint Secretary (Customs), CBEC and may be sent by email to the designated addresses by the prescribed deadline. Delhi Customs will organise the national function in coordination with other agencies, and all formations must celebrate International Customs Day locally and send post event reports with soft copy photographs to the same e mail contacts.

Import item description amendment expands permitted terminology for Polyacetal Resin to enhance procurement flexibility in international trade.
The import description for Import Item No. 1 in SION No. H 471 is amended from 'Polyacetal Resin (Fluff)' to "Polyacetal Resin (Fluff)/Acetal Resin/Polyacetal Resin/Polyacetal" under Paragraph 2.4 of the Foreign Trade Policy; the export product description, other import items and permitted quantities remain unchanged, and the change is intended to provide exporters flexibility in procuring the input under varied international terminology.

Registration of sugar export contracts remains subject to existing conditions; mills must notify the authority by email after supply.
Exporters must obtain Registration Certificates under the existing policy framework; the conditions and modalities in Policy Circular No. 62, as modified by Policy Circular No. 63, remain operative. Sugar mills supplying sugar to registered contract holders must intimate the designated authority by email immediately after each supply to an RC holder, and this email-notification obligation is mandatory for compliance with export registration procedures.

Chronological listing of appeals ensures scheduling priority and places remanded matters at the top of the cause list.
Directs that appeals and stay applications be listed in the cause list in chronological age-wise order, with Assistant Registrars ensuring minimum numbers of stay and regular matters. Appeals remanded by higher courts are to be placed at the top of the cause list. Out-of-turn hearings remain subject to chronological placement unless the Bench orders otherwise. Bunch appeals involving the same issue are to be treated as one case.

Filing of Form 68 allows electronic rectification of errors in company eForms with prescribed fees and documentation.
The Ministry allows rectification of certain mistakes in electronically filed Form 1, Form 1A and Form 44 by filing Form 68 identifying the original SRN and only the fields to be corrected; the application requires the prescribed fee, specified attachments (including a board resolution where rectifying Form 1), mandatory reasons for error, digital signature by an authorised signatory, and certification by a practising professional. Filing is subject to eligibility, a one time rectification limit per company, prohibition where another Form 68 is pending, and compliance with MCA 21 pre-fill, check and submission procedures.

Exporters' refund and rebate payments will be credited via RTGS/NEFT; claimants must submit bank certified authorisation and may bear charges.
Mandates electronic payment of sanctioned export refund/rebate amounts via RTGS/NEFT from 01.01.2013. Claimants must submit a bank certified One Time Authorisation (Annexure A) on filing fresh claims; Authorisations are valid for one financial year, serialised and entered in an Authorisation Register (Annexure C). Pending claims require Authorisation by 15.01.2013. Divisional DC/AC shall submit Annexure B with a consolidated cheque to the authorised SBI branch for remittance; the Bank will remit net amounts after RTGS/NEFT charges and return remittance details; Refund Orders must record UTR numbers.

ECB hedging requirement: MFIs and NGOs must fully hedge external borrowings; authorised banks ensure compliance at drawdown.
Extant ECB guidelines continue to apply to MFIs and NGOs accessing External Commercial Borrowings under the Automatic Route, and such ECBs must be fully hedged. Designated Authorised Dealer Category I banks are required to ensure at the time of drawdown that the borrower's forex exposure is fully hedged and to notify their constituents; the directions are issued under the foreign exchange statutory framework without prejudice to other required approvals.

Base Minimum Capital requirement mandates profile-based deposits for brokers and trading members to address operational trading risks.
SEBI realigns Base Minimum Capital requirements for stock brokers and trading members by prescribing profile-based BMC deposit levels distinguishing proprietary trading, client-only trading, mixed activity, and algorithmic trading. BMC is newly required for derivative trading members; deposits are non-additive across segments and reduced to forty percent for exchanges without nation-wide terminals. No exposure shall be granted against BMC; at least fifty percent must be cash or cash equivalents. Exchanges must amend bye-laws, notify members, report implementation, and may prescribe higher deposits based on risk perception.

CXL concession sugar allocation enables exports to EU subject to certificate of origin and EUR endorsement.
A national allocation of white sugar for export to the EU under CXL Concessions Sugar is made for October 2012-September 2013. Exports require a certificate of origin as a condition for release for free circulation in the EU; EUR and GSP documents must include prescribed wording. The Additional Director General of Foreign Trade, Mumbai will issue the GSP Certificate and Certificate of Origin, and Customs at the port of shipment must endorse the EUR Form.

Line of Credit enables financing of eligible Indian exports under sourcing and compliance conditions for a foreign government project.
Exim Bank's Line of Credit to the Government of Gambia finances eligible Indian exports, requiring at least 65 per cent of contract value to be supplied from India with up to 35 per cent procureable abroad. The Agreement is effective December 4, 2012, and provides differentiated periods for opening Letters of Credit and disbursement for project and supply contracts. Shipments must be declared on GR/SDF forms. No agency commission is payable under the LOC, though exporters may use own funds or EEFC balances to pay commission subject to AD Category I bank permission after full realization. Directions issued under FEMA remain without prejudice to other statutory approvals.