IEC online filing requirement: applications must be submitted with digital signature to central DGFT server; regional offices cannot intervene.
Applications for issuance or modification of Importer Exporter Code (IEC) must be filed exclusively through the centralized online portal with a digital signature to the DGFT New Delhi server; Pune JDGFT cannot access or intervene until the application is successfully submitted. Technical issues during filing-such as token generation, digital key submission, record updates, or attachment uploads-must be raised with the DGFT EDI Helpdesk in New Delhi, which the notice identifies by toll free number and EDI contact details for escalation.

Taxpayer service through social media enables local trade queries, information sharing and stakeholder engagement, excluding policy and assessment matters.
Taxpayer service through a zonal Twitter handle enables transparent, user-friendly engagement with importers, exporters and stakeholders. The platform supports digital governance, information sharing, stakeholder suggestions, taxpayer services and trade facilitation. It may address local queries, issues and operational problems comparable to e-helplines, but does not entertain policy or assessment-related queries.

Central Excise duty on jewellery: interim compliance rules, valuation safeguards and registration timeline pending sub committee report.
A Sub Committee has been constituted to advise on implementation of Central Excise duty on jewellery; it will examine compliance procedures, recordkeeping, forms including Form 12AA, and operating procedures and report within sixty days. Pending its recommendations, duty is to be paid on first sale invoice value; authorities will not challenge invoice valuation if cartage, purity, weight and gemstone carats are stated; visits, arrests, searches or seizures will be suspended; exporters may export on self declaration and LUT to customs; registration can be taken within sixty days from 1 March 2016 while liability is effective from that date with a concession to pay March liability with April.

Standard definitions for taxpayer and tax-base clarify who counts as taxpayer and criteria for data generation and reporting.
Standard definitions for reporting: for a Financial Year, tax-base equals persons who filed ITRs or had tax paid/deducted/collected in any of the three preceding years as on the first date; taxpayer is any person who filed a return or had tax paid/deducted/collected during the year; new taxpayer and potential taxpayer are defined by entry into or evidence of liability relative to the tax-base. For an Assessment Year, assessee follows the Act and non-filer is a liable person with no return entered on the System. "Tax paid" and "information available on record" are clarified for reporting.

Insistence on registration documents: officers told not to demand them for products outside the scope of the Legal Metrology Act.
Officers are directed not to require registration documents for imported goods that are not covered by the Legal Metrology Act, 2009 or its rules, and staff should be sensitized to avoid unnecessary delays; any implementation difficulties should be reported to the Board.

Re-crediting of bond value must be ensured promptly at destination air cargo complexes to prevent delays in transshipment processing.
Re-crediting of bond value for transshipped cargo in the ICES transshipment module is to be performed promptly at the destination Air Cargo Complex; the module debits the online running bond when bonded trucks move between air cargo complexes, and reported delays in re-crediting at destination complexes must be remedied to ensure timely restoration of the online running bond balance.

Imposition of central excise duty on jewellery prompts sub committee to define compliance procedures and stakeholder consultations.
A Sub Committee is constituted to examine the imposition of Central Excise duty on jewellery, naming a chair and four members with trade representatives to be decided in consultation with the Chair. Its terms of reference include defining compliance procedures, records to be maintained, operating procedures and other relevant implementation issues. Associations may submit written representations and all India associations may appear in person; communications are to be sent to the High Level Committee office or the specified e mail.

Issue and pricing permissions for private sector bank share issuances require statutory compliance and prescribed pricing methods.
The Directions grant general permission to private sector banks to issue shares by public issues, private placements, rights issues and bonus issues, subject to compliance with FEMA, foreign investment policy, SEBI guidelines and the Companies Act; corporate approvals must be obtained. Pricing must follow SEBI formula for listed banks and Companies Act rules for unlisted banks. Allotments triggering threshold holdings require prior regulatory approval and post-allotment reporting of issue details, allottee names and post-allotment shareholding to the regulator in the prescribed format.

Bank amalgamation rules: RBI requires board and shareholder approvals, independent valuations, and safeguards for capital and dissenting shareholders.
These Directions establish the Reserve Bank's framework for voluntary amalgamation of private sector banks and NBFC bank amalgamations, requiring board approval by a two thirds majority of total board membership, shareholder approval by two thirds in value of votes cast, comprehensive due diligence, independent valuation and fair swap ratios, submission of detailed financials and valuer reports, scrutiny of capital adequacy and shareholding concentration, prior Reserve Bank sanction for NBFC amalgamations before Tribunal submission, and provision for dissenting shareholders to claim value as determined by the Reserve Bank.

Investment Advisory Services must be offered through arm's-length SEBI-registered subsidiaries, not departmentally, ensuring regulatory compliance.
Banks are prohibited from providing Investment Advisory Services departmentally; such services must be offered only through a separate subsidiary or an existing subsidiary maintained at arm's length. Sponsor banks must obtain prior regulatory approval before using or creating a subsidiary for this purpose, and all bank sponsored subsidiaries offering investment advice must register with SEBI and comply with SEBI (Investment Advisors) Regulations while restricting advice to products banks are permitted to deal in and adhering to applicable KYC/AML/CFT requirements.

