Decentralisation of investigation cases extended, permitting transfers post first appeal with penalty notice and prosecution copy requirements.
Revision permits one time operational decentralisation of investigation cases until the specified deadline to reduce Central Circle pendency. Non scam cases may be decentralised after disposal of the first appeal once the Department files a second appeal, irrespective of pending penalty proceedings, provided an appropriate note on penalty proceedings accompanies the transfer. Where prosecution is contemplated, the existing prosecution guideline applies and the communication to the succeeding assessing officer must also be copied to the succeeding Addl. CIT, CIT and DDIT/DCIT (Prosecution).

Branch supervision of depository participants requires robust internal controls and inspections to ensure branch compliance with depository regulations.
Depository participants must implement internal control systems across all branches to ensure review, monitoring and evaluation of internal accounting controls and to guarantee due diligence in account opening, KYC compliance, signature verification, client record maintenance, secure handling of client instructions and integration of branch systems; depositories must inspect and conduct surprise checks of branches, monitor branch openings, amend bye-laws as necessary, disseminate guidance to participants, and report implementation status to the regulator.

Online Tax Accounting System (OLTAS) mandates daily validated challan uploads, PAN/TAN capture and synchronized funds settlement.
Directive establishing the Online Tax Accounting System (OLTAS) framework: single copy challan with branded CIN, mandatory PAN/TAN and taxpayer name capture and validation, double date stamping for instruments, and daily transmission of complete validated challan records (Record Type 01/02) from collecting branches through nodal and link cells to the Tax Information Network (TIN). It mandates maker checker controls, reconciliation with Zonal Accounts Offices, use of File Segregation Utility for erroneous records, and alignment of TIN uploads with funds settlement reporting to RBI CAS Nagpur; non compliance attracts delayed remittance interest and supervisory action.

Export Credit Refinance Facility guidelines consolidated and published to ensure uniform application by scheduled banks excluding regional rural banks.
Consolidation and revision of operative instructions on the Export Credit Refinance Facility for scheduled commercial banks (excluding regional rural banks), published as a Master Circular and accompanied by an Appendix listing subsequently issued guidance to assist uniform application and compliance.

Obligations of banks under FCRA: ensure due diligence, monitor and regulate receipt of foreign contributions by associations.
Banks must regulate, monitor and control the receipt of foreign contributions into accounts of associations and organizations, applying due diligence, compliance checks, monitoring procedures and operational controls at controlling offices and branches to detect and prevent receipts that contravene the Foreign Contribution (Regulation) Act, 1976.

FCNR(B) deposit instructions consolidated; updated interest-rate master circular posted for scheduled commercial banks to implement.
Consolidation of instructions for FCNR(B) accounts and interest-rate provisions has been issued as a Master Circular updating prior guidance through the stated cut-off; the updated consolidated text is posted on the regulator's official website for use by Scheduled Commercial Banks (excluding Regional Rural Banks).

Interest rates on rupee deposits: consolidated master circular updates guidelines and publishes current instructions online.
Consolidation of instructions on Interest Rates on Rupee Deposits for Domestic, NRO and NRE accounts, preserving account-specific treatment and regulatory framework; the Master Circular incorporates all instructions issued up to the cut-off date, is addressed to scheduled commercial banks (excluding RRBs), and is published on the Reserve Bank's website as the updated authoritative repository for these guidelines.

Export credit consolidation updates bank instructions, merging domestic and foreign export credit and customer-service rules.
Consolidated master circular merges prior guidance on domestic export credit, foreign currency export credit and customer service to exporters, updating instructions to 30th June 2007. Directed to all Scheduled Commercial Banks (excluding RRBs), it sets out eligibility, permissible credit forms, procedural simplifications for delivery, reporting obligations, and incorporates clarificatory instructions issued during the year; the consolidated text is published on the regulator's website.

Export of goods and services regulation consolidated under master circular, clarifying FEMA permissions and operational guidance with sunset clause.
Export of goods and services from India is permitted under Foreign Exchange Management Act provisions, and this Master Circular consolidates existing RBI instructions, notifications, and forms on the subject. It sets out general and operational guidelines for authorised dealer banks, lists annexes and prior circulars, and is issued with a one-year sunset clause to be replaced by an updated master circular.

Import permissions under FEMA enable regulated import of goods and services subject to notification compliance and operational guidelines.
Import of goods and services is permitted under the statutory foreign exchange framework and subject to the applicable notification; imports must comply with the notification's conditions and procedures. The circular is organised into parts detailing introduction, general and operational guidelines, annexures with notifications and forms, and a consolidated list of circulars, and includes a one year sunset clause after which it will be replaced.

