Line of Credit requires majority Indian-sourced supplies, specified LC/disbursement timelines, GR/SDF declarations and FEMA compliance.
A Line of Credit from Exim Bank to Ethiopia finances Indian-sourced eligible goods, services, machinery, equipment and consultancy for sugar-industry development; at least 75 per cent of contract value must be supplied by Indian sellers with up to 25 per cent procured outside India. The Agreement fixes timelines for Letters of Credit and disbursements, mandates GR/SDF shipment declarations, prohibits agency commission under the LOC (subject to exporter-funded commission from own resources or EEFC after realization), and requires AD Category I banks to inform exporters; directions are issued under FEMA.

Line of Credit for infrastructure financing enables import of eligible Indian goods and services with specified domestic content, documentation.
Exim Bank extended a Line of Credit to Nepal to fund infrastructure-related imports of eligible Indian machinery, equipment, goods and consultancy, requiring at least 75% Indian content in contract value (with limited 25% non-Indian procurement), subject to possible reduction with borrower and governmental approval. The Credit Agreement is effective from June 29, 2012; LC opening and disbursement deadlines are set by contract type. Shipments must be declared on GR/SDF forms. No agency commission is payable under the LOC, though exporters may use own funds or EEFC balances for commission remittance subject to realisation and compliance; AD Category-I banks must inform exporters and facilitate compliance.

Input Tax Credit reversal: rules pending, restoration to be considered; default assessments may be framed under section 32; refunds protected.
Recent amendments require reversal of Input Tax Credit for inter-state sales against C Forms but Rules to implement this are pending; the department will seek Government consideration of a mechanism to restore credit when C Forms are not received. The returns-matching software showed no systemic mismatches; default assessments and penalties may be framed under the Act where discrepancies arise. Authorities are instructed not to reject or reduce refund claims without passing orders. Circular No. 5 is voluntary, quarterly return deadlines have been extended, CST deposit issues are under examination, and a committee will improve building facilities.

Eligibility criteria for stock derivatives tightened, raising minimum order size and market-wide public limits and adding turnover requirement.
Admission criteria for stock derivatives are revised: minimum Median Quarter Sigma Order Size is raised to Rs. 10 lakh and minimum MWPL to Rs. 300 crore. Retention criteria are revised to require MQSOS of at least Rs. 5 lakh over six months, MWPL of at least Rs. 200 crore, and average monthly turnover in the derivatives segment over the last three months of at least Rs. 100 crore. Exchanges must implement these changes and may not issue fresh month contracts for stocks exiting the F&O segment, though existing unexpired contracts may trade to expiry with new strikes allowed in current contract months.

Unpaid and unclaimed amounts reporting: companies must file Form 5 INV annually, updated to the AGM, within the prescribed filing period.
Companies must annually report unpaid and unclaimed amounts by filing Form 5 INV, with the cut off being the date of the Annual General Meeting; information for a financial year must be updated to the AGM date and filed electronically within the prescribed post AGM filing period. Each company must submit one Form 5 INV per year disclosing unpaid/unclaimed amounts as on the AGM date, and limited remedial windows are provided for transitional filings and for supplying correct investor excel templates after initial filing.

Shift from trade-for-trade to rolling settlement requires connectivity with both depositories and dematerialisation certification by RTA or practicing professional.
Companies with connectivity to both depositories may be shifted from Trade-for-Trade Settlement to normal Rolling Settlement if at least fifty percent of non-promoter holdings are dematerialised and there are no other grounds to continue TFTS. The dematerialisation level must be certified to the stock exchanges by the Registrar and Transfer Agent, or by a practicing company secretary or chartered accountant where no separate RTA exists. Stock exchanges must report actions taken in their development reports.

Qualified Foreign Investor eligibility and infrastructure debt fund investment rules clarified, with monitoring and prior approval thresholds.
Amendment revises the Qualified Foreign Investor definition to align "person" and "resident in India" with the Income Tax Act and requires QFIs to be resident in FATF-member jurisdictions and IOSCO MMOU signatory jurisdictions or those with bilateral MOUs with SEBI; exclusions include jurisdictions with FATF countermeasures, residents of India, and entities already registered with SEBI. QFIs may invest in debt mutual fund schemes holding at least 25% in infrastructure within the aggregate investment ceiling, may invest without prior approval until aggregate investment reaches 90% of the ceiling, and thereafter become subject to prior approval, monitoring and reporting; QFIs must comply with FEMA.

EPCG vehicle registration relief: delay condoned and compliance relaxed where CMVR or RTO prevents tourist/commercial registration.
The circular grants administrative relief for EPCG imports not registered as tourist/commercial vehicles due to CMVR age restrictions or RTO refusals, identifies cases of precluded registration, RTO confirmation of ineligibility, and delayed registration, and provides that Paragraph 2(b) of the earlier Policy Circular need not be complied with in such cases while extending and condoning the prior registration cut off to the date of this circular.

Offer for Sale mechanism: revised exchange procedures for promoter share disposals ensuring allocation rules and investor protection measures.
The circular establishes an exchange based Offer For Sale (OFS) mechanism for promoters, defining eligible sellers and buyers, a 12 week pre and post offer trading restriction, announcement and floor price procedures, a single day trading window, limit order only bidding, choice of allocation by Single Clearing Price or Multiple Clearing Prices, reserved institutional allocation, 100% cash pay in requirements for non institutional bidders, seller share pay in prior to offer, trade for trade next day settlement, and specified default and withdrawal rules.

