Special Currency Basket valuation: banks must apply updated Rupee value and notify constituents under FEMA directions.
The circular notifies a revision of the Rupee valuation of the Special Currency Basket under the Deferred Payment Protocols and directs Authorised Dealer Category I banks to apply the revised valuation from the stated effective date and to inform their constituents; the directions are issued under FEMA and without prejudice to other statutory permissions.

Export allocation requirement mandates a portion of imported gold reserved for exporters; domestic sales only against full upfront payment.
Imports of gold by nominated banks, agencies and other authorised entities are governed by a mandate that at least twenty percent of each consignment be reserved exclusively for exporters and the balance for domestic use; coins and medallions are prohibited. Domestic supply is limited to jewellery businesses, bullion dealers and banks authorised under the Gold Deposit Scheme and must be made against full upfront payment. Customs and refineries will monitor allocation and compliance, gold dore imports require DGFT licence, and front loading is restricted with prior RBI approval required for entities lacking exporter supply history.

Liberalised Remittance Scheme limit reduced; remittances capped, foreign property acquisition barred, and JV/WOS allowed with conditions.
The Liberalised Remittance Scheme ceiling for resident individuals is immediately reduced to a lower per financial year cap; AD Category I banks may allow remittances only up to that cap for permitted current or capital account transactions. The Scheme cannot be used for acquisition of immovable property abroad and remains barred for prohibited or illegal activities. Resident individuals may set up Joint Ventures or Wholly Owned Subsidiaries abroad for bonafide business within the cap subject to conditions in the cited FEMA notification, and gift and rupee loan limits to NRI close relatives are aligned with the revised cap.

Overseas direct investment limit tightened under the Automatic Route; excess investment now requires Reserve Bank approval.
The Circular imposes a net-worth-based ceiling on overseas direct investment under the Automatic Route, restricting aggregate ODI by an Indian party in its JVs and WOSs abroad to an amount equal to the investor's net worth per the last audited balance sheet; excess ODI requires Reserve Bank approval under the Approval Route. The same ceiling applies to investments into overseas unincorporated entities in the energy and natural resources sectors. Existing exemptions continue for certain Navaratna PSUs and designated national oil companies for government-approved oil-sector investments; the changes apply prospectively to new proposals.

Advance authorization redemption permitted based on spices sample analysis, with monthly reporting and sampling rules retained.
Regional Authorities may redeem advance authorizations for spices based on Sample Analysis Reports furnished by the spices testing board, applying to pending and future cases; RAs must submit a consolidated monthly report of such redemptions to the Norms Committee-IV, while sampling and analysis provisions remain unchanged.

e-BRC mandatory: backdated manual BRCs with amended issuance dates after the mandatory date are not acceptable.
DGFT requires electronic Bank Realization Certificates (e-BRCs) as mandatory proof of export proceeds per Policy Circular No.6. Manual BRCs bearing amended or backdated issuance dates will not be accepted where the original issuance falls on or after the mandatory effective date, to protect issuance date integrity and authenticity of bank-issued realization evidence for DGFT applications.

Qualified foreign investor access to to be listed corporate debt permitted, resale restricted to domestic investors until listing.
Qualified Foreign Investors (QFIs) may invest directly in to be listed Indian corporate debt securities from the issuer, aligning QFI and foreign institutional investor eligibility; if the securities are not listed within the short listing period, QFI holdings must be sold only to domestic participants until listing, and all other prior stipulations remain applicable.

Customs procedures for SEZ LNG operations require DTA importers to complete customs formalities before using SEZ storage services.
DTA entities using the PLL-operated LNG regasification facility in Puthuvypeen SEZ must complete Customs Act obligations-filing Bills of Entry, assessment and payment of duty-before availing storage and handling services; vessel arrival formalities and Import General Manifest filing are to be completed with the Cochin Custom House, and Customs endorsements at the SEZ will be accepted for assessment, while manifest reconciliation for SEZ-only goods may be processed via a transshipment application.

Export controls on finished leather: permit through specified ports subject to laboratory sampling and certification.
Export of Finished Leather, Wet Blue and EI Tanned Leather is permitted only through notified sea ports and ICDs; officials of the Central Leather Research Institute at those ports/ICDs will draw samples in the presence of Customs where required. Samples will be tested and certified by CLRI or other approved laboratories in accordance with the finished leather norms prescribed in the earlier Public Notice, with additional ports/ICDs to be notified by the Directorate General of Foreign Trade as necessary.

Dispute Resolution Panel composition set for transfer pricing cases; substitution rule applies when supervising officer is involved.
The Board constitutes three-member Dispute Resolution Panels for each listed territorial area under Section 144C(15)(a) read with the Dispute Resolution Panel Rules, naming primary Members and specified alternative Members where a primary Member was the supervising officer of the relevant Transfer Pricing Officer or Assessing Officer. If a taxpayer files no objection, the primary Members will hear the case. Panel Members shall discharge these duties in addition to regular duties until issuance of the direction; the Order supersedes prior orders and is effective from the stated effective date.

Security arrangements restrict staff movement during Independence Day building sealing and require specified reporting and de-sealing procedures.
Security arrangements require Delhi Police to seal and check Vyapar Bhawan during Independence Day celebrations with de-sealing completed by noon the following day. All staff are prohibited from leaving the premises before the police sealing begins on designated days and must report for duty at the stated time on the day of de-sealing. The circular mandates internal circulation to senior officers, building services, bank management on premises, and IT for publication to ensure compliance.

