Assignment of Show Cause Notice to local customs commissioner for adjudication under customs administrative procedure.
The Board, exercising delegation under Notification No. 15/2002 Customs (N.T.) issued under sub section (1) of section 4 of the Customs Act, 1962, assigns Show Cause Notice DRI F.No.856(31)LDH/2007/Pt dated 06.12.2010 in the matter of M/s Prime Leathers and others to the Commissioner of Customs (Customs Preventive) at the specified customs house for the purpose of adjudication.

Director Identification Number update: DIN holders must file PAN via DIN 4 e form to avoid penal action.
The Ministry extended the deadline to 15.12.2011 for DIN holders to furnish PAN by filing the DIN-4 e-form; non-filing may attract penal action. The DIN Cell and professional bodies are instructed to notify DIN holders through email, SMS and publicity to ensure compliance.

Company Law Settlement Scheme extension: scheme period prolonged and existing terms continue, affecting filings and compliance timelines.
The Company Law Settlement Scheme has been extended until 15th December, 2011, with all terms and conditions of General Circulars No. 59/2011 and No. 60/2011 remaining unchanged; Regional Directors and Registrars of Companies are directed to implement and disseminate the extension under the existing procedural framework.

Penalty-based removal from defaulter list: firms paid prescribed penalty and had names removed after compliance.
Pursuant to a prior Trade Notice naming exporters as defaulters for cotton export shortfalls and offering removal upon payment of a prescribed penalty, 76 firms under the office's jurisdiction were reviewed; 38 firms submitted documents and paid the penalty in accordance with that notice, and their names have been removed from the defaulter list, as detailed in the attached annexure.

Supervision of stuffing and sealing of containerized cargo requires prescribed advance application and FIFO scheduling for inspection.
Exporters with factory stuffing permission must apply to the jurisdictional Range Superintendent in the prescribed format at least 24 hours in advance (or a mutually agreed shorter period) to schedule Central Excise supervision for examination, stuffing and sealing of export containers. Applications are time and date endorsed and processed on a First in First out (FIFO) basis; if range capacity is insufficient, exporters are informed to reschedule or officers will be deputed from divisional or Headquarters pools. Exporters pay MOT fees, may deposit a lumpsum in advance, and nominated officers must submit signed export documents, samples and completed examination reports to the jurisdictional range office.

Franchisee surrender requirement: foreign currency must be handed only to franchiser; stricter due diligence and distance limits.
Mandates that foreign currency purchased by franchisees be surrendered only to the franchiser within seven working days; requires franchisers to conduct annual due diligence including business activity checks, physical verification, identity and PAN documentation, declarations on criminal proceedings, photographs of key persons and a Chartered Accountant's certificate confirming ongoing maintenance of the Net Owned Funds requirement. Imposes a distance based selection criterion for franchisee appointment with exemptions for recognised hotel chains and designated hilly/North Eastern areas, requires immediate application to new franchisees, phased compliance for existing franchisees and reporting to the Reserve Bank regional office.

Extension of electronic VAT return filing: online submission deadline extended while tax payments remain due with penalties for late deposit.
Dealers required to file monthly returns (DVAT 16 and Form I) with Annexures 2A and 2B via the new electronic application for the August 2011 tax period are granted an extended on line filing deadline to 14.10.2011 and may file the hard copy by 17.10.2011, by administrative authorization; however, the obligation to deposit the tax remains governed by the statute and penalties for late payment will apply.

Centralized Registration requires centralized billing or accounting, online ST 1 filing and a compulsory undertaking for record retention and audits.
Centralized registration under Rule 4(2)(iii) is available only where there is centralized billing or accounting; applicants must file an online ST-1 and submit printed application with Annexures II-IV disclosing branch wise registrations, pending SCNs/appeals/audits and a written justification of centralized systems, together with prescribed identity, address and bank proofs. The applicant must furnish an undertaking to maintain and produce centralized records for five years, allow audits at branch level, surrender single registrations within two months of grant and report branch Cenvat balances within 15 days for transfer.

100% promoter demat holding compliance extended; stock exchanges must implement systems, amend rules and report monthly.
Extension of the deadline for 100% promoter holding in demat form by one quarter to the quarter ending December 2011; stock exchanges must implement systems and guidelines, amend bye laws and rules immediately, notify member brokers and publish the circular online, and submit monthly reports to SEBI on implementation.

FII investment limits in long term infrastructure debt revised with bifurcated lock in, residual maturity and bidding allocation rules.
Revises FII investment framework for corporate long term infrastructure debt by creating two categories with distinct residual maturity and lock in requirements: a one year residual/one year lock in category permitting FII inter trading but no sales to domestic investors during lock in, and a three year residual/three year lock in category that includes Infrastructure Debt Fund investments. FIIs may access the three year category without prior approval until a utilisation threshold, after which allocations proceed by competitive bidding; the shorter lock category is to be allocated via a time limited exchange bidding process with per entity caps, minimum bid sizes, and fee remittance deadlines. Embedded put/call dates are treated as maturity for residual maturity reckoning.

