Limitation for penalties under section 275(1)(c) governs timing for penalties relating to prohibited loan transactions.
A penalty for granting loans above the prescribed limit otherwise than through banking channels is independent of assessment and the limitation for imposing such penalty is governed by section 275(1)(c). The limitation period is the expiry of the financial year in which the proceedings in the course of which action for imposition of penalty has been initiated are completed, or six months from the end of the month in which action for imposition of penalty is initiated, whichever is later; it is not dependent on pendency of appeal against the assessment.

Limitation for penalty proceedings begins at the range head, requiring assessing officers to refer and not issue penalty notices.
Limitation for imposition of penalties under sections 271D and 271E commences at the Range Head (Joint/Additional Commissioner), not at the Assessing Officer; Assessing Officers should refer alleged violations of section 269SS/269T to the Range Head who will issue penalty notice and complete proceedings within the prescribed limitation period, and conflicting High Court decisions will render the Departmental View inoperative in that High Court's area while the matter is referred to the Central Technical Committee for consideration.

Disclosure of Proprietary Trading required for commodity derivatives brokers, aligning securities rules and mandating pro account terminal compliance.
SEBI mandates proprietary trading disclosure by commodity derivatives brokers to clients in line with securities-market directions and requires exchanges to ensure compliance with pro account trading terminal provisions, superseding prior guidance; exchanges must amend bye laws, notify brokers, and report implementation monthly, with the circular effective three months from issuance.

Currency denomination restriction withdrawn; foreign-going vessels may carry Indian currency of any denomination for crew disbursement.
Customs removes the earlier limited-denomination requirement for Indian currency carried for crew wage disbursement on foreign-going vessels; in view of revised Reserve Bank of India guidance that does not impose a denomination restriction for Indian travellers or ship masters, the prior restriction in the earlier CBEC circular is withdrawn and stakeholders should follow the current RBI position reflected in CBEC advisories.

Imposition of central excise duty on jewellery requires invoice-based valuation and temporary procedural relaxations for jewellers.
All central excise payments on jewellery are to be based on first sale invoice value; authorities will accept the invoice valuation if caratage/purity, weight and carat details of precious stones are recorded. Exporters may export on self-declaration with submission of a Letter of Undertaking to customs without central excise ratification. Liability is effective from 1 March 2016, but payment for March-May may be deferred and paid with June 2016; registration time is extended to 1 July 2016. Enforcement moratoriums on visits, searches, seizures, arrests and criminal prosecution apply pending Sub Committee recommendations.

Non-excisable goods treatment affirmed: bagasse and metal dross treated as exempted goods for CENVAT credit reversal.
Following judicial determinations that bagasse and metal dross/skimmings are non excisable, the Board has rescinded its earlier circulars and instructions on excisability. Under amended Rule 6 of the CENVAT Credit Rules, 2004, non excisable goods cleared for consideration are to be treated as exempted goods and valued by invoice or by valuation principles where invoice value is unavailable; such by products (bagasse, dross, skimmings) must be treated like exempted goods for reversal of input and input service credit.

Extension of filing deadline for service tax ST-3 returns granted due to ACES access difficulties, allowing short additional filing time.
An administrative order under sub rule(4) of rule 7 of the Service Tax Rules, 1994, grants a short extension of time for submission of Form ST-3 for the period 1 October 2015 to 31 March 2016, citing assessees' inability to access the ACES application on the original due date and permitting late electronic filing within the brief extension window.

Excise duty on jewellery: registration deadline extended; retrospective liability applies and earlier months' payments may be consolidated.
Registration for central excise by jewellers is extended to 01.07.2016 while liability to pay excise duty applies from 1st March 2016; jewellers may pay duty for March, April and May together with the June payment. The circular directs wide publicity and reporting of implementation difficulties to the Board, with a Hindi version to follow.

IEC online filing requirement: applications must be submitted with digital signature to central DGFT server; regional offices cannot intervene.
Applications for issuance or modification of Importer Exporter Code (IEC) must be filed exclusively through the centralized online portal with a digital signature to the DGFT New Delhi server; Pune JDGFT cannot access or intervene until the application is successfully submitted. Technical issues during filing-such as token generation, digital key submission, record updates, or attachment uploads-must be raised with the DGFT EDI Helpdesk in New Delhi, which the notice identifies by toll free number and EDI contact details for escalation.

Taxpayer service through social media enables local trade queries, information sharing and stakeholder engagement, excluding policy and assessment matters.
Taxpayer service through a zonal Twitter handle enables transparent, user-friendly engagement with importers, exporters and stakeholders. The platform supports digital governance, information sharing, stakeholder suggestions, taxpayer services and trade facilitation. It may address local queries, issues and operational problems comparable to e-helplines, but does not entertain policy or assessment-related queries.

Central Excise duty on jewellery: interim compliance rules, valuation safeguards and registration timeline pending sub committee report.
A Sub Committee has been constituted to advise on implementation of Central Excise duty on jewellery; it will examine compliance procedures, recordkeeping, forms including Form 12AA, and operating procedures and report within sixty days. Pending its recommendations, duty is to be paid on first sale invoice value; authorities will not challenge invoice valuation if cartage, purity, weight and gemstone carats are stated; visits, arrests, searches or seizures will be suspended; exporters may export on self declaration and LUT to customs; registration can be taken within sixty days from 1 March 2016 while liability is effective from that date with a concession to pay March liability with April.

