Work distribution for foreign tax assigns policy, DTAA, exchange of information, APAs and OECD coordination across two joint secretaries.
The CBDT revised the FT&TR Division work distribution assigning JS (FT&TR I) responsibility for international taxation policy, transfer pricing, APAs, DTAA and exchange of information matters for North America and Europe, FATCA and automatic exchange issues, BEPS/OECD coordination, unilateral APAs, MAPs and specified Income tax Act subjects; and assigning JS (FT&TR II) responsibility for corresponding policy inputs and DTAA, AEI, MAPs, bilateral APAs, multilateral liaison, capacity building, foreign training, dispute resolution and other specified Income tax Act subjects for Asia, Australia/Pacific, Africa and South America, plus FIPB and other assigned foreign tax matters.

Line of Credit terms require majority sourcing from India and set LC/disbursement timelines with FEMA compliance.
Exim Bank extended a Line of Credit to the Government of Lao People's Democratic Republic to finance eligible goods, services, machinery and consultancy from India for storage dam and irrigation projects, requiring at least 75 percent of contract value to be supplied from India and allowing up to 25 percent procured externally. The agreement sets LC/disbursement timeframes for project and supply contracts, mandates GR/SDF declaration of shipments, disallows agency commission under the LOC while permitting exporter-paid commission from own resources or EEFC after realisation subject to AD Category I compliance, and is issued under provisions of FEMA.

Gold import authorisation: sequencing relaxed for earlier permits; SEZ/EOU and trading houses may import for export only.
Authorisations for gold imports must be utilised solely for export purposes and diversion to domestic use is prohibited; sequencing of imports before exports will not be insisted upon for authorisations issued prior to the earlier circular. Entities in SEZs and EOUs and recognised trading houses are permitted to import gold exclusively for exports, and exports fulfilling AA/DFIA obligations do not qualify for the 20:80 scheme.

Export compliance for finished leather: samples, provisional bonds and laboratory testing determine duty and shipment finalisation.
Customs at the Air Cargo Complex will draw representative samples of consignments declared as finished leather, provisionally assess shipping bills, require exporters to execute a provisional bond and pay testing charges, forward samples to a notified testing laboratory with triplicate test memos and maintain a sample register; on receipt of the laboratory report Customs will finalize the shipping bill and close the bond if confirmed as finished leather, otherwise export duty will be applied and further action taken.

Agri-Infrastructure Incentive Scrip compliance required; deficient applications risk summary rejection unless promptly rectified by deadline.
Requirement to rectify deficiencies in applications for the Agri-Infrastructure Incentive Scrip under the Foreign Trade Policy is reiterated for the specified half year. Exporters notified of deficiencies must cure the defects within the prescribed rectification window; failure to do so will result in summary rejection of the application and cessation of further correspondence.

Risk Management System requirements: exporters must complete shipping bill fields accurately or consignments may be selected for examination.
The Risk Management System requires exporters and Custom House Agents to furnish complete, field specific information in shipping bills-including factory stuffing and seal type and claims under reward schemes-at the submission stage. Omissions or entry of such particulars in inappropriate fields can result in consignments being selected for examination despite prior Central Excise inspection; exporters and CHAs are therefore directed to provide full details in the designated declaration fields to avoid processing delays and amendments.

WCO Certificate of Merit nominations sought for customs and private sector contributors, with justification and vigilance clearance required.
Nominations are requested for the WCO Certificate of Merit for Customs officers and private sector representatives, to be accompanied by a justification/proposal and, for customs officers, a vigilance clearance certificate; submissions must be emailed to the Joint Secretary (Customs), CBEC, by the prescribed deadline for Board consideration.

Cash settled 10 year interest rate futures launched with two underlying designs, defined settlement mechanics, position limits and margin rules.
Introduction of cash settled Interest Rate Futures on the 10 year Government of India security with two underlying designs (single coupon bond or notional basket based bond), mandatory disclosure of selection and weighting criteria, submission of contract specifications and risk management frameworks to SEBI, pilot launch, specified contract size (2000 bonds), trading hours, serial monthly tenors up to three months, daily and final settlement methodologies with NDS OM and FIMMDA fallbacks, expiry rules, cash settlement in INR, prescribed position limits at client, trading member and exchange levels, price band rules with limited expansions, and margining based on 99% one day VaR plus additional margins.

Gross direct tax collection growth reported, with corporate and personal income tax increases driving higher net revenue.
Gross direct tax collection increased during April-November of the fiscal year, with corporate tax collections rising and personal income tax collections growing by a larger proportion; net direct tax receipts also improved. The release additionally notes modest growth in Securities Transaction Tax receipts and a higher growth rate in Wealth Tax receipts, presented by the Central Board of Direct Taxes as interim revenue performance for the period.

Standardized Rights and Obligations document mandated to replace BO-DP agreements, harmonizing demat account opening and requiring client acknowledgement.
A mandatory common Rights and Obligations document replaces existing Beneficial Owner Depository Participant agreements, must be provided to beneficial owners with acknowledgement, and any conflicting clause in voluntary or existing documents that dilutes DP responsibility or conflicts with governing rules and regulations is void; depositories must notify DPs, implement the change for new clients within the prescribed timeframe, amend bye laws and report implementation.

