Classification of imports: use petrological test reports to finalise provisional marble assessments; valuation and refund rules apply.
Finalise provisional marble import assessments using petrological classification and GSI, Nagpur test reports (GSI prevailing over CRCL if conflicting); reconstruct missing documents or obtain duplicate laboratory reports and decide cases on merits; do not condone excess imported quantity-initiate penal proceedings where excess exists; apply prescribed benchmark values for valuation with declared higher values prevailing; apply unjust enrichment principles to refunds while presuming pre-cleared duty was passed on; finalise pending cases per these instructions.

CENVAT credit reversal required for inputs written off as obsolete; partial write-offs allowed if inputs remain usable in manufacture.
Admissibility of MODVAT/CENVAT credit depends on whether written-off inputs or capital goods remain available and usable; fully written-off unused inputs and capital goods written off before use require repayment of credit, whereas partial write-offs do not require repayment if the inputs remain capable of and available for use in manufacturing.

Bond redemption eligibility: early release allowed after two years post import if the vehicle remains untransferred.
Regional Licensing Authorities may permit early redemption of bonds on vehicle imports originally subject to a five year No Sale Period if two years have elapsed since importation and the vehicle has not been transferred during that time.

Tax deduction exemption for entities with unconditionally exempt income-no TDS required even if payments exceed the threshold.
Where a recipient's income is unconditionally exempt under the income-tax law and the recipient is statutorily not required to file a return, there is no requirement to deduct tax at source on payments to that recipient even if payments exceed the prescribed threshold; the circular identifies specified categories of funds, authorities, boards and bodies that qualify for this non-application of TDS.

Credits to NRE accounts allowed for current income where tax is deducted, paid or provided and eligibility certified.
Authorised dealers may credit current income such as rent, dividend, pension or interest to Non-Resident (External) Rupee Accounts where they are satisfied the receipts represent current income and income-tax on such amounts has been deducted, paid or provided for; authorised dealers may rely on an appropriate Chartered Accountant certification asserting remittance eligibility and tax compliance.

Valuation of computer systems: loaded software must be included in assessable value while separate media are assessed separately.
Valuation of computer systems must include the value of any software loaded, etched, burnt or otherwise installed on the machine at the time of clearance, whether operating, application, or firmware/basic software; tangible copies of software supplied separately on removable media are to be assessed separately. The adoption of transaction value does not change this rule; valuation is determined by the form in which the goods are cleared.

Condonation of procedural lapse in EPCG shipping documentation permitted subject to specified affidavits, declarations and verification safeguards.
Relaxation permits condonation of omission of EPCG licence number and date on shipping bills for EO discharge, subject to documentary safeguards: for direct exports a CA certified affidavit preventing double counting, a list of licences, and proof that exported goods used imported EPCG machinery; for third party exports a no objection certificate, CA certified affidavits preventing double counting, licence lists for both parties, a CA certified declaration that goods were manufactured by the licence holder, and shipping bills naming both parties. Regional Licensing Authorities may decide such cases without headquarters reference.

Export freedom for mulberry silk waste not carded or combed after deletion of prior registration requirement.
The ITC(HS) classification entry for mulberry silk waste not carded or combed has been amended to delete the prior restriction requiring export against a registration certificate from the Central Silk Board, making the item free for export without that administrative condition.

DEPB schedule amendments require exporters to declare constituent items in shipping bills when claiming DEPB benefits.
Amendments to the Schedule of DEPB rates add a requirement that exporters declare constituent items and their DEPB entry numbers in Shipping Bills when claiming DEPB for composite products, and correct, add or amend DEPB rate entries and corresponding value caps across engineering, chemicals, plastics, electronics and miscellaneous product groups.

Export deadline extension permits shipment of unutilized quota onions under prior notifications until the revised closing date.
The notice authorises an extension of the shipment timeline for unutilised balance quantities of onions released under quota to specified State Trading Enterprises pursuant to Notification No. 50 and Public Notice No. 7, invoking the Export and Import Policy delegation to permit shipment up to the prescribed extended cut-off date while leaving other quota conditions and the ITC(HS) classification entry operative.

Special currency basket value adjusted; authorised dealers must apply the new rupee valuation and notify constituents accordingly.
The Reserve Bank notified an updated rupee valuation for the special currency basket effective 27 June 2002, following a further change on 24 June 2002, and directed Authorised Dealers to apply the revised valuation and notify their constituents. The circular is issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 and addresses operative exchange control obligations arising from the Deferred Payments Protocols.

