Registration of FVCIs as FPIs permitted subject to segregation, separate custody accounts, distinct reporting and no opaque structures.
A registered FVCI may be granted registration as an FPI only if it satisfies FPI eligibility criteria and implements clear segregation of funds and securities between registrations, maintains separate custodian accounts (permitting the same custodian), ensures distinct reporting for each registration, complies with all conditions and investment restrictions applicable to FPIs, and does not have opaque structures as defined under the FPI Regulations.

Waiver of late filing fees for cost audit CRA 2 notices and CRA 4 reports extended due to portal availability.
Waiver of the additional fee for delayed filing is granted where revised electronic Form CRA 2 was unavailable on the MCA 21 portal, covering notices of appointment of Cost Auditors delayed beyond the prescribed 30 day period from the board meeting; a parallel waiver applies to delayed filing of Form CRA 4 cost audit reports delayed beyond 30 days from receipt of the cost auditor's report, both waivers tied to specified extended filing cut offs and issued due to portal unavailability.

Validity of import authorizations determines clearance eligibility based on shipment date evidenced by bill of lading.
Eligibility for clearance is determined by the date of shipment/dispatch as evidenced by the Bill of Lading; if an importer held a valid Nominated Agency Certificate on that shipment date, sea consignments shall be eligible for clearance regardless of the actual date of arrival in India.

Dual use of SEZ non processing area: prescribed application and conditions govern developer/co developer approval and BOA recommendation.
Developers and Co developers seeking dual use of infrastructure in the Non Processing Area of an SEZ must submit the prescribed application under SEZ Rule 11A, providing developer/co developer identification, SEZ particulars, infrastructure description delineating SEZ use versus dual use, land and built up area, percentage of non processing area, investment and employment estimates, financial documents, a Detailed Project Report, statutory declarations including state NOC and FAR compliance, and supporting evidence; the Development Commissioner will examine demarcation, conformity with guidelines and recommend sanction, conditional sanction, or rejection to the Board of Approval.

Simplified measures: expanded acceptable documents for proof of address enabling KYC for low-risk customers under AML rules.
The amendment expands simplified measures under the PML Rules by deeming specified alternative documents - recent utility bills, property or municipal tax receipts, bank or post office account statements, pension payment orders with address, employer allotment letters or leave-and-license agreements for official accommodation, and foreign government or embassy documents - as Officially Valid Documents for the limited purpose of proof of address where low-risk customers cannot produce standard OVDs; institutions must revise KYC policies accordingly.

Verification of export documentation required for licence holders to enable cancellation of BG/LUT and customs acceptance.
DEEC Monitoring Cell will select Advance Licence cases at random where DGFT has not prescribed verification and requires selected licence holders to submit documents listed in Annexure A of P.N.11/2011 to the DEEC Monitoring Cell, JNCH by the stated deadline for verification of exports and consequent cancellation of BG/LUT; the Notice also publishes lists of cases selected for verification, cases accepted without verification, cases where DGFT prescribed verification, and cases missing additional sheets.

Retrospective exemption of agricultural land from wealth tax allows revised refund claims despite expired filing periods.
The amendment excludes land classified as agricultural and used for agriculture from wealth-tax with retrospective effect from 1 April 1993, entitling assessees who paid wealth-tax earlier to refunds with prescribed interest. The Board authorizes Commissioners to admit revision applications beyond statutory time-limits, decide them on merits within one year from the end of the financial year of receipt, seek AO reports and information, and requires claims to be filed within one year from the date of the order.

External Commercial Borrowings for airline working capital extended under existing approval route conditions until end of March next year.
Permission to raise External Commercial Borrowings (ECB) for working capital by airline companies in the civil aviation sector is extended until March 31, 2016 on the same terms and conditions under the approval route; AD Category I banks must inform constituents. The Circular is issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 and does not affect any other statutory permissions that may be required.

External Commercial Borrowings extension for affordable housing under approval route; scheme continues with existing terms and bank notification
Continuation of the scheme permitting External Commercial Borrowings (ECB) for low cost affordable housing projects under the approval route, on the same terms and conditions as earlier A.P. (DIR Series) Circulars; Authorised Dealer Category I banks to notify constituents. Directions issued under the Foreign Exchange Management Act and without prejudice to other statutory permissions.

NRI subscription to chit funds permitted on non-repatriation basis subject to Registrar authorization and banking channel rules.
Non-Resident Indians may subscribe to chit funds on a non-repatriation basis provided the Registrar of Chits or an authorised officer permits the chit fund to accept such subscriptions and the subscriptions are brought in through normal banking channels, including accounts in India. The Reserve Bank amended the applicable FEMA regulations to enable this change, and the circular is issued under the Foreign Exchange Management Act without prejudice to other legal permissions.

