Filing deadline clarified: late cut applies to Chapter 3 export scheme claims filed after the prescribed last dates.
For exports made from 1 April 2006 to 31 March 2008 realised by 31 March 2008, the last date to file Chapter 3 FTP applications is 30 November 2008; where realisation is after 31 March 2008, the filing deadline is governed by Para 3.23.10 HBP Vol. I as amended. Late cut under Para 3.23.2 read with Para 9.3 HBP Vol. I applies to applications filed after the prescribed last date, including for exports in the stated period.

Extension of filing deadline permits late submission of reconciliation returns and original declaration forms under VAT rules.
Extension of time limits is granted to permit delayed submission of specified returns and declaration originals for the first and second quarters of 2007-08, authorising an extension until 5th September 2008 for furnishing the reconciliation return in Form DVAT 51 and for submission of the original portions of Declaration Forms C, E I, E II, F, I, J and H under the Central Sales Tax and Delhi VAT Rules.

Overseas direct investment by registered trusts and societies permitted in same sector abroad with prior Reserve Bank approval.
Registered trusts and societies that have set up hospitals in India may make overseas investments in the same sector by participating in a Joint Venture or Wholly Owned Subsidiary abroad, subject to the Annex eligibility criteria, prior approval of the Reserve Bank, submission of Form ODI Part I through an AD Category I bank, and compliance with existing terms and reporting requirements; regulatory amendments to the FEMA 2004 regulations will be issued separately.

Direct dispatch of shipping documents permitted with bank regularisation subject to realised export proceeds and KYC/AML safeguards.
AD Category I banks may regularise exporters' direct dispatch of shipping documents to consignees or their destination agents up to a specified monetary threshold per shipment provided export proceeds are realised in full, the exporter has been a regular customer for at least six months, the exporter's account meets KYC/AML requirements, and the bank is satisfied of the transaction's bonafides; banks may file a Special Transaction Report where doubts arise.

Pre-packed goods rules: pre-packed tyres and tubes fall under packaged commodities rules affecting MRP-based assessment.
The Packaged Commodities Rules, 1977 apply to tyres and tubes sold in pre-packed form, which determines their treatment under the MRP-based assessment; whether goods are pre-packed is a factual question to be determined by the proper officer for levy of Central Excise Duty and Additional Duty of Customs.

Excise duty exemption for Artemisinin formulations confirmed to cover all derivatives, clarifying scope of the exemption.
Excise duty exemption under notification No. 4/2006-CE (entry no.22, List 1) extends to all formulations of Artemisinin; the entry's wording has caused divergent field practice, but the drafting change to "Arteether or formulation of Artemisinin" was intended to cover all Artemisinin formulations, so the notification's scope is not confined to Arteether and applies to other derivatives and formulations.

Certificate of Origin delisting: Agencies removed for failing eligibility criteria, altering authorized issuers for export certification.
The Director General of Foreign Trade amends Appendix 4 C of the Handbook of Procedures by delisting specified state chambers and export bodies from the list of agencies authorized to issue Certificate of Origin Non Preferential for failing to satisfy the eligibility criteria established by the controlling public notice; the public notice lists delisted agencies with identifying details and states the measure is taken in the public interest.

Modification of IEC: IEC issued to a debonded EOU is cancelled and a fresh IEC issued against the same PAN.
When a 100% EOU that obtained its IEC from the Development Commissioner of a Special Economic Zone de-bonds and converts into a DTA unit, the existing IEC shall be cancelled and archived and, against the same PAN, the concerned Regional Authority will issue a fresh IEC; subsequent modifications in the new IEC shall be carried out by the concerned Regional Authority. If a DTA unit converts into a 100% EOU, the IEC issued by the Regional Authority remains valid after conversion.

Calendar spread treatment extended until near month expiry to prevent abrupt margin increases for exchange traded equity derivatives.
Calendar spread positions in exchange traded equity derivatives shall receive calendar spread treatment until the expiry of the near month contract, replacing the prior rule that treated the far month as naked three trading days before expiry; this change prevents sudden margin increases and applies to exchange derivative segments and their clearing houses under the regulator's authority to protect investors and promote orderly market development.

Bank guarantee or legal undertaking requirement before customs clearance for Advance Authorisation, DFIA and EPCG schemes.
Authorisation holders must execute a Bank Guarantee or Legal Undertaking (BG/LUT) with Customs before clearance of goods under Advance Authorisation, DFIA and EPCG; the RA will endorse the licence/authorisation to that effect. For indigenous sourcing, BG/LUT must be furnished to the RA as per Customs Circular No.58/2004, as amended.

Import eligibility documentation: requirement to furnish CA-certified tax-filed accounts to prove annual marble sales threshold for import entitlement.
Applicants seeking entitlement to import rough marble blocks/slabs for 2008-09 must furnish a Chartered Accountant certified statement of accounts filed with income tax authorities for 2004-05, 2005-06 and 2006-07 to establish an indigenous sales turnover of marble slabs/tiles of Rs.1 crore and above in each of those years, supplementing requirements in prior Policy Circulars.

