Suspension of Standard Input Output Norms permits exporters to obtain advance licences on self-declaration under the Duty Exemption Scheme.
The Standard Input Output Norms at Sl. No. C-381 are suspended pending review by the Advance Licensing Committee; during suspension exporters may obtain advance licences under the Duty Exemption Scheme on self-declaration under paragraph 4.7 of the Handbook of Procedures from the Regional Licensing Authorities.

Amendments to Standard Input Output Norms update permitted import inputs and quantities for export products, adding new SION entries.
Director General of Foreign Trade amends the Standard Input Output Norms by directing corrections, substitutions and deletions to existing SION entries and by adding new SION entries across Chemicals & Allied Products, Engineering Products, Food Products and Plastic Products. Amendments restate input-component lists, permitted quantities, alternative input options, net-to-net accountability clauses, packaging and consumables provisions, and cif-value limits for certain inputs; the Handbook of Procedures, Vol.2 is to be updated accordingly.

Customs component allowance of duty drawback permitted where exporters have availed Cenvat, subject to preventing excise duplication.
Clarification authorises allowance of the Customs component of composite duty drawback rates for SS No.73.29 and 73.30 where exporters have availed Cenvat, noting the non-availment condition was intended only to prevent duplication of the Central Excise component; pending cases should be decided accordingly and public notices and standing orders issued for guidance.

Provisional release of seized goods: continue using the B-11 bond; B-8 reference corrected as inadvertent officially.
The Circular corrects an inadvertent reference to the erstwhile B-8 Bond in instructions on provisional release of seized goods, noting B-8 was used for concessional-duty goods for special industrial purposes. It clarifies that the previously used B-11 Bond continues to be the appropriate instrument for provisional release under existing instructions, and that references to the old rules should be updated to the current rule set. Trade and field formations are to be informed and to acknowledge receipt.

Excise duty exemption for ethanol blended petrol creates concessional surcharge and duty exemptions for 5% blends.
Excise duty treatment for petrol blended with ethanol is modified to promote manufacture of 5% ethanol blended petrol by exempting the blended product from central excise duties, Special Additional Excise Duty and Additional Duty of Excise where duties on the blended fuel have been paid, and by prescribing a concessional rate of Special Additional Excise Duty on motor spirit when intended for manufacture of that blend; the blend is defined by volume and must conform to the relevant BIS specification.

Permission to take out plain semi-finished jewellery to DTA for job-work allowed with return within thirty days and stone restrictions.
Gem and jewellery units in SEZs may take out plain semi-finished jewellery into the DTA for job-work provided the returned goods-finished or semi-finished, including studded jewellery-contain quantity and purity equal to the goods taken out and are brought back within thirty days; diamonds, precious and semiprecious stones and studded jewellery are not permitted out for sub-contracting. The prescribed Board procedure for such removals must be followed, publicity given by public notice, and implementation difficulties reported to the Board.

Default in export realization may trigger licence suspension and IEC freezing unless proof of realization is submitted promptly.
Default in realization of export proceeds under DEPB occurs when exporters fail to submit file-wise proof of realization in the prescribed format; they must submit bank evidence and obtain a closure memo, failing which they will be declared defaulters without further notice. Administrative consequences include stoppage of fresh licence issuance and freezing of the IEC at Customs. A proforma bank certificate is provided to record bank reference, shipping bill details, amounts realised in foreign exchange and rupees, date of realisation and required signatures.

Hedging with derivatives: mutual funds must ensure hedge effectiveness and size while respecting exposure limits.
Mutual funds may use derivatives for hedging and portfolio rebalancing only if hedges are effective and sized to avoid over hedging or naked exposures; options are assessed by notional and worst case exposures (not just delta); combined cash and derivative positions must remain within maximum permissible holding limits; long index positions cannot create impermissible leverage; funds must show worst case short exposure is covered by existing positions and worst case long exposure plus existing holdings is within permissible limits.

Dematerialisation compliance required: registrars must reconcile holdings with depositories and ensure timely processing and explanations for delays.
Registrars and share transfer agents must keep full records and controls over dematerialisation and rematerialisation, permit dematerialisation only after in principle exchange approval and depository admission, prevent duplicate dematerialisation, reconcile daily holdings across NSDL, CDSL and physical form to match admitted, issued and listed capital, and process dematerialisation requests within the prescribed timeframe, providing reasons for delays; failure to comply will attract action under applicable rules and regulations.

Secretarial audit required for issuer companies to reconcile capital holdings and report discrepancies to regulators.
Issuer companies must conduct a secretarial audit by a qualified Chartered Accountant or Company Secretary to reconcile holdings across NSDL, CDSL and physical form with issued/paid-up and listed capital, confirm Register of Members is updated, report dematerialisation requests pending beyond 21 days with reasons, and certify changes in share capital and listing approvals. The audit report must be submitted quarterly to stock exchanges, placed before the Board, and any discrepancies notified to SEBI and both depositories; non-compliance may invite action under the Depositories Act, 1996.

