Licence validity extension for natural rubber imports allows affected licences to be revalidated and mandates ALC review for deleted inputs.
Licences permitting duty free import of natural rubber, issued on or after 20 February 1999 and earlier revalidated to 31 December 2003, are further extended to 31 March 2004. Applicants whose self declared licences had natural rubber deleted but given adhoc norms must apply to ALC HQ by 31 December 2003; ALC will decide within 15 days. Resulting licences permit import/procurement of natural rubber until 31 March 2004 for expired licences or until the original licence expiry for others.

Clearing and Forwarding liability applies to coal merchants; their services are subject to service tax irrespective of buyer or seller
Services provided by coal merchants fall within the definition of Clearing and Forwarding Agents under the Finance Act and are therefore taxable as service. The classification depends on the merchants' mode of functioning, and it is immaterial whether they act as agents of buyers or sellers.

Unjust enrichment doctrine: provisional-assessment cases to remain pending until larger-panel authority provides guidance.
The doctrine of unjust enrichment in provisional assessment and provisional payments has been referred to a larger bench for authoritative resolution after a two-judge order questioned prior three-judge conclusions. Field formations are instructed to keep all pending matters and appeals on the call book, including cases involving provisional assessments and duty paid under protest, until the larger panel rules.

Status certificate filing flexibility now allows registered, head or corporate offices to apply, with documentary disclaimers.
Paragraph 3.2.2 now allows a Company's Registered Office, Head Office, or Corporate Office to apply for a status certificate provided the applicant furnishes a self certified copy of a valid RCMC naming that office and a disclaimer from the other principal offices that no prior application was filed for the same entitlement period. A new provision permits inter unit transfer of imported raw material within the same company only with Excise Authority permission and expressly prohibits claiming MODVAT/CENVAT on transferred inputs; re exports require no transfer permission but remain subject to ITC(HS) Schedule II conditionalities.

Preferential allotment rules and sweat equity rules circulated for unlisted companies; recipients asked to take action and acknowledge.
Two Gazette notifications - the Unlisted Public Companies (Preferential Allotment) Rules, 2003 and the Unlisted Companies (Issue of Sweat Equity Shares) Rules, 2003 - are forwarded to Regional Directors and Registrars of Companies for information and necessary action, with a request that receipt be acknowledged to the Department of Company Affairs.

Tariff classification of Uninterrupted Power Supply Systems affirmed under tariff heading 8504, with pending assessments to be finalized.
UPSS qualifies for classification under sub-heading 8504 of the Customs Tariff Act, 1975 and 8504.00 of the Central Excise Tariff Act, 1985; pending assessments for imported UPSS are to be finalized accordingly and the prior provisional-assessment instruction is modified.

Concessional duty for metallurgical coke extended to COREX processes, including coke breeze generated during charging.
Concessional import duty and anti-dumping exemption applicable to metallurgical coke are extended to metallurgical coke used in COREX-based manufacture of pig iron/steel, and Circular No. 56/2003 applies mutatis mutandis to coke breeze generated during the charging process for COREX production.

Forward contract eligibility expanded: booking limit raised and excess bookings allowed only on deliverable basis.
The eligible limit for booking forward contracts is the higher of the past three years' average export/import turnover or the previous year's turnover; outstanding forward contracts may not exceed 50% of that eligible limit, with amounts above 25% of the eligible limit permitted only on a deliverable basis. Export and import limits are computed separately and prior facility conditions remain applicable.

FII Half Yearly Reporting required: FIIs must submit equity and debt reconciliation files via custodians in prescribed format.
SEBI mandates FIIs, via custodians, to submit separate half yearly reports for equity and debt in a prescribed soft copy pipe delimited format capturing ISIN, opening and closing quantities and values, purchases and sales, and closing market value. All fields are mandatory with fixed field widths and MMYYYY period coding; custodians must verify accuracy before electronic submission to SEBI and address operational queries to the designated contact.

Removal from fictitious exporter list: name deleted, customs officers to update records and acknowledge receipt.
Amendment to a prior departmental circular: M/s. Gama Exims is verified as genuine and its name is to be deleted from the circulated list of fictitious/non-existent exporters. Customs field officers are to note the deletion, inform subordinate officers, and acknowledge receipt of the circular.

Residential status of students: extended foreign stay and uncertain intent may render them non-resident under FEMA.
Whether Indian students studying abroad qualify as residents or non-residents under Section 2(v)(i) of FEMA depends on duration of stay during the preceding financial year and circumstances indicating an intention to remain outside India for an uncertain period; where students' stays abroad exceed the prescribed period and their activities abroad (employment, scholarships, financial independence) indicate uncertain intent to return, they can be treated as Non-Resident for foreign exchange purposes.

