Interest relief under Wealth Tax permitted conditionally where return filed and tax paid, subject to authority discretion.
Designated wealth-tax authorities may reduce or waive interest under Section 17B if the assessee has filed the return for the relevant year and paid the entire assessed tax except the interest sought to be reduced or waived. Relief is permissible where delay or nonpayment results from seizure of books or cash during proceedings under Section 132, or where a return is voluntarily filed without detection; authorities may impose additional conditions and may grant relief for assessment years from 1989-90 onwards.

Two-way fungibility of ADRs/GDRs amended to recognise NSDL and CDSL for depository operations under FEMA.
Amendment to the operative guidelines for limited two-way fungibility under the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993 replaces the depository reference in item h by substituting a single depository name with a dual depository designation, allowing recognition of both depositories; Authorised Dealers are directed to notify their constituents and the circular is issued under FEMA authority.

Instruction cutoff for settlement: Beneficiary instructions within 24 hours before pay in must be acted on; late instructions at owner's risk.
Execution of Beneficiary Owner's instructions received by Depository Participants within 24 hours before pay-in time is mandated; instructions received after that cutoff may be executed at the risk of the Beneficiary Owner. Depositories must communicate the cutoff to Participants and report compliance to the regulator, and the directive takes immediate effect.

DEPB application filing: transitional acceptance of pre-updated forms while software is updated, other applications follow new procedures.
Applicants must submit new-form applications in Appendix 10-C and additional documentation should be requested only for deficient applications; non-DEPB cases will follow the policy and procedures effective from 01.04.2002. DEPB applications remain on pre-01.04.2002 forms and procedures because the DEPB software has not been updated to capture required data elements; this transitional practice continues until the software is modified. Pending Advance Licence annual requirement applications may be converted into Advance Licences without requesting T.R., subject to any additional information needed to process them.

DEPB rate amendments update entitlement and packaging conditions for exports under the Export Import Policy guidelines.
Corrections to the DEPB schedule fix Leather (Code 64) DEPB rates at 8.00 for gents shoe and boot uppers (including CKD/SKD) and Textiles (Code 89) processed cotton madeups at 8.00, with Textiles notes amended to define a one piece female garment and to include embroidered/metallised yarn items where a value cap applies. Miscellaneous (Code 90) S.No.22 now specifies packaging based DEPB entitlements: 2.00 for plastic/paper packaging, 1.00 for other packaging, and 3.00 for agro consumer packs 1 kg with labelling, subject to a non application clause if the DEPB rate exceeds three percent. General Instruction 1(h) is corrected to cover exports under Exim Policy paras 2.35 and 2.36.

Import compliance for jute bags: certified low JBO content and mandated country of origin marking required before customs clearance.
Imported jute bags and jute products must meet prescribed Jute Batching Oil composition limits and mandated country of origin printing; importers should produce a certificate from an authorised inspection agency at customs or, if absent, Customs will require testing by authorised Indian agencies before clearance, and non conforming goods must be returned or destroyed with fines or penalties applied.

Levy and collection procedures: referential adoption makes confiscation and penalty provisions applicable to additional excise duties.
Section 3(3) of the Additional Duties Act adopts provisions of the Central Excise Act and Rules "so far as may be", including those relating to refunds and exemptions; by this referential legislation the procedural and substantive mechanisms for levy and collection-assessment, recovery, confiscation and penalties-apply to additional duties unless expressly inconsistent with the 1957 Act.

Foreign currency insurance issuance allowed without prior central bank approval for specified marine, aviation, and project risks.
IRDA registered insurers may issue and receive premiums for general insurance policies in foreign currency without prior Reserve Bank approval in specified cases: marine insurance for foreign owned or chartered vessels (including Indian technical management and vessels mortgaged to foreign financiers), aviation insurance for leased aircraft used in air taxi operations, and marine cum erection all risks policies for projects with foreign collaboration or ECB financing. Authorised Dealers may permit claim remittances in these cases subject to conditions in the referenced AP(DIR Series) circular.

DEPB scheme amendment: FOB-to-rupee conversion and revised application rules require separate filings for different policy periods.
DEPB entitlement calculation now requires conversion of FOB export value into Indian rupees using the export exchange rate notified by the Ministry of Finance applicable on the Customs order of "Let Export". A revised, mandatory application form is prescribed for DEPB claims. Because many DEPB serial numbers and rates changed under the new policy, exporters must submit separate applications for exports under the earlier policy period and the new policy period to reflect differing serial numbers/rates and to avoid processing problems.

Storage of duty paid goods: permitted in warehouses with commissioner permission subject to revenue safeguarding conditions.
The Board permits storage of duty paid goods belonging to another manufacturer in a warehouse provided the permission of the Commissioner having jurisdiction is obtained; the Commissioner may impose conditions to safeguard revenue before allowing such storage.