Document Management System mandatory: DMS coupons must be attached to Bills of Entry and Shipping Bills upon submission.
Implementation of a Document Management System at Air Cargo Complex mandates scanning and electronic storage of Bills of Entry and Shipping Bills while retaining physical dockets. M/S Newgen Software Technologies Ltd. will implement the DMS and collect a per-docket charge; two coupon types will be issued and Customs stakeholders must attach the EDI copy of the DMS coupon to Bills of Entry and Shipping Bills when submitting documents after LEO/Out of Charge.

Supply of services to SEZ units ineligible for SEIS rewards, as SEIS covers only cross border services supplied to other countries.
Supply of services from units in the Domestic Tariff Area to units in a Special Economic Zone is ineligible for rewards under the Service Exports from India Scheme because SEIS applies only to services supplied from India to another country (Mode 1 cross border trade); supplies to SEZs are treated as within Indian territory and therefore excluded, and an amendment permitting SEZ exports to qualify does not make DTA SEZ supplies eligible.

Extension of return filing due date: non-corporate taxpayers not under tax audit granted additional time to file returns.
Using administrative powers under the tax statute, the due date for filing returns of income for the specified assessment year is extended for non-corporate assessees who are not subject to tax audit, moving the filing deadline to a later date and thereby enlarging the filing period for that class of taxpayers while preserving existing filing obligations and audit applicability.

VAT refund procedure requires timely disbursement or formal notice and recorded verification certificates by responsible officers.
Claims for VAT refund filed in a dealer's return must be disposed within the statutory period or, if additional information is needed, a formal notice seeking that information must be issued within that period; the Value Added Tax Officer is responsible for taking one of these actions and statutory interest may apply for delay. The department requires uniform, accountable file examination and prescribes specific certificates by the VAT Inspector, Ward In Charge, Zonal Accounts Officer (Refund) and Zonal In Charge confirming field verification, matching of ITCs with VAT payments, review in light of statutes and audit paras, and recommending approval.

Rollback provisions of Advance Pricing Agreement require matching transactions and may forfeit the APA if procedural conditions fail.
Clarifications define eligibility and procedure for rollback under the APA scheme: returns under section 139(5) qualify but 139(4) returns do not; rollback applies only where the rollback-year transaction is the same in nature and counterparties as that covered by the APA and FAR does not materially differ; applicants must apply for all years in the block unless the transaction did not exist or disqualification exists; final ITAT disposal or concluded MAP for a year precludes rollback for that transaction/year; ALP may vary across years though the manner of determination must remain the same; failure by the applicant to comply with rollback procedural requirements results in cancellation of the entire agreement.

Air-conditioned restaurant service tax liability clarified: only establishments with air-conditioning or central air-heating attract tax.
Service tax applies only to restaurants, eating-joints and messes that have air-conditioning or central air-heating in any part of the establishment; those without such facilities are exempt. For taxable air-conditioned or air-heated restaurants, sixty percent of the value charged is deductible and service tax is calculated on the remaining forty percent.

Composition fee on delayed export obligations required for extension of export authorisations; conditions govern clubbing and second extension.
Corrections limit clubbing of authorisations to exports made up to thirty months from the earliest authorisation and prescribe a composition fee regime for exports after the initial obligation period, including a monthly charge for later months. The same rules apply when eighteen month and thirty six month authorisations are clubbed. For export obligation extensions, a second six month extension requires at least fifty percent fulfilment of the obligation on a pro rata basis, payment of a monthly composition fee on unfulfilled FOB value, a CA/CE certificate confirming available inputs, and no extensions beyond twelve months past the EO expiry.

Turnover threshold reduction expands Fast Track Clearance eligibility for EOU, EHTP, STP and BTP schemes.
Revision reduces the turnover threshold for Fast Track Clearance under HBP 2015-2020, thereby broadening eligibility for units under the EOU, EHTP, STP and BTP schemes; this amendment modifies paragraph 7 of Circular No. 17/2006-Cus and the opening paragraph of Circular No. 19/2007-Cus accordingly.

Appointment of common adjudicating authority: delegation to Principal DG, DRI to expedite adjudication under Customs Act provisions.
Power to appoint common adjudicating authority for DRI investigated cases is delegated to the Principal DG, DRI; high value, seizure, over valuation and existing adjudication matters are to be assigned to the Additional Director General (Adjudication), DRI, while other DRI cases will be allocated to jurisdictional Commissioners based on commissionerate or maximum duty evaded. Remand matters stay with original adjudicators, past DRI cases with current jurisdictional Commissioners continue with them, and cases outside these categories remain with the Board. Pending appointments and incomplete adjudications must be disposed of expeditiously, considering hearing stages.

Condonation of delay in tax claims under Section 119(2)(b): delegation, timelines and verification requirements clarified.
Guidelines prescribe conditions and procedure for condonation of delay under Section 119(2)(b), delegating authority to income-tax commissioners within specified monetary limits and reserving cases above those limits to the Board. No application is entertainable beyond six years from the end of the relevant assessment year, subject to limited exceptions; applications should be disposed within six months. Delegated authorities must ensure correctness and genuineness of claimed income/loss/refund, may direct inquiries, and apply specified conditions to belated supplementary refund claims including ineligibility for interest and source-based refund origins.