Derecognition of Overseas Corporate Bodies restricts fresh investments and prohibits renewal of cross border loans, with limited hedging allowed.
OCBs have been derecognised and general permissions withdrawn; OCBs defined by at least sixty percent NRI ownership are subject to transitional rules. Those availing facilities before derecognition are barred from fresh investments except where incorporated OCBs not under adverse notice may be treated as foreign entities with prior Government or RBI approval. Existing holdings may be retained and unwound under specified repatriation and reporting requirements; transfers and fresh issues are restricted, deposits and accounts follow conversion or maturity rules, borrowing/lending with residents is prohibited, and limited hedging of existing exposures is permitted.

Foreign acquisition of immovable property: permitted non-agricultural purchases, restricted transfers, and limited repatriation rights.
Non-resident acquisition and transfer rules permit Indian citizens resident abroad to acquire non-agricultural immovable property and permit PIOs to purchase, receive by gift or inherit non-agricultural property, provided purchase funds are remitted from abroad or debited to permitted non-resident accounts; agricultural, plantation and farm house properties remain restricted and transfers involving such properties are limited to Indian citizens permanently resident in India.

Overseas direct investment liberalisation allows listed Indian companies to disinvest JV/WOS abroad via automatic route with limited write-off.
Indian listed companies may disinvest equity in overseas joint ventures or wholly owned subsidiaries under the Automatic Route, allowing a limited write-off of capital invested linked to the previous year's export realisation; full repatriation and the existing terms, conditions and reporting requirements in the earlier AP (DIR) Circular continue to apply.

Overseas direct investment: automatic-route approvals for SPVs and share swaps, subject to eligibility, valuation and reporting safeguards.
Permits expanded Indian direct investment abroad under the Automatic Route for eligible firms and via SPVs and share swaps, subject to verification that investors are not on the Reserve Bank's Caution or Defaulters' Lists and that share swap valuations and inward legs have required approvals. Financial services investments abroad require regulatory approvals in India and the host country. Diversification and step-down investments by Indian parties with JVs/WOSs abroad are permitted within automatic-route limits with reporting obligations. Transfers by sale of overseas JV/WOS shares are permitted subject to valuation, absence of dues, operational history, investigative clearances and repatriation and reporting requirements.

Standard input-output norms revised - SION amendments redefine permitted import inputs and quantities for export entitlements.
Exercise of powers under Paragraph 2.4 of the Export and Import Policy 2002-2007 effects amendments to the Statement of Standard Input Output Norms in Handbook of Procedures, Vol.2 by substituting, deleting, correcting and adding SION entries. The notice replaces specified input allowances and import-item descriptions, adds new entries across Chemicals, Electronic and Engineering product groups with precise permitted import constituents and quantities or alternative input sets, and introduces conditional footnotes and operational notes governing admissibility and proportional adjustments among inputs.

Overtime fees for Customs services permit custodians to requisition officers on behalf of importers, subject to advance payment.
Custodians of ICDs, CFSs, warehouses, airports and ports are included within any person and may requisition Customs officers on overtime on behalf of importers/exporters, subject to advance payment of prescribed fees; fees are payable only for block periods requisitioned and may be apportioned equally by the custodian among all importers/exporters attended during those periods, while individual importers/exporters may continue to request and pay for services themselves under existing practice.

Export liberalisation permits exporters to self write off or extend realisation of export proceeds within prescribed limits.
The Reserve Bank permits exporters to self write-off (including invoice reduction) and to extend realisation periods for export proceeds provided the aggregate value of such write-offs and extensions does not exceed 10 per cent of export proceeds due in the calendar year, excludes bills under investigation, and applies to proceeds falling due from January 1, 2004, with transitional application for certain earlier exports.

Inclusion of Ship Demurrage in assessable value remains undecided; authorities advised to refrain from uniform application.
The document explains that inclusion of ship demurrage in the assessable value of imports was not finally decided by a prior Supreme Court judgment, which had been based on specific facts and a departmental concession; a clarificatory order stated the question of law remains open, and Commissioners are instructed not to treat the earlier concession-based holding as a general rule while a separate departmental appeal is pending.

Amendment of DEPB schedule updates product descriptions, deletes and inserts entries, and revises rates and applicability procedures.
Amendment to the DEPB schedule revises export benefit entries by changing product descriptions, deleting and inserting entries, and adjusting DEPB rates and value caps across Engineering, Chemical, Plastic and Textiles product groups; it includes a transitional provision making revised rates applicable to notified exports and to shipments passed by Customs on or after a specified provisional date, and assigns an ad hoc entry for a previously notified export product.