Bank certificate requirement for export realisation mandates bank verification for status certification and extends related DEPB filing eligibility.
A mandatory Bank Certificate of Export Realisation/Deemed Exports (Appendix 17 B) is required for non-service provider status certificate applications, with prescribed bank verification and branch-level submission duties; service exports are excluded. Declarations and professional certificates are amended to base recognition on foreign exchange earnings or export performance over the preceding three licensing years or the current year, including certification of export realisation thresholds and disclosure of outstanding proceeds. Port of Registration entries are updated and the filing deadline for DEPB applications for shipments meeting the stated temporal condition is extended.

Inclusion of pre-delivery inspection and after-sales service costs in vehicle assessable value clarified; corrigendum and trade notice directed.
The instrument clarifies that Pre-Delivery Inspection (PDI) charges and costs of after-sales services pertain to the assessable value of motor vehicles, and corrects the cited circular references in the earlier Board circular. It directs that the corrigendum be communicated to field formations, a trade notice issued for the benefit of the trade, and that receipt of these instructions be acknowledged.

Centralised share registry management required to ensure coordinated physical and electronic records and protect investors from reconciliation delays.
All share registry functions must be consolidated so physical and electronic records are maintained at a single point, either in house or by a SEBI registered R & T Agent, to prevent delays in dematerialisation and reconciliation failures and to improve coordination and investor protection.

Shore tank receipt principle directs customs duty be levied on cargo measured in shore tanks, not on ship ullage reports.
Assessment of imported bulk liquid cargo for customs duty shall be based on shore tank receipt (dip measurement in shore tanks into which cargo is pumped) where such custodial shore measurement exists; provisional assessments are to be finalized accordingly. Where cargo is not discharged into shore tanks and is cleared directly under a white Bill of Entry, assessment may continue on the basis of the ship's ullage survey. Master/Agent penal liability for shortages remains determined by comparing ship discharge ullage with load-port ullage or Bill of Lading quantity.

Notification issuance under Section 11C suspends coercive recovery during survey, ensuring uniform enforcement practice for field formations.
When a survey is floated to examine or issue a Notification under Section 11C, coercive measures for recovery of past arrears or duties shall not be taken; field formations must be informed of this uniform directive and acknowledge receipt.

Cenvat credit restriction prevents diversion of input credit from exempted North East production to pay duty on other products.
CENVAT credit of duty paid on inputs used in manufacture of final products cleared after availing the North-East exemptions may be utilised only for payment of duty on products cleared under those same exemptions. Refunds under the North-East scheme are limited to the duty paid less the amount of CENVAT credit availed in respect of inputs used for goods cleared under the corresponding exemption, thereby preventing diversion of input credit to pay duty on other products and disallowing excess refunds.

Third party exports permitted under export promotion schemes when manufacturer and exporter are named on the shipping bill, enabling duty remission.
Third party exports qualify for benefits under all Export Promotion Schemes where the manufacturer and the third party are both named on the shipping bill; the third party functions as the merchant exporter enabling duty remission or exemption on inputs, and past cases may be regularised on submission of supporting documentation to the Licensing Authority.

Resident foreign currency accounts may be credited with repatriated foreign exchange from earnings and close-relative gifts.
Resident Foreign Currency (Domestic) Accounts may be opened and credited by resident individuals with foreign exchange earned (including export receipts, royalty, honorarium) and with gifts from close relatives, provided such foreign exchange is repatriated to India through normal banking channels; authorised dealers are instructed to implement this expansion and notify constituents, and amendments to the prior notification will be issued to reflect these additional permitted credits.

Tax Deduction at Source from Salary: employers must compute, deduct and deposit TDS, value perquisites, and file prescribed returns.
Instructions for Tax Deduction at Source from salaries for 2002-03 require employers to estimate taxable salary (including perquisites), compute tax at prescribed slab rates, allow standard and Chapter VI A deductions and Chapter VIII rebates, apply surcharge where applicable, and deduct equal monthly instalments. Employers may opt to pay tax on non monetary perquisites on behalf of employees; such payments are deemed TDS. Detailed valuation rules for varied perquisites, procedures for aggregation of multi employer salaries, mandatory PAN/TAN quoting, filing of prescribed forms and certificates, deposit and return obligations, and penalties and interest for non compliance are prescribed.

Assessment of gold and silver in SEZs at effective duty rate, with tariff-rate penalties for willful evasion.
Gem and jewellery units in SEZs shall have gold and silver assessed at the effective rate of duty as per notification No.80/97-Cus instead of the tariff rate, with bond values calculated accordingly. In cases of clandestine removal, collusive evasion, or willful misstatement or suppression of facts, fines and penalties will be imposed so as to equal duty at the tariff rate; a Public Notice is to be issued and implementation difficulties reported to the Board.