External Commercial Borrowings limits revised under automatic route, changing minimum maturities and FCCB raising conditions.
Revision to External Commercial Borrowings (ECB) norms increases the automatic route ceiling per borrower per financial year and prescribes minimum average maturities: a lower tranche with a three-year minimum and larger tranches with a five-year minimum. Previously specified separate maturity, prepayment and call/put requirements for an earlier incremental limit are withdrawn. Foreign Currency Convertible Bonds (FCCBs) may be raised within the automatic route ceiling for permissible end-uses; refinancing of existing FCCBs will be reckoned within that ceiling. Other ECB policy elements and reporting arrangements remain unchanged.

Refund of Additional Duty of Customs: statutory auditors, cost accountants or chartered accountants may certify non-passing of duty burden.
The Board authorises Statutory Auditors, Cost Accountants and Chartered Accountants to issue the requisite certificate, on preliminary scrutiny, correlating payment of sales tax/VAT with sale invoices and certifying that the importer has not passed the additional customs duty burden to any other person; Para 4.1(d) and Para 6 of Circular No.18/2010-Customs are modified accordingly.

Right to Information CPIO designation updates public access responsibilities and reporting within the service tax commissionerate.
Designation of Central Public Information Officers (CPIOs) is made for the Service Tax Commissionerate, New Delhi with immediate effect to fulfil obligations under the Right to Information Act, 2005, referencing the commissionerate's jurisdictional notification and communicated by the Commissioner of Service Tax via a Trade Notice.

Re-investment period for FII debt limits withdrawn; existing holders get time-limited transitional reinvestment subject to thresholds.
Re-investment period for FII/sub-account debt limits is withdrawn for all new allocations: limits acquired henceforth will lapse on sale or redemption and be reallocated by subsequent bidding. Existing holders retain reinvestment rights only until either specified sales from their current portfolio breach a defined multiple of portfolio size as at the circular date or a two-year cutoff, after which sales/redemptions will cause limits to lapse and require reallocation. Long-term infrastructure debt has parallel rules including lock-in transfer options and time-limited transfer/redemption flexibilities.

On Site Post Clearance Audit enables on premises verification of importer/exporter self assessment, reducing clearance delays and duplication.
Implementation of an On Site Post Clearance Audit (OSPCA) permits Customs to verify self assessment of import/export declarations at the premises of importers and exporters. The scheme, enabled by Board regulations, shifts detailed verification from transaction based PCCV/PCA to periodic company level scrutiny of books, records and electronic data, requires timely production and retention of records, allows sample-taking and verification of declarations, and prescribes coordination with Central Excise and Service Tax audits for Accredited Client Programme importers.

Service tax refund via electronic ICES filing enables exporters to claim refunds using registered bank and tax codes.
Electronic Service Tax Refund via ICES 1.5 permits exporters to claim refunds using a prescribed schedule of rates or to continue with document-based claims. Exporters must register a core-banking enabled bank account (IFSC and account number) and either a Central Excise registration number or PAN-based service tax code in ICES 1.5 using Annexure A; EDI will enter details and validate excise/service tax data against ACES. Shipping bills claiming STR will be validated by ICES at 2/4-digit RITC levels; claims are not accepted without successful registration and ACES validation. Disbursement occurs to the registered account via branch credit or NEFT/RTGS.

Electronic service tax refund through ICES enables exporters to claim refunds electronically or pursue document-based refunds.
An electronic refund mechanism via ICES 1.5 permits exporters to claim service tax refunds on the basis of a prescribed schedule of rates; it mandates one-time registration of a core-banking enabled bank account and either a Central Excise registration number or PAN-based Service Tax code in ICES 1.5, with details validated against ACES, captured via Annexure A, and used to process and disburse refunds through authorized banks or NEFT/RTGS.

Exchange-traded derivatives: consolidated rules on contract design, VaR-based margining, exposure limits and real-time market surveillance.
The circular prescribes a consolidated regulatory framework for exchange-traded derivatives covering standardized contract design and listing procedures, portfolio-based margining using worst-scenario VaR methodologies with specified scan ranges and minimum margins, collateral valuation and haircut rules, real-time margin collection and exposure limits tied to clearing members' liquid net worth, and comprehensive surveillance, unique client coding, position limits and governance standards for exchanges, clearing corporations, trading members and clients.

Verification of origin: designated repository will authenticate Certificate of Origin signatures to support preferential duty claims.
Verification of origin under Free/Preferential Trade Agreements requires a prescribed Certificate of Origin signed and sealed by authorised signatories. Where assessing officers doubt signatures/seals, they must verify records with the designated repository. As an interim measure, the Additional Commissioner of Customs (Tech.), Headquarters, Bangalore is appointed as repository for circulated signatures/seals of authorised signatories within the Bangalore Customs Commissionerate to authenticate Certificates of Origin for preferential duty claims.

Service tax refund to exporters via ICES now available electronically; register bank and tax code and opt in the shipping bill.
Electronic service tax refunds are available to exporters via ICES on the basis of a notified schedule of rates as an alternative to document based claims. Exporters must register a bank account and central excise/service tax code with Customs using Annexure A and declare their electronic refund option and the applicable chapter/subheading in the electronic shipping bill; ICES will calculate refunds as a percentage of FOB value. Amendments via ICES/ICEGATE are permitted, refunds are disbursed through authorized banks or NEFT/RTGS, and existing drawback bank registrations may be reused subject to registration of the tax code.

