Reporting obligations for ADR/GDR issuers under FEMA: mandatory filings and penalties apply for non-compliance enforced by regulators.
Issuers of ADRs/GDRs must file Annexure C within thirty days of issue closing and a quarterly Annexure D within fifteen days of quarter end; authorised dealers must advise constituents to comply, and failure to observe these reporting requirements attracts penalties under the foreign exchange law.

Dematerialised trading required: Two company scrips must be traded only in dematerialised form and removed from trade-for-trade.
Two listed scrips are required to be traded compulsorily in dematerialised form for all investors after depository connectivity was established, and those scrips are to be excluded from the stock exchanges' "trade for trade settlement" window and settled only in dematerialised form.

Value Based Advance Licence shortfall relief: pro rata CIF reduction with duty recovery, interest and SIL for excess imports.
Where shortfall under a Value Based Advance Licence does not exceed 15%, grant pro rata reduction without converting to a Quantity Based Advance Licence by taking the lesser percentage fulfillment of quantity or value to reduce CIF entitlement; if CIF utilised exceeds the reduced CIF, compute duty benefit availed, determine entitlement on the reduced CIF and recover the balance duty with 24% interest and SIL. Sensitive items limited to actual exported quantities. Adjudicated cases are not re opened.

EPCG duty concession for service providers applies where the licence is valid and Customs conditions are satisfied.
Customs shall extend the EPCG 5% duty concession to service providers where the DGFT-issued licence is valid to cover imported goods and the conditions specified in Customs 49/2000-Cus are fulfilled; Customs should not require proof of prior 10%/zero duty licence issuance when allowing clearance.

Duty-free clearance from bonded warehouses allowed where exporters meet notification conditions to procure inputs for export products.
Duty-free clearance from bonded warehouses is permitted for exporters who satisfy the eligibility and procedural conditions of Customs Notification No. 16/2000; specified entries allow duty-free procurement of inputs used in export products, and bonded warehouses established under the Exim Policy may be used by small exporters and duty-free shops to obtain such inputs, subject to meeting the notification's requirements.

Renewal of FII registration requires prescribed filings; late or no application results in suspension or cancellation of registration.
Renewal of Foreign Institutional Investor registration requires filing Form A three months before expiry with Annexure I information, the audited annual report for the last year, evidence of regulation or registration by an appropriate securities authority or SRO, and a photocopy of the current registration certificate; sub-accounts must be renewed simultaneously as they are co-terminus with the parent FII. Failure to file timely may lead to suspension during processing; non-submission results in automatic cancellation and lapse of foreign exchange permissions affecting repatriation.

Compulsory dematerialised trading: non connected issuers' shares restricted to trade for trade settlement on exchanges until connectivity established.
SEBI mandates that listed scrips which have not executed depository agreements or established connectivity with both depositories shall be routed exclusively to the exchanges' trade for trade settlement window until such agreements and connectivity are completed, with affected scrips identified in the circular's annexures and phased into this settlement restriction per the implementation schedule.

Valuation and provisioning of non-performing assets: mutual funds must follow specified valuation methodology and phased provisioning schedule.
SEBI prescribes valuation norms requiring mutual funds to categorise securities as traded, thinly traded or non-traded and to apply specified valuation approaches: equity non-traded/thinly traded securities are valued by averaging net worth per share and a discounted industry P/E-based capitalised earnings measure with illiquidity discounts; non-traded debt over 182 days is priced on yield-to-maturity using a GOI-based benchmark duration-bucket curve and a dynamic spread matrix, with mark-ups/mark-downs for illiquidity and internal ratings and mandatory independent valuation where a security exceeds 5% of scheme assets.

Electronic filing requirement mandates online submission for status holders with computerized receipt and subsequent licence or deficiency notice.
Electronic filing is compulsory for status holders for Advance Licences, DEPBs and REP Licences under the Gems & Jewellery Scheme; applicants must file online to obtain an electronic file number and then submit a hard copy with all prescribed documents and fee quoting that number. A computerised receipt with a target processing date will be issued, the hard copy will be scrutinised alongside the downloaded electronic application, and the office will issue either the licence or a deficiency letter by the target date.

Timely filing of counter affidavits ensures departmental representation and proper briefing of panel advocates in appeals.
Commissioners must forward notice of lodgement of appeal, appeal paper books and parawise comments in duplicate to the Board within the prescribed short timeframe so that counter affidavits can be prepared and panel advocates briefed; where notices or papers are missing, a deputed officer should liaise with the CBEC Judicial Cell and the Central Agency Section to enable timely filing and representation.

Administered price mechanism: oil pool compensation is not included in assessable value for subsidised kerosene sales.
Contributions from the Oil Pool Account that compensate oil companies for under-recovery on subsidised Superior Kerosene Oil sold at administered prices are not includible in the assessable value, because administered prices fixed under the statutory framework qualify as "price fixed under law" and the valuation proviso treats that price as the normal price, excluding subsequent additions such as Oil Pool compensation.