Electronic book mechanism mandatory for large private debt placements to ensure transparent price discovery and standardised disclosures.
Electronic book mechanism is required for large private placements of debt securities to standardise issuance and improve transparency; recognized stock exchanges may act as Electronic Book Providers after SEBI approval and meeting eligibility conditions (online bidding portal, infrastructure, disaster recovery, data security, periodic CISA audit). Participants are categorised with specified KYC responsibilities, issuers must make prescribed PPM disclosures and contract with EBPs, and detailed pre-bid, bidding and post-bid procedures govern enrolment, bid submission, issuer acceptance, allotment and public disclosure of aggregate anonymous bidding and allotment data.

Foreign investment in REIT, InvIT and AIF units permitted, subject to downstream sectoral caps and reporting obligations.
Foreign investment is permitted in units of SEBI regulated Investment Vehicles - REITs, InvITs and AIFs - with acquisition by persons resident outside India allowed by inward remittance through normal banking channels; transfers, sales or redemptions follow SEBI regulations and RBI directions. Downstream investment is treated as foreign where Sponsor, Manager or Investment Manager is not Indian owned and controlled, and such downstream investment must comply with sectoral caps, FDI policy and applicable provisions for LLPs. REIT units are excluded from the prohibition on "real estate business" for the Principal Regulations. Reporting to RBI or SEBI is required.

Track and Trace: exporters may follow importing country mandates and seek barcode exemption via Pharmexcil, subject to tertiary packaging barcode rule.
Exporters may follow an importing country's mandated packaging or identification requirements instead of certain Indian bar coding stipulations, and may apply to Pharmexcil for exemption from the Government of India's bar coding requirement; Pharmexcil will decide applications case by case with prior Government approval. Notwithstanding any exemption, tertiary level packaging must include additional barcode printing as required by Para 2(i)(c). All other terms of the earlier Public Notice remain unchanged.

ILC registration deadline extension allows late registration for pre-notification letters of credit with prescribed ANF-2D and fee.
Under the FTP hardship mechanism, the Directorate relaxed the registration of ILCs within 15 days requirement for importers who finalised ILCs before the notification date and allowed these importers to register with their jurisdictional Regional Authorities by 30 April 2016 upon submission of ANF-2D with the prescribed fee.

Tariff and procedural reform to promote domestic manufacturing and streamline customs and indirect tax compliance.
Measures combine tariff adjustments and targeted exemptions to promote domestic manufacturing, alongside customs and indirect tax procedural reforms to reduce compliance costs. Customs modernization includes expanded electronic filing, Single Window message exchange with regulatory agencies, mandatory digital signatures, reduced documentary requirements and Customs Clearance Facilitation Committees. Central Excise and Service Tax reforms provide expedited registration, electronic invoicing and records, extended CENVAT time limits, e-payment of refunds and instalment payment of arrears. Governance measures include upgraded web services, raised appeal thresholds, audit rationalisation, penalty rationalisation and expansion of Advance Ruling eligibility.

Perquisite exemption: employer-paid medical treatment at approved hospital not treated as taxable perquisite for specified illnesses.
Approval is accorded to Shri Sai Hospital, Patna, under the proviso to clause (2) of Section 17 read with Rule 3A(1) & 3A(2) so that any sum paid by an employer for medical treatment at the hospital for the specified diseases and ailments listed under Rule 3A(2) shall not be treated as a perquisite for the purposes of Sections 15, 16 and 17 of the Income Tax Act, 1961, subject to the qualifying durations and compliance conditions set out in the Rules.

MEIS eligibility: Tamarind Kernel Powder is classified under 13023290 and not eligible for MEIS benefits.
Clarification that Tamarind Kernel Powder is classifiable under ITC(HS) Code 13023290 and is not eligible for MEIS benefits; Regional Authorities and Customs are directed not to grant MEIS on this product and to review and recover any wrongly allowed benefits.

Foreign Tax Credit rules proposed: draft uploaded for stakeholder consultation, inviting written submissions to designated contacts.
Proposed procedural rules set out the mechanism for grant of Foreign Tax Credit under domestic provisions implementing tax-treaty or unilateral overseas tax relief, specifying required documentation, submission channels and administrative procedures. The draft has been published for stakeholder consultation with written comments invited to designated email and postal addresses within the stated consultation period, and the Central Board of Direct Taxes identified as the notifying authority.

Foreign Tax Credit entitlement clarified: residents may claim credit for foreign income tax against Indian tax subject to documentation and limits.
Draft rules set out grant of Foreign Tax Credit to resident assessees where corresponding income is taxed in India: foreign tax definitions depend on treaty status or domestic law, credit applies against tax, surcharge and cess (not interest/penalty), is disallowed for disputed taxes, is computed per source per country as the lesser of Indian tax on that income and foreign tax paid converted at the telegraphic transfer buying rate, and requires specified foreign tax certificates, payment proof and a non-dispute declaration.

Provisioning for fraud accounts: banks must recognise exposure immediately or elect staged provisioning to smooth profit impact.
Banks must normally provide for the entire amount due on fraud detection, allowing adjustment for eligible financial collateral under Basel III; alternatively, they may spread provisioning over up to four consecutive quarters from detection. If full provisioning spills into a subsequent financial year, the unprovided balance at year-end must be debited from other reserves to provisions and thereafter reversed proportionately while charging profit and loss to complete provisioning. Banks must disclose number and amounts of frauds, provisions made, and unamortised provisions debited from other reserves, and adhere to fraud classification and reporting rules.