Foreign Direct Investment policy sets entry routes, sectoral caps and reporting obligations shaping cross border equity participation.
The Consolidated FDI Policy (effective 1 October 2011) sets out definitions, eligible investors and instruments, and the dual entry framework of the Automatic Route and Government Route. It prescribes sectoral caps, entry and conditionalities for permitted sectors, pricing and valuation norms for equity and convertible instruments, rules for ADR/GDR/FCCB and ECB conversions into equity, and detailed reporting and filing obligations (Forms FC GPR, FC TRS, advance reports and annual returns). Calculation rules for direct and indirect foreign investment, downstream investment limits, and FEMA enforcement and penalties are also detailed.

Foreign direct investment rules define entry routes, sector conditions, instrument types, reporting obligations and compliance mechanisms.
The Circular sets out a comprehensive framework for Foreign Direct Investment, distinguishing the Automatic Route and Government Route, specifying eligible instruments (equity and fully mandatorily convertible instruments), pricing and valuation norms, conditions for issuance and conversion of foreign borrowings and ADRs/GDRs, and timelines for issuance against inward remittances. It prescribes transfer, escrow and pledge procedures, KYC and Form-based reporting to RBI (including FC-GPR and FC-TRS), rules for calculating direct and indirect foreign investment across multilayered structures, and sectoral entry conditions and caps with associated compliance obligations.

Extension of tax filing deadline for assessees in Sikkim: income tax returns and tax audit reports now due October thirty-first.
Administrative relief extends the due date for filing income-tax returns and the specified date for furnishing tax audit reports for assessees in Sikkim from the end of September to the end of October, enacted under the Income-tax law as a temporary deadline adjustment in response to earthquake-related disruption.

Abolition of DEPB scheme ends EDI acceptance of DEPB shipping bills and shifts exporters to Drawback Scheme.
Abolition of the DEPB scheme requires ICES 1.5 to stop accepting and processing DEPB shipping bills and DEPB combined claims; pending DEPB bills without LEO must be cancelled and refiled under the Drawback Scheme. ICEGATE will transmit only DEPB shipping bills with valid LEO dates up to the cut-off. Imports under valid DEPB scrips will continue until scrip expiry. Drawback claims continue to be filed via the EDI shipping bill, and payments are disbursed to registered bank accounts (with IFSC and account certification) or via NEFT/RTGS.

Mandatory ACES usage requires all users to file excise and service tax processes electronically, with helpdesk and facilitation support.
Mandatory implementation of ACES requires all departmental users and assessees to use online ACES modules for Registration, statutory returns, Refunds, Provisional Assessment, Exports, Dispute Resolution and Audit, with Service Desk support, Certified Facilitation Centers to act on behalf of assessees for digitalization and filing, and an LMS and help resources available on the ACES website.

Offer document filing requirements reduced to fewer physical copies with electronic disclosure; applies to filings after the circular.
Filing requirements for offer documents under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 are streamlined to reduce the number of physical copies submitted to the Board and rely on electronic availability on SEBI and merchant banker websites; the reduction applies to all draft and final offer documents filed with SEBI on or after the date of the circular and is issued under SEBI's statutory authority.

Structured products disclosure requirement: enhanced risk, valuation and distribution safeguards mandated for market linked debentures issuers
Regulation requires enhanced issuer obligations and investor protections for listing of structured products/market linked debentures: ineligible treatment of non principal protected instruments; issuer eligibility, minimum ticket size; expanded offer document disclosures including standardized rating prefix, scenario analyses, prominent model and issuer credit risk warnings, valuation publication and commission disclosure; mandatory third party valuation by a registered rating agency with at least weekly public values; and distributor suitability and investor guidance requirements.

ACES mandates electronic registration, e filing of specified excise and service tax returns and electronic payment procedures for taxpayers.
The circular mandates use of the centralized ACES system for electronic registration, return filing and electronic payment of Central Excise duty and Service Tax, prescribes registration procedures for new, existing, non assessees and LTU assessees, specifies validation, XML/template upload and CFC facilitation options, details e payment via authorized net banking and EASIEST with challan generation, and defines filing status, rejection/acceptance rules and taxpayer responsibilities including maintenance of contact details and use of PAN for statutory registration.

Prior Informed Consent requirement mandates MoEF permission for imports of specified e waste and used electronic assemblies; noncompliance triggers re export requirement.
Imports of specified electrical and electronic wastes require Prior Informed Consent for A1180 items and prior permission for B1110 items under the Hazardous Waste Rules; importers must produce MoEF clearance at arrival, and contravening imports are treated as illegal traffic requiring the importer to re export the wastes at their cost under Rule 17.

Disclosure of price information for past issues must accompany due diligence, using prescribed format and summary tables for recent IPOs.
Merchant bankers must attach prescribed price information disclosures in the specified Annexure and summary table to the Due Diligence certificate for prospectuses filed on or after the circular's applicability date, covering up to ten IPOs per banker across three financial years, with separate tables for each banker and detailed issue-level price and benchmark comparisons.