Short-term term deposits permitted for foreign branch accounts, subject to temporary-surplus and utilization undertakings; excludes shipping and airline companies.
Authorised Dealers may open term deposits of up to six months for branches, project or liaison offices in India of persons resident outside India where the deposits arise from temporary surplus funds, provided the Authorised Dealer is satisfied as to the temporary nature and the branch/office gives an undertaking that maturity proceeds will be utilised for business in India within three months; facility excludes shipping and airline companies.

Dividend withholding: mandate to include TDS particulars on dividend warrants and issue matching TDS certificates to shareholders.
Companies must include TDS particulars on dividend warrants: ledger folio, number of shares, warrant number, gross dividend, rate of tax, tax deducted, net amount payable, and a certification clause with place, date and signature of the person responsible for deduction. The TDS format may be printed on the reverse of the warrant and, where dividends are paid electronically or in demat form, the same format should be issued; for cash or cheque payments, companies should issue the TDS certificate in this format along with the dividend intimation.

FDI in tea sector permitted with central approval and mandated divestment to Indian partners and state land-use consent.
The Government permits FDI up to 100% in the tea sector, including plantations, subject to prior Central Government approval; applicable to fresh investments from the date of notification. Such investments must effect compulsory divestment of a portion of equity to an Indian partner or the Indian public within five years, and obtain prior State Government approval for any future land use change. The measure modifies Press Note No. 2 (2000 series).

Prohibition on foreign investment: complete ban on FDI and foreign technology collaboration in lottery, gambling and betting.
Complete prohibition bars foreign capital and collaborative technology engagement in the lottery, gambling and betting sector. This includes a ban on foreign direct investment, portfolio and non resident/OCB investments, foreign venture capital participation, and any foreign technology collaboration such as franchise, trademark, brand licensing or management contracts for government or private lotteries, online lotteries, casinos and related activities.

Foreign direct investment permitted full automatic entry in advertising and film sectors; prior sectoral conditions removed for film.
Foreign Direct Investment policy has been revised to permit 100% FDI on the automatic route in the advertising sector, and to confirm that up to 100% FDI in the film sector on the automatic route will no longer be subject to the previously prescribed conditions I-V concerning track record, minimum paid up capital, minimum foreign equity investment, debt equity limits, and dividend balancing. Press Note No. 2 (2000 series) is modified accordingly.

Depository receipt account segregation required: custodians and depositories must report monthly holdings and notify investors.
Mandates separate Depository Receipts (DRs) accounts for shares released on conversion of ADRs/GDRs; depositories must credit converted shares only to these accounts, require beneficiaries to transfer existing converted holdings into them by the prescribed deadline, and furnish domestic custodians monthly statements detailing opening total, shares credited, shares debited/transferred out, and month-end balance.

Extended export realisation period expanded to include aluminium, petroleum, sugar and foodgrains for eligible exporters.
Manufacturer exporters with export contracts of Rs.100 crore and above in one year may be allowed up to 365 days from date of shipment for realisation and repatriation of full export value; the facility is extended to include aluminium, petroleum products, sugar and foodgrains and is available to merchant exporters/traders, issued under the Foreign Exchange Management Act and to be communicated by authorised dealers.

Electronic filing requirement mandates listed companies to submit specified corporate reports online through EDIFAR, enhancing public disclosure.
SEBI, with NIC, requires specified listed companies to file designated documents online on the NIC-hosted EDIFAR site in SEBI-prescribed format and time. Under substituted Clause 51(1), companies must upload the full annual report (including balance sheet, profit and loss account, directors' and auditors' reports), cash flow statements, half-yearly and quarterly financial statements, corporate governance report, shareholding pattern, statements of regulatory action and any other information SEBI specifies. This EDIFAR requirement is additional to other listing agreement filing obligations.

Search and seizure procedures require objective evidence recording, timely asset release and strict time bound reporting.
Search & Seizure operations must be conducted with objectivity and accountability: record statements under Sec 132(4) with supporting evidence, preserve and back up seized electronic data, include computer knowledgeable staff in search teams, lift restraint orders within one month, process explained seized assets for release under Sec 132B within 120 days after giving opportunity to the assessee, allow inspection of seized records within 15 days of application, initiate assessments promptly after the return filing window, resolve major appraisal/assessment deviations through recorded discussions, and maintain a detailed register plus periodic progress reports to supervisory authorities.