Refund processing under DVAT: checks on revised returns, ITC adjustments, statutory form verification, and export documentation required.
Guidelines set procedural standards for processing dealer refund applications under the DVAT Act and Rules, requiring scrutiny of revised returns under Section 28(1), maintenance of assessment-year folders, confirmation of sellers' tax payments from scrolls, and proportional adjustment of input tax credit for credit notes and discounts. They mandate verification of statutory forms and exports (using bills of lading, customs or bank certificates plus DVAT 30/31), reconciliation of turnover with returns, application of prescribed ITC reductions for branch/consignment transfers, cross-checking TDS certificates, and use of a standardized processing format including computations and surety requirements before release.

Exchange Traded Currency Derivatives framework requires SEBI approval, segment safeguards, clearing risk controls and position limits.
Establishes a regulatory framework for Exchange Traded Currency Derivatives requiring Recognized Stock Exchanges to obtain SEBI approval with specified product details and bye laws, comply with product design and surveillance standards, segregate currency segment membership, and prevent participation by persons resident outside India; mandates Clearing Corporations/Houses to secure SEBI approval and RBI permission under FEMA for clearing and settlement and to implement prescribed risk management measures; and prescribes bank participation, certification of trading personnel, and gross open position caps for Trading Members.

Refund processing time: statutory period from receipt of a complete application triggers interest entitlement if refunds remain unsettled.
Amendments establish a 30-day disposal period for Duty Drawback, Terminal Excise Duty and CST refunds counted from receipt of a complete application; interest is payable if not settled within that period, no separate interest application is required, a single cheque may include principal and interest, and authorities must maintain separate accounts for interest. Applications at the counter will be scrutinized and returned for rectification if deficient before acceptance as complete.

New Additional Focus Products added to export benefits index, enabling FPS benefits for specified fasteners and sewing machine parts.
Appendix 37D, Table 11 (K. New Additional Focus Products) in the Handbook of Procedures, Vol. I (RE 2008) is amended to add screws and bolts, threaded nuts, threaded rods/articles, non-threaded washers, non-threaded rivets, and certain sewing machine parts; these products are made eligible for FPS export benefits as specified by the Director General of Foreign Trade.

Market linked focus product benefits extended to specified bicycle and valve products for designated export markets under foreign trade policy
The amendment inserts an Index of Market Linked Focus Products entry enumerating bicycle-related products and specified valves and links them to Tanzania, Nigeria, Kenya, Brazil and Ukraine; those products, when destined for the listed linked markets, are eligible for export incentives under the Foreign Trade Policy provision governing Market Linked Focus Products, with benefits effective for exports from 1.4.2008.

Cenvat credit on imported services allowed as input credit when used to provide taxable outputs, despite deemed-provider levy.
Although recipients of services imported from outside India are treated as deemed providers for levy and registration purposes, such imported services are not treated as output services under the Cenvat Credit Rules; however, service tax paid on those imported services is admissible as input credit when used as input services by manufacturers, producers of final products, or providers of taxable output services.

Goods transport composite service: ancillary charges in GTA invoices qualify for abatement when consignment note is issued.
GTA activity is a single composite service when road transportation is principal and a consignment note is issued; ancillary services performed in the course of such transportation (loading/unloading, packing/unpacking, transshipment, temporary warehousing) and charged in the GTA's invoice form part of the GTA service and qualify for the applicable abatement. Packing performed and invoiced by a GTA remains GTA service, and time-sensitive road transport with a consignment note likewise remains classified as GTA service.

Currency futures permitted for residents to hedge exchange risk under RBI and SEBI directions with regulated participation.
Introduction of currency futures as standardized exchange traded contracts for approved currency pairs, permitting participation only by persons resident in India subject to RBI and SEBI directions. Contracts are standardized (contract size, INR quotation and settlement, maturity cap, settlement reference rate). Membership and participation rules distinguish the currency futures segment, impose prudential eligibility for AD Category I banks, require inclusion of futures exposure within banks' Net Open Position and Aggregate Gap limits, and mandate margins, surveillance, disclosures and RBI authorisation for exchanges and clearing corporations.

Tax Deduction at Source on savings bonds applies to interest above the exemption threshold, including prior purchases.
TDS on 8% Savings (Taxable) Bonds, 2003 is effective from 1 June 2007 and applies to interest credited or paid on or after that date if aggregate interest in a financial year exceeds Rs. 10,000, irrespective of date of investment. Different deduction rates apply by recipient category and residence; Form 15G/15H may be accepted where taxpayers estimate nil tax and meet aggregate income conditions. Cumulative bond interest is chargeable on credit/accrual exceeding the threshold, and charitable trusts require a section 197 certificate for lower or nil deduction.