Special Economic Zone amendments revive investor interest by updating rules and issuing notification to implement changes.
Amendments to the Special Economic Zones Rules, 2006 implement measures announced by the Commerce and Industry Minister to revive investor interest, effected by a notification dated 12 August 2013. The notification updates rule provisions and the Office Memorandum directs Development Commissioners and export promotion bodies to circulate the English and Hindi versions among SEZ developers and units to implement the amended rules.

Closure of export obligation defaults by payment of customs duty with capped interest, interest payable in cash, deadline imposed.
An option is provided to regularise past defaults in Export Obligation by payment of the corresponding customs duty for the shortfall together with interest calculated from the date of import to date of payment, with interest capped so it does not exceed the customs duty payable. Customs duty may be paid in cash or by debiting valid duty credit scrips, but the interest must be paid in cash. Payment must be completed by 31 March 2014 and separate procedural and reporting instructions will be issued.

Line of Credit conditions require a substantial majority of supplies from India and set prescribed L/C and disbursement timelines.
Exim Bank granted a Line of Credit of USD 300 million to Ethiopia for the Asaita-Tadjourah railway to finance eligible goods, machinery, equipment and services from India, subject to a local content requirement that a substantial majority of contract value be supplied from India. The Agreement (executed June 13, 2013; effective July 15, 2013) sets distinct L/C and disbursement timelines for project exports and supply contracts, requires GR/SDF shipment declarations, disallows agency commission under the LOC while permitting exporter-funded commission remittances subject to AD bank compliance, and is issued under FEMA authority.

Line of Credit conditions require majority Indian sourcing, prescribed disbursement timelines, shipment declarations and FEMA compliance.
Exim Bank's LOC to Zimbabwe finances eligible Indian goods, services, machinery and consultancy, requiring at least 75 per cent of contract value to be supplied from India and permitting up to 25 per cent sourced abroad. The Agreement is effective from July 25, 2013, with specified LC/disbursement timelines for project and supply contracts, mandatory GR/SDF shipment declarations, prohibition of agency commission under the LOC (subject to exporter-funded remittance rules), and compliance and notification obligations for Authorised Dealer Category-I banks under sections 10(4) and 11(1) of FEMA.

Compounding of contraventions under FEMA: NEFT refunds for returned fees and mandatory bank mandate, PAN and activity code requirements.
Compounding applications under the Foreign Exchange Management Act must be filed only after transactions are complete and approvals obtained; compounding fees for returned applications will be refunded by NEFT, for which applicants must submit a prescribed bank mandate and account details. Revised annexes require income tax PAN and NIC (1987) activity codes, and applications missing these details will be treated as incomplete. Applicants must notify any change in contact information during pendency, and Authorised Dealers must inform their constituents of these requirements.

Electronic EX Bond Bill of Entry processing under ICES ensures system ledgering, assessment allocation, and supervised out of charge clearance.
Electronic processing of EX-Bond Bills of Entry under ICES 1.5 at ICD Waluj applies where the related warehouse B/E was processed under ICES 1.5; the system creates an item ledger on out of charge of the warehouse B/E, Ex Bond B/Es are auto allocated for assessment on standard parameters, may inherit provisional assessment from the warehouse B/E, duty is paid via designated banks or e payment, and the Superintendent (Bond) verifies system bond register, warehousing validity, payments and tariff/exemption consistency before granting out of charge and generating prescribed B/E and Order of Clearance copies.

Jurisdiction for objections assigned to Additional Commissioner for Zone VII wards, covering assessment and penalty disputes under DVAT.
Designates Shri P.S. Jani, Additional Commissioner, to entertain objections against orders of assessment and/or penalty in respect of Zone VII (Ward Nos. 63-73), fixing territorial and pecuniary jurisdiction for objections under clause (a) and (b) of sub section (1) of Section 74 of the Delhi Value Added Tax Act, 2004, exercised under Section 68(1) and Rules 48 and 51; effective 08.08.2013.

Allocation of duties directs senior tax officers' additional assignments across enforcement, audit and zone responsibilities, with administrative circulation.
The competent authority allocates additional duties to named senior officers in the Department of Trade & Taxes, assigning portfolios including enforcement (Enf-II), refund & EXIM, zonal responsibilities, VAT audit, and objection handling for specified zones; officers retain earlier work if any and the allocation takes effect immediately. Copies of the order are forwarded to specified departmental branches, officers and files for information and necessary action.

Maximum charges for console agents and freight forwarders set, limiting permissible levies and prescribing removal from EDI for repeat overcharging.
Maximum permissible service charges for console agents and freight forwarders are fixed and converted into per CBM rates for 20 and 40 foot containers with rounded figures; delivery order/documentation charges per importer are capped. Where freight is paid CIF for delivery at the port, no charges beyond the prescribed items may be levied unless additional load port or transit port expenses are expressly declared on the Master Bill of Lading. Confirmed overcharging will trigger investigation and deletion from the EDI system, with permanent debarment after three consecutive verified complaints. The norms must be publicly displayed under the Handling of Cargo in Customs Areas Regulations.