Unlisted company overseas capital raising allowed with conditional two-year exemption from domestic listing, subject to jurisdiction and disclosure rules.
Unlisted companies may raise capital abroad without prior or subsequent domestic listing for an initial two year period subject to conditions: listing only on exchanges in IOSCO/FATF compliant jurisdictions or those with SEBI agreements; filing returns to SEBI for PMLA and complying with SEBI disclosure requirements; adherence to the FDI policy; use of proceeds for retiring overseas debt or operations abroad including acquisitions; and if not so utilised, remittance to India within 15 days with funds parked only in RBI recognized AD category banks.

Updated illustrative format for Statement of Assets and Liabilities required in offer documents effective for filings after the circular date.
SEBI prescribes an illustrative format for the Statement of Assets and Liabilities in offer documents, updating the Schedule VI presentation to align with the revised Schedule VI and Schedule III formats. Annexure A provides a multi year tabular disclosure of Shareholders' Funds, Non Current Liabilities, Current Liabilities, Non Current Assets and Current Assets with specified subitems and totals. The revised format is applicable to all draft and final offer documents filed with the Board on or after the circular date; the circular will be rescinded upon formal amendment of the SEBI (ICDR) Regulations.

Valuation of consumed excisable goods set above cost; related party and inter connected sales attract prescribed transaction value rules.
Rule 8 now prescribes that excisable goods consumed by the assessee in production or manufacture are valued at a fixed mark up over cost of production or manufacture. Rules 9 and 10 are rephrased so that where whole or part of excisable goods are sold to or through specified related persons or inter connected undertakings, such goods are valued as the normal transaction value or determined by the methods set out in the Rules.

External Commercial Borrowings for infrastructure projects allowed for holding companies and CICs to fund SPVs under conditions.
Holding companies and Core Investment Companies regulated by the Reserve Bank may raise External Commercial Borrowings for project use in SPVs in the infrastructure sector, provided the SPV is dedicated to the project, proceeds fund fresh capex or approved refinancing, and are used within three years of the SPV's Commercial Operations Date. Proceeds must be held in a separate escrow account and monitored by AD Category I banks, with an undertaking from the SPV against alternate funding for that capex. CICs must keep outside liabilities, including ECB, within 2.5 times adjusted net worth and, if below the asset threshold, raise ECB on a fully hedged basis.

Export authorization for red sanders value-added products permitted under specified notification; government may export through authorised entities.
Permission is granted for the export of value added products of Red Sanders wood by the Government of Andhra Pradesh, authorising the State to export either directly or through designated entities. Export authorisation will be granted by the concerned Regional Authority of DGFT upon production of a quantity allocation letter from the Government of Andhra Pradesh, implementing the export allowance specified in the cited notification under the Foreign Trade Policy.

Voluntary disclosure permits penalty reduction when a dealer admits tax deficiency and promptly pays and revises returns.
The circular prescribes a voluntary disclosure process under Section 87(6) permitting penalty reduction where a dealer admits tax deficiency during Section 60 proceedings, records un vouched/unaccounted retail cash sales by suitable accounting entries, pays the admitted tax within the short prescribed period following those proceedings, and files revised returns under Section 28; if the Enforcement Assessing Officer accepts the revised return, default assessment need not follow.

Inflation protected savings securities: cumulative CPI linked interest with fixed component, compounding, bank distribution and restricted early redemption.
Inflation Indexed National Savings Securities-Cumulative (IINSS-C) will be offered to retail investors through banks; eligible investors include individuals, HUFs, section 25 charitable institutions and statutory universities. Interest comprises a fixed component and an inflation linked component tied to the combined CPI (Base:2010=100), compounded into principal half yearly and payable at maturity. Early redemption is allowed only on coupon dates, after one year for senior citizens and after three years for others, subject to a penalty equal to 50% of the last coupon. RBI will announce further scheme details.

Delegation of powers under DVAT Act authorises senior officers to hear objections to assessments and orders within jurisdiction.
The Commissioner, under section 68 read with rule 48, delegates powers under section 74(1) to hear objections against assessments and other orders to officers appointed under subsection (2) of section 66 not below the rank of Joint Commissioner, subject to territorial, pecuniary and hierarchical jurisdiction, effective from 12/11/2013.

Input substitution norms updated for niacin exports; Beta Picoline requirement lowered and 3-cyano pyridine specified as alternative.
Modification of SION A-315 revises input norms for Niacin/Nicotinic Acid: production of 1 kg export product may use either 0.980 kg 3-Cyano Pyridine or 0.9 kg Beta Picoline; Beta Picoline quantity reduced from 1.2 kg to 0.9 kg under the Foreign Trade Policy and Handbook of Procedure authorization.

Input-output norm change reduces required Beta Picoline per unit of 3 Cyanopyridine, updates permitted feedstock alternatives.
Modification of SION A-2439 revises the input-output norm for 3 Cyanopyridine: one kilogram of product may be made either from Beta Picoline at the updated norm of 1.05 kg per kg of product or from a specified combination of denatured ethyl alcohol, methyl alcohol, and alumino silicate catalyst; the Beta Picoline requirement has been reduced from the prior norm.