Interest rate futures on 2 and 5 year notional GoI securities allowed; cash settled with polling settlement, VaR margins, and position limits.
SEBI permits cash settled futures on 2 and 5 year notional coupon GoI securities with standardized contracts (Rs.2 lakh, quoted like underlying, up to 12 month tenor, initial three serial months). Settlement uses FIMMDA polling of selected primary dealers to derive an average settlement yield from a disclosed basket (eligible maturities 1.5-2.5 years for 2 year and 4.5-5.5 years for 5 year contracts) with outlier removal; exchanges must publish basket composition and theoretical price models. Risk management requires 99% one day VaR based initial margins subject to minimum percentages, specified extreme loss and calendar spread margins, exponential moving average volatility ( =0.94), and client/trading member position limits.

Hedging facilities for INR denominated ECBs permitted with authorised dealer banks to manage currency risk.
Non-resident holders of INR denominated ECBs may obtain hedging facilities with Authorised Dealer Category I banks using forwards, options and swaps. Customers must furnish pre deal documentation evidencing the underlying ECB, undertake that the exposure is not hedged elsewhere and that cancelled underlying exposures will trigger hedge cancellation. Hedge amount and tenor must not exceed the underlying transaction; settlement occurs via Nostro/Vostro accounts and funds are released only after sighting credits. Contracts cannot be rebooked after cancellation but may be rolled over before maturity; gains on cancellation may be passed to customers subject to a non rebooking declaration.

Customs area transfer permissions require Commissioner consent; major ports need either prior government approval or face regulatory action.
CCSPs must obtain written permission from the Commissioner before leasing, transferring, or outsourcing premises or functions within a customs area; major ports, though exempt from applying for custodian approval, remain bound by these obligations. If a major port already has Central Government or ministerial approval for lease or transfer, the Commissioner may grant the regulatory permission; absent such higher-level approval, action under the cargo-handling regulations and the Customs Act should be initiated.

Extension of filing deadline for half yearly service tax returns granted due to electronic filing difficulties.
An administrative order extends the due date for submission of half yearly service tax returns for the April-September 2011 period, invoking powers under the Service Tax Rules read with the enabling notification, and cites electronic filing problems as the reason; the extension is communicated to central excise and service tax field and systems officers for implementation.

Extension of time for DVAT 51 and original central declaration forms until 31 March 2012 for Q1 and Q2 2011 12.
The Commissioner extends the time for furnishing Form DVAT 51 reconciliation return and the original portions of Central Declaration Forms 'C', 'E I'/'E II', 'F', 'I', 'J' and 'H' up to 31 March 2012 for the 1st and 2nd quarters of 2011-12, under the cited provisions of the Delhi VAT Rules and Central Sales Tax Rules. The order further directs that no further extensions will be considered and requires all concerned to ensure filing within the extended period.

Registration of cotton export contracts: revalidation, limited reissuance and penalties applied for shortfalls beyond permitted tolerance.
Clarification requires registration of cotton and cotton yarn export contracts with DGFT and prescribes that RCs must be revalidated or may be cancelled under specified conditions; a -5% weight tolerance applies and surrenders or shortfalls beyond that tolerance are regularized by an administrative penalty plus a percentage of FOB shortfall. Changes to buyer details and amendments to quantity are permitted if exports complete within RC validity; one-time short revalidation is allowed. Fulfillment is only recognized when customs handover and Let Export Order are effected within RC validity; inconsistent consignee arrangements may attract penalties.

Deemed export benefits barred where imported capital goods are supplied as such to project authorities, no drawback refund permitted.
Deemed export benefits are inapplicable when imported capital goods are supplied as such to project authorities; goods qualify as deemed exports only when manufactured in India. If contractors or subcontractors import capital goods and supply them as imported items to project authorities, customs duties paid on those imports cannot be refunded as deemed export duty drawback under the Foreign Trade Policy. Regional Authorities should apply this clarification when processing deemed export claims.

Import of dyes limits within licence CIF value adjusted; specialty textile products permitted higher proportion under amended note.
The amendment to General Note No.5 modifies permitted import composition for dyes and chemicals within the licence CIF value by fixing ceilings expressed as percentages of FOB value within overall CIF, including a specific higher ceiling for specialty textile products such as fire retardant and water, oil and stain repellant textiles.

E voting certification requirement: e voting platforms must obtain STQC certification while video conferencing remains optional.
Video conferencing for shareholder meetings remains optional for listed companies; e voting platform providers must obtain certification from the Standardization Testing and Quality Certification Directorate, and the Ministry will not authorize agencies to provide video conferencing facilities.

Line of Credit enables export financing with Indian content, specified disbursement timelines and FEMA compliance.
Exim Bank's Line of Credit to the Democratic Republic of Congo finances the Ketende Hydro electric Project with eligible exports from India; at least 75% of contract value must be supplied from India while up to 25% of non consultancy goods may be sourced abroad. The Credit Agreement is effective from October 20, 2011, with LC/disbursement cut offs of 48 months from project completion for project exports and 72 months from execution for supply contracts. Shipments must be declared on GR/SDF forms; no agency commission under the LOC, though exporters may pay from own resources or EEFC balances in compliance with remittance rules. Directions issued under FEMA.