Standard definitions for taxpayer and tax-base clarify who counts as taxpayer and criteria for data generation and reporting.
Standard definitions for reporting: for a Financial Year, tax-base equals persons who filed ITRs or had tax paid/deducted/collected in any of the three preceding years as on the first date; taxpayer is any person who filed a return or had tax paid/deducted/collected during the year; new taxpayer and potential taxpayer are defined by entry into or evidence of liability relative to the tax-base. For an Assessment Year, assessee follows the Act and non-filer is a liable person with no return entered on the System. "Tax paid" and "information available on record" are clarified for reporting.

Insistence on registration documents: officers told not to demand them for products outside the scope of the Legal Metrology Act.
Officers are directed not to require registration documents for imported goods that are not covered by the Legal Metrology Act, 2009 or its rules, and staff should be sensitized to avoid unnecessary delays; any implementation difficulties should be reported to the Board.

Re-crediting of bond value must be ensured promptly at destination air cargo complexes to prevent delays in transshipment processing.
Re-crediting of bond value for transshipped cargo in the ICES transshipment module is to be performed promptly at the destination Air Cargo Complex; the module debits the online running bond when bonded trucks move between air cargo complexes, and reported delays in re-crediting at destination complexes must be remedied to ensure timely restoration of the online running bond balance.

Imposition of central excise duty on jewellery prompts sub committee to define compliance procedures and stakeholder consultations.
A Sub Committee is constituted to examine the imposition of Central Excise duty on jewellery, naming a chair and four members with trade representatives to be decided in consultation with the Chair. Its terms of reference include defining compliance procedures, records to be maintained, operating procedures and other relevant implementation issues. Associations may submit written representations and all India associations may appear in person; communications are to be sent to the High Level Committee office or the specified e mail.

Issue and pricing permissions for private sector bank share issuances require statutory compliance and prescribed pricing methods.
The Directions grant general permission to private sector banks to issue shares by public issues, private placements, rights issues and bonus issues, subject to compliance with FEMA, foreign investment policy, SEBI guidelines and the Companies Act; corporate approvals must be obtained. Pricing must follow SEBI formula for listed banks and Companies Act rules for unlisted banks. Allotments triggering threshold holdings require prior regulatory approval and post-allotment reporting of issue details, allottee names and post-allotment shareholding to the regulator in the prescribed format.

Bank amalgamation rules: RBI requires board and shareholder approvals, independent valuations, and safeguards for capital and dissenting shareholders.
These Directions establish the Reserve Bank's framework for voluntary amalgamation of private sector banks and NBFC bank amalgamations, requiring board approval by a two thirds majority of total board membership, shareholder approval by two thirds in value of votes cast, comprehensive due diligence, independent valuation and fair swap ratios, submission of detailed financials and valuer reports, scrutiny of capital adequacy and shareholding concentration, prior Reserve Bank sanction for NBFC amalgamations before Tribunal submission, and provision for dissenting shareholders to claim value as determined by the Reserve Bank.

Investment Advisory Services must be offered through arm's-length SEBI-registered subsidiaries, not departmentally, ensuring regulatory compliance.
Banks are prohibited from providing Investment Advisory Services departmentally; such services must be offered only through a separate subsidiary or an existing subsidiary maintained at arm's length. Sponsor banks must obtain prior regulatory approval before using or creating a subsidiary for this purpose, and all bank sponsored subsidiaries offering investment advice must register with SEBI and comply with SEBI (Investment Advisors) Regulations while restricting advice to products banks are permitted to deal in and adhering to applicable KYC/AML/CFT requirements.

Electronic book mechanism mandatory for large private debt placements to ensure transparent price discovery and standardised disclosures.
Electronic book mechanism is required for large private placements of debt securities to standardise issuance and improve transparency; recognized stock exchanges may act as Electronic Book Providers after SEBI approval and meeting eligibility conditions (online bidding portal, infrastructure, disaster recovery, data security, periodic CISA audit). Participants are categorised with specified KYC responsibilities, issuers must make prescribed PPM disclosures and contract with EBPs, and detailed pre-bid, bidding and post-bid procedures govern enrolment, bid submission, issuer acceptance, allotment and public disclosure of aggregate anonymous bidding and allotment data.

Foreign investment in REIT, InvIT and AIF units permitted, subject to downstream sectoral caps and reporting obligations.
Foreign investment is permitted in units of SEBI regulated Investment Vehicles - REITs, InvITs and AIFs - with acquisition by persons resident outside India allowed by inward remittance through normal banking channels; transfers, sales or redemptions follow SEBI regulations and RBI directions. Downstream investment is treated as foreign where Sponsor, Manager or Investment Manager is not Indian owned and controlled, and such downstream investment must comply with sectoral caps, FDI policy and applicable provisions for LLPs. REIT units are excluded from the prohibition on "real estate business" for the Principal Regulations. Reporting to RBI or SEBI is required.