Technical specification declarations required for specified inputs; exporter must state characteristics and DFRC must record them.
Exporters must declare technical characteristics, quality and specification for listed input items in the shipping bill, and the licensing authority must record those technical characteristics, quality and specification in the Duty Free Replenishment Certificate when issuing DFRCs for specified categories including Engineering/Electronics, Chemical and Allied Products, Plastics, Textiles and Miscellaneous. The amendment to paragraph 4.31 is effective from 1 April 2002.

Export facilitation for status holder exporters: extended realisation period and permission to despatch shipping documents direct to consignees.
Permits certified Status Holder Exporters to despatch export documents directly to overseas consignees provided export proceeds are repatriated through the authorised dealer named in the GR form and a duplicate GR form is submitted for monitoring; and extends the period for realisation and repatriation of export proceeds for such certified exporters, subject to compliance with repatriation through the authorised dealer.

Status Holder Exporters may credit eligible foreign exchange receipts to EEFC accounts under the RBI facility.
Authorises certified Status Holder Exporters to credit up to 100% of eligible foreign exchange receipts to their Exchange Earners' Foreign Currency (EEFC) account, applicable to receipts on or after April 1, 2002, until further notice; regulatory amendment to follow and Authorised Dealers to notify constituents.

Diamond Imprest Licence: requires minimum value addition, execution of legal undertaking, non-transferable actual user imports and caratage accounting.
Diamond Imprest Licence permits specified imports of cut and related diamonds subject to banker declarations, documentary requirements and execution of a two year Legal Undertaking. Licence holders must effect a minimum 10% value addition, account imports and exports in caratage, import stones not exceeding one quarter carat, and comply with actual user and non transferability conditions; entitlements must be exhausted within the issuing year. Extensions and regularisation of defaults are subject to prescribed penalties and conditions, and transitional rules govern pre existing licences.

DEPB rate notification: Schedule of DEPB rates notified to take effect from first April under export-import policy.
Notification under the Export and Import Policy framework announces the DEPB rates for specified items in the annexed "Schedule of DEPB Rates" and declares the schedule to come into force from 1 April 2002, establishing the operative regulatory instrument for calculation and implementation of DEPB benefits.

Import condition for textile articles: exemptions for customs bonded and export-use imports, but testing required if released for home consumption.
Imports of textile and textile articles intended exclusively for export production are exempt from the general import condition when imported by units operating under customs-bonded arrangements or under the specified Exim Policy provision; however, the testing requirement applies if any consignment using the imported textile material is released for home consumption.

Notification of Handbook of Procedures brings procedural rules under the Export and Import Policy into operative effect for trade compliance.
Notification under the Export and Import Policy publishes the Handbook of Procedures (Vol.1) as a regulatory instrument; the Director General of Foreign Trade issues the Public Notice under delegated authority and specifies that the Handbook takes effect from the commencement date indicated, making it an operative administrative directive for exporters and importers to follow the Policy's procedural framework.

Input-output norms modification updates SIONs, adding and revising chemical and engineering input allowances for exports.
The DGFT, under Paragraph 4.11 of the Export and Import Policy 1997-2002, amends the Handbook of Procedures, Vol.2 by revising the Statement of Standard Input Output Norms: deleting numerous footnotes, altering export/import item descriptions, substituting and quantifying input items, adding A2835-A2975 chemical entries and C1765-C1767 engineering entries, shifting certain norms between product groups, and standardizing per unit input allowances and alternative input provisions for compliance with export entitlement calculations.

Concessional duty entitlement: EOUs using imported consumables with capital goods retain benefit if notification conditions met.
The Board clarifies that consumables used with capital goods are not raw materials and that EOUs using imported consumables with capital goods should not be denied the concessional duty benefit under Notification No.8/97-CE (as amended), provided all other conditions of the notification are met; field formations must cease the misinterpretation and implement the clarification.

Line of Credit financing allows up to ninety percent export credit under UCP documentary conditions with specified contractual and documentary safeguards.
Exim Bank's credit to Bancomext finances eligible Indian exports subject to Exim Bank approval, U.S. dollar contracts above a minimum value, and financing of up to 90% of f.o.b./c.&f./c.i.f. price with a 10% buyer advance. Shipments are covered by irrevocable letters of credit advised through designated negotiating banks in India, subject to UCP (1994); documents must include inspection certificates. Negotiating banks may pay in rupees up to 90% on presentation; Exim Bank reimburses in U.S. dollars under specified conditions. GR/SDF declarations and prescribed procedural requirements apply.