Resident foreign currency accounts exempted from prior circular; authorised dealer banks must notify customers under FEMA authority.
Provisions of Circular No. 124 dated May 10, 2012 will not apply to Resident Foreign Currency Accounts held as EEFC Accounts. Authorised Dealer Category I banks must inform their constituents and customers of this clarification. The instruction is issued under FEMA authority and is without prejudice to other statutory permissions or approvals.

Export certificate for jewellery enables duty-free reimport if items are presented to customs and properly valued before departure.
The notice reiterates that passengers taking jewellery and other high value articles out of the country should obtain an export certificate by presenting items to customs at Mangalore International Airport in advance for valuation or by producing purchase invoices/valuation certificates from an authorized valuer, so that duty need not be paid on re-import.

Portfolio managers may deploy client funds in liquid mutual funds for short-term cash management pending investment.
Portfolio managers may temporarily place client funds in short-term liquid mutual funds for interim cash management of pending investments, subject to the parameters set out in prior SEBI guidance and within the regulatory framework governing portfolio managers, including obligations under Regulation 39.

Qualified Foreign Investor access to Indian corporate debt permitted, subject to single Rupee account, KYC and reporting obligations.
QFIs may invest on a repatriation basis in defined Indian corporate debt instruments through SEBI-registered QDPs or on recognised exchanges, subject to applicable pricing and listing timelines; each QFI must use a single non-interest bearing Rupee Account for all receipts and payments related to eligible securities and maintain a single demat account with a QDP. Eligibility is limited to persons resident in jurisdictions meeting FATF and IOSCO cooperation criteria (excluding certain jurisdictions and existing FII/FVCI registrants). KYC, reporting to RBI and SEBI, an overall investment ceiling, and permission to hedge currency risk apply.

Service tax deposit requirement: verify input providers' tax payment before availing Cenvat credit to ensure compliance.
Service tax collected from recipients must be deposited with the Central Government immediately; final manufacturers or output service providers must verify that input service providers have paid the collected service tax before availing Cenvat credit. Cenvat Credit Rules mandate maintenance of records showing value, tax paid, Cenvat credit taken and utilized, and supplier identity, and place the burden of proof for admissibility of Cenvat credit on the manufacturer or service provider claiming the credit.

Service tax deposit obligation: providers must remit collected tax before input providers' CENVAT credit may be utilized.
Providers who collect amounts from recipients as service tax are obliged to remit those amounts forthwith to the credit of the Central Government. Recipients claiming CENVAT credit must retain records evidencing value, tax paid, credit taken and supplier identity, since the burden of proof for admissibility of CENVAT credit rests on the recipient. Trade bodies and enforcement formations are advised to verify payment by input service providers before utilization of CENVAT credit.

Transshipment procedure: bond and documentation requirements now govern container movements, sealing and landing-certificate obligations at Kattupalli Port.
Procedure prescribes electronic IGM/EGM/Consol filing via ICEGATE for Kattupalli Port and requires container-specific Container Bonds and Transshipment Bonds (TP) with prescribed bond rates. Carriers and transhippers must register continuity bonds, open PLA accounts, and where applicable execute running bonds with Bank Guarantees equal to 15% of bond value for 12 months. The Container Movement Facilitation Cell (CMFC) issues transshipment approvals, coordinates Customs One Time Seals, debits bond/BG limits on inward entry and requires certified landing certificates from destination customs within 30 days, failing which bonds/BGs will be enforced.

E voting facility required for shareholder postal ballot businesses, mandating certified electronic platforms and postal alternatives.
Issuers must provide e voting for businesses transacted through postal ballot, using a single agency whose platform complies with Ministry of Corporate Affairs/STQC conditions; e voting must remain open for the period specified under the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001. Issuers must continue to accept postal ballot paper votes from shareholders without e voting access, display draft resolutions and related materials on the e voting page, and include the e voting platform link in notices.

Service tax deposit obligation: collected taxes must be remitted and recipients must verify payment before claiming CENVAT credit.
Service providers who collect service tax from recipients are obliged to deposit those amounts with the Central Government immediately; instances have arisen where providers collected tax but failed to remit it. Manufacturers and output service providers must maintain detailed records of input services showing value, tax paid, CENVAT credit taken and utilized, and the identity of the supplier, and the burden of proof for admissibility of CENVAT credit lies with the claimant.

Central Declaration Forms online filing extended to allow dealers to submit missing-form information and related tax deposits.
The Department of Trade and Taxes launched an online facility for filing information on Central Declaration Forms-forms submitted, missing forms, and tax paid for missing forms-via the dealer login "Central Forms" link; registered dealers who made stock transfers or central sales at concessional rates for the specified years are required to file this information online, and the deadline for such online submission has been extended to 31/07/2012.

Special Currency Basket valuation revised, requiring authorised dealer banks to adopt the new rupee conversion and notify constituents accordingly.
The Reserve Bank revised and fixed the rupee value of the Special Currency Basket effective in early July 2012, replacing the previously indicated value, for use in conversion and settlement under the Deferred Payment Protocols. Authorised Dealer Category I banks are directed to apply the revised valuation and notify their constituents. The directions are issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999, without prejudice to other legal permissions.