Passport endorsement exemption for business travel foreign exchange, lifting passport entries while private BTQ endorsements remain required.
Endorsement of foreign exchange releases on passports is dispensed with for all types of business travellers effective 18th September, 2000, relying on liberalised rules under the Foreign Exchange Management Act and verifiable records from employers or card issuers; endorsement will continue for private travellers availing Basic Travel Quota due to an annual ceiling, and Customs officials and authorised dealers are to be notified accordingly.

Customs exemption certificate: Ramakrishna Mission authorised to issue distribution certificates for exempted charitable imports.
Notification No. 148/94-Cus exempts certain goods imported by charitable organisations as free gifts subject to conditions including an undertaking to furnish a certificate that goods were distributed free to the poor and needy. The Central Board of Excise and Customs hereby specifies Ramakrishna Mission, Belur Math, Howrah, West Bengal as an institution authorised to issue the certificate required by clause (v). The Mission must nominate authorised person(s) to issue such certificates and inform the Customs Houses.

Deemed export benefits for World Bank financed ERSC&C project apply to qualifying supplies, subject to loan materialisation conditions.
Deemed export benefits under Paragraph 10.2(d) of the Export and Import Policy are extended to supplies to the Eastern Region System Coordination and Control transmission project by treating it as World Bank financed, thereby entitling such supplies to benefits under Paragraph 10.3; if World Bank financing fails, benefits will not be available and the Power Grid Corporation must return benefits availed under transitional arrangements.

Amendment to Export and Import Policy updates product classifications and clarifies DEPB applicability for export benefits.
Amendment to the Export and Import Policy procedures revises product descriptions in Handbook (Vol. I), specifying API/ASTM-grade carbon steel pipes and hot-formed bends, enumerating pharmaceutical formulations for export classification, and clarifying that the stated DEPB rate applies only where no specific DEPB rates exist; formulations with multiple bulk drugs receive DEPB rates per the existing policy circular. A corrigendum corrects iron casting descriptions to include spheroidal graphite, grey, malleable and ductile castings (rough/machined), affecting exporter classification and benefit eligibility.

Foreign exchange directions permit instant coffee exports to Russian Federation on consignment; update filing of ODA and ODR forms.
Permits export of instant coffee to the Russian Federation on consignment basis against repayment of State Credits following the procedure in the earlier circular. Authorised dealers must forward copies of forms ODA and ODR to the Chief General Manager, Exchange Control Department (Overseas Investment Division), Reserve Bank of India immediately after investments under Regulations 6, 9 and 11 of Notification FEMA 19/RB-2000; instructions for submission and filling of these forms are to be modified. Directions issued under Sections 10(4) and 11(1) of the FEMA, 1999; penalties apply for non compliance.

Classification of air-conditioner grills depends on whether they are principally suitable for use with excisable air conditioning machinery.
Grills manufactured solely or principally for use as parts of air conditioning machines merit classification as parts of air conditioning machinery and are classifiable under the tariff heading applicable to such machines; general purpose grills should be classified according to their constituent material under the respective chapters for plastics, steel or aluminium.

Size restrictions on plastic scrap apply only to irregular-shaped pieces, not to other specified scrap types.
Clarification that size-restrictions in para 1(ii) of Public Notice No. 392/92-97 apply only to pieces of irregular shape and not to other types of plastic scraps or wastes specified in the Public Notice; issued by the Directorate General of Foreign Trade with concurrence of the Ministry of Environment and Forests and approval of the Director General.

Export ceiling on cotton yarn clarified: exemptions and limited relief for EOUs and EPCG units subject to conditions.
Imposes an overall quantitative export ceiling for cotton yarn of prescribed counts for the calendar year while preserving exemptions: 100% EOUs licensed without count or domestic cotton sourcing conditions remain fully exempt; EOUs with count restrictions may export without count or domestic sourcing limits until year-end provided exports fall within the overall ceiling. EPCG units licensed without count or sourcing conditions are exempt from the ceiling to the extent of meeting their annualised export obligation, and EPCG units with restrictions are temporarily permitted relief from those restrictions until year-end so long as exports remain within the overall ceiling. A separate ceiling for hank yarn below a specified count is also fixed with certain exemptions retained.

Independent directors classification clarified: institutional directors are independent except in government companies; committee limits apply to three public-company committees.
Institutional directors are to be treated as independent directors except in government companies. For committee-membership limits, only public limited companies are counted and other company types are excluded; only the Audit Committee, the Shareholders' Grievance Committee and the Remuneration Committee are to be considered. Stock exchanges must amend their listing agreements and notify SEBI.