External commercial borrowings consolidation: master circular unifies instructions and imposes a sunset for replacement within a year.
External commercial borrowings and trade credits for residents are governed by provisions of the Foreign Exchange Management Act; the Master Circular consolidates all existing instructions into one document with the underlying circulars and notifications listed in an appendix and is issued with a sunset clause to be withdrawn and replaced after one year.

Risk management and inter-bank dealings guidance consolidates FEMA-based rules for rupee accounts and forex derivative compliance.
Consolidates regulatory instructions governing risk management and inter-bank dealings for rupee accounts of non-resident banks, inter-bank transactions and foreign exchange derivative contracts, stating these activities are governed by the relevant FEMA notifications and regulations and that the circular compiles underlying circulars/notifications for reference.

Miscellaneous remittance facilities consolidated under FEMA guidance; interim RBI circular centralises rules and includes a one year sunset clause.
Consolidates operational permissions and restrictions for miscellaneous remittances by residents under the Foreign Exchange Management Act and the implementing Government Notification, assembling prior RBI circulars and instructions and setting out the responsibilities of Authorised Dealers. The circular is issued as an interim consolidated reference with an appendix of underlying communications and a one year sunset clause, to be withdrawn and replaced by an updated master circular on expiry.

Remittance facilities consolidated under FEMA notifications, clarifying eligibility and procedures with a temporary limited-duration sunset.
Remittance facilities for non-resident Indians, persons of Indian origin and foreign nationals are consolidated under the regulatory framework of the Foreign Exchange Management Act, 1999 and related FEMA notifications; authorised banks are directed to follow the unified instructions and an appendix lists the underlying circulars and notifications. The Master Circular is issued for a limited duration and will be replaced by an updated compilation after that period.

Non-resident rupee account rules consolidated with a sunset clause requiring replacement by an updated master circular.
Acceptance of deposits from persons resident outside India by authorised dealers and authorised banks must comply with the Foreign Exchange Management Act and the applicable FEMA notification. This Master Circular consolidates existing instructions and underlying circulars on the Non-Resident Ordinary Rupee (NRO) Account into a single reference for authorised banks. The circular is issued with a sunset clause and will be withdrawn and replaced by an updated master circular at the end of its term.

Foreign investment regulation consolidates rules on property acquisition, establishment of offices and partnership investments, with scheduled revision.
This Master Circular consolidates Reserve Bank instructions and FEMA notifications governing foreign investment, specifically addressing acquisition of immovable property by non-residents, establishment of representative/branch/liaison offices in India, and foreign investment in partnership firms and proprietary concerns; it lists underlying circulars and notifications in an Appendix and contains a one-year sunset clause providing for withdrawal and replacement by an updated consolidated Master Circular.

Direct investment abroad: consolidation permits resident investment in JV/WOS overseas, subject to applicable notifications and a sunset clause.
Direct investment by residents in a joint venture (JV) or wholly owned subsidiary (WOS) abroad is authorised under the foreign exchange regulatory framework and applicable notifications; this circular consolidates existing instructions and source circulars concerning such direct investments and is issued with a limited-duration sunset clause after which it will be withdrawn and replaced by an updated master circular, with authorised dealers and persons dealing in foreign exchange expected to follow the consolidated instructions.

Import quota controls under the Indo Sri Lanka FTA require quarterly allocation and pre quarter licence applications.
Imports under the Indo Sri Lanka Free Trade Agreement are subject to a capped annual quota for vanaspati (including bakery shortening and margarine) allocated in equal quarterly instalments; licence applications must be submitted prior to each quarter and annually before the licensing year, with specified exceptional last date provisions for 2007-08, and earlier public notice withdrawn.

Customs duty refund timeliness required; procedures mandate prompt acknowledgement, first in processing, audit and online status updates.
Refund applications must receive immediate receipt on filing, be scrutinized for completeness within a short prescribed period with deficiencies communicated once, and complete claims processed on a first come first served basis to produce either a reasoned refund order or a speaking rejection that addresses unjust enrichment. Where refunds are sanctioned they must be paid by cheque after due audit and accounting verification; higher risk claims remain subject to pre audit and others to post audit sampling. Commissionerates must maintain a publicly accessible, regularly updated online database of refund application status and monthly abstracts for monitoring.

Extension of time limit granted for filing DVAT-51 reconciliation and original declaration forms for fourth quarter filings.
Extension of time limit granted for furnishing the reconciliation return in Form DVAT 51 and for submission of the 'original' portion of Declaration Forms C, D, E I, E II, F, I, J and H that relate to the fourth quarter of 2006 07, under the rule making provisions of the Delhi Value Added Tax Rules and the Central Sales Tax rules.