Minimum export price reduction for specified non Basmati rice lowers the export floor for Sona Masuri, Ponni Samba and Matta.
The Director General of Foreign Trade, under powers of the Foreign Trade Policy, amends prior public notices to reduce the Minimum Export Price applicable to exports of Sona Masuri, Ponni Samba and Matta varieties of non Basmati rice by substituting the previously notified MEP in the relevant sub paragraph; the amendment takes effect immediately and governs exports under the procedural framework established for the designated tranche of non Basmati rice.

Input norm reductions for pharmaceutical exports adjust permitted import quantities per kilogram under amended SIONs, and one SION withdrawn.
Modification of Standard Input Output Norms reduces allowed per kilogram import quantities for specified inputs in SION A-2462 (Cefixime USP) and A-2951 (Sultamicillin Base) to reflect improved consumption efficiency, while other input norms remain unchanged. Additionally, SION A-3331 for Ethambutol HCl BP/USP is deleted as duplicative because Ethambutol HCl SIONs exist at Sl. No. A-225.

Certificate of Origin authorisation expanded to include India Japan CEPA, enabling EIC to issue CEPA certificates immediately.
The heading of Appendix 4D in the Handbook of Procedures Vol. I is amended to add India Japan Comprehensive Economic Partnership Agreement (IJCEPA) alongside the India Malaysia agreement; the content of Appendix 4D is unchanged and the Export Inspection Council remains the authorised agency to issue Certificates of Origin under IJCEPA with immediate effect.

Bank guarantee waiver for fully export oriented units: procedural show cause notices won't forfeit waiver; only fraud or substantive violations will.
Clarifies that waiver of bank guarantees for eligible export oriented units under FTP is subject to turnover, existence and positive NFE/EO conditions, and that mere issuance of show cause notices for procedural violations does not preclude the waiver; denial is limited to cases involving fraud, collusion, willful misstatement, suppression of facts or confirmed demands for contraventions of customs, excise, foreign trade, foreign exchange or service tax laws and allied rules. Circular No.54/2004-Customs is modified accordingly and field formations are directed to publicize and implement the clarification.

Bank guarantee waiver for EOUs remains where only procedural show cause notices exist, denied only for fraud or willful misconduct.
Waiver of bank guarantees for Export Oriented Units under FTP para 6.12(f) applies only where units meet turnover and existence criteria and where alleged breaches are limited to procedural violations; exemption must not be denied solely because a show cause notice was issued. Denial is appropriate only for cases involving fraud, collusion, willful misstatement, suppression of facts, or confirmed penal demands under the relevant fiscal and trade statutes or allied rules.

Reallocation of DEPB assessment: Import Commissionerate to handle exclusive DEPB licence registration and monitoring under standing orders.
Assessment responsibility for goods cleared under DEPB scrips is reallocated from the EP Commissioner to the Import Commissionerate, and a DEPB Registration/Monitoring Cell comprising a Dy./Asst. Commissioner, an Appraising Officer and an STA/TA is established to register and monitor only those DEPB licences exclusively used for payment of duty; cases involving DEPB combined with other export promotion schemes remain with the EP Commissionerate.

Appeal filing to ITAT: centralized CIT responsibility, mandated scrutiny reports and timelines ensure justified, properly documented appeals.
Responsibility for filing appeals under section 253 rests with the jurisdictional CIT who, after considering subordinate reports, decides whether to contest CIT(A) orders; once authorized, the Range Head ensures timely filing and follow-up while the AO effects actual filing. A prescribed timeline governs transmission, scrutiny report preparation, Range Head recommendation, CIT decision and filing. Annexure II prescribes a detailed scrutiny report to compute tax effect, identify perversity, note additional evidence or remand reports, and produce draft grounds; the CIT must record issue wise decisions with reasons and issue authorization under section 253(2) where appeal is to be filed.

Client margin shortfall penalties enforced for derivatives, with escalating daily charges and sanctions for false reporting and non reporting.
Imposes a graduated penalty regime on trading members for short-collection/non-collection of client margins in equity and currency derivatives, with percentage-based penalties on per-client per-segment shortfalls, escalated daily penalties after three consecutive days and additional penalties after five days in a month. Market moves of three percent or more delay penalty application unless shortfall persists to T+2. Non-reporting counts as 100% short-collection; false reporting triggers a penalty equal to the falsely reported amount and one-day segment suspension. Exchanges must collect penalties monthly and credit them to the Investor Protection Fund; SEBI will inspect for compliance.

Company Law Settlement Scheme applicability to Form 52 affirmed; foreign companies included and original terms remain unchanged.
The corrigendum announces that the Company Law Settlement Scheme, 2011 applies to Form 52 (annual accounts filing by foreign companies), thereby including foreign companies within the Scheme's scope, and confirms that all terms and conditions of General Circular No. 59/2011 remain unchanged.

Permissible weight variation in cotton yarn exports allowed, shortfalls will not trigger penalty or debarment under DGFT rules.
A permitted negative variance of -5% in weight against Registration Certificates for export of cotton yarn is allowed and such shortfall shall not be treated as a default for imposition of penalty or debarment from future registrations under the DGFT contract registration framework.

Final list of cotton exporters declared defaulters; re verification in 15 days or remove name by specified penalty.
A final list of exporters declared defaulters for failure to export cotton is issued; 61 firms were removed after verification. Exporters listed may seek re-verification within 15 days by submitting documents to the RC-issuing authority for review. Firms exceeding the +/-5% tolerance may remove their names by paying a penalty of Rs. 10,000 plus 1% of the value of the shortfall beyond the 5% allowance. The annexure lists each firm's allocation, IEC, quantities, nature of default, and percentage shortfall or excess.

Objection disposal deadline: hearing authorities must conclude objection proceedings within prescribed time to prevent prolonged stay of tax demands.
Objections against notices of demand or assessment stay the demand under Section 35(2), and the objection hearing authority must dispose of objections within the statutory timeframe prescribed by Section 74(7) to prevent prolonged locking of demands; the circular directs departmental compliance and dissemination of this instruction.

Case reassignment under service tax powers: specified show cause notices transferred to a Commissioner for adjudication.
Assignment of specified service tax cases to the Commissioner is effected under the statutory delegation conferred by the referenced notification, directing transfer of adjudicatory responsibility for identified show cause notices. Two matters are assigned concerning the Management Committee (joint venture including Jubilant Oil & Gas Pvt. Ltd. and Gail (India) Ltd.), originating from the Commissioner of Central Excise & Service Tax, Shillong, with each table entry identifying the show cause notice reference, date and amount involved.

Service tax exemption for NGO-run outdoor catering under Mid-Day Meal Scheme removes prior tax liability for a specified period.
Grant of a service tax exemption for taxable outdoor catering services provided by NGOs registered under any Central or State Act under the Centrally assisted Mid Day Meal Scheme, removing liability to service tax leviable under the Finance Act for the specified retrospective period and forwarded for implementation pursuant to an Ad hoc Exemption Order.

Qualified foreign investor access to mutual funds: permitted with KYC/AML compliance, designated accounts, ceilings and non transferable units.
SEBI allows Qualified Foreign Investors (QFIs) meeting FATF, PMLA and SEBI KYC/AML standards to invest in mutual fund equity and eligible debt schemes via two routes: direct demat holdings through qualified DPs and indirect holdings via Unit Confirmation Receipts (UCRs). Investments are subject to aggregate ceilings, daily reporting to SEBI, non transferability and non encumbrance of units/UCRs, designated overseas bank account remittances, DP and UCR issuer qualification and operational procedures, tax withholding on redemptions, and compliance with FEMA/RBI regulations.

Accurate goods declaration requirements for imported pesticides-misdeclaration may lead to customs penalties and permit verification.
Importers and Customs House Agents must provide full, correct particulars in the Bill of Entry-complete description, common and chemical names, grade and specifications-to enable proper classification, valuation, duty levy and application of import restrictions; failures may invite penalties. Customs officers must verify that pesticides and insecticides have required registrations and import permits, specifically checking certificates issued by the CIB & RC under applicable insecticide registration rules.

Qualified Foreign Investors may buy rupee equity mutual fund units via direct or indirect routes, subject to KYC and repatriation.
Qualified Foreign Investors meeting SEBI KYC norms may purchase rupee denominated units of equity schemes of SEBI registered domestic mutual funds on a repatriation basis via two routes: Direct Route through SEBI registered Depository Participants using a separate single rupee pool bank account, and Indirect Route via Unit Confirmation Receipts with limited foreign currency accounts for subscription and redemption. Investments are non tradable, subject to jurisdictional compliance standards, KYC by DPs and mutual funds, monitoring against a global investment ceiling, prescribed timelines for fund transfer and repatriation, and applicable FEMA provisions.

Service tax exemption for NGOs supplying mid day meals relieves past liabilities for outdoor catering services during a specified prior period.
A retrospective exemption was issued for the taxable service of outdoor catering when provided by NGOs registered under any Central or State Act under the Centrally assisted Mid Day Meal Scheme, covering the period 10.09.2004 to 02.09.2010, thereby relieving those NGOs from service tax liabilities for that period and invoking executive powers on grounds of public interest and exceptional circumstances.

Investor transaction alerts required: stock exchanges must send SMS/e-mail transaction details to investors upon verification.
Stock exchanges must send daily SMS and e-mail transaction details to investors in equity and derivative segments. Stock brokers shall upload client contact details on exchange platforms, excluding intermediary contacts and permitting shared contacts only for immediate family on written request. Exchanges shall verify contacts by SMS/e-mail or letters and, after investor confirmation, send transaction details generated using the investor's Permanent Account Number. Exchanges must notify brokers of discrepancies, may fund alerts from investor-service listing fees, implement infrastructure within four months, amend bylaws, audit implementation, publicize the facility, and report status to the regulator.

Manufacturing turnover eligibility limited to processed marble production; trading turnover excluded and import quota applicants must segregate accounts.
Only manufacturing turnover from processed marble slabs and tiles will be considered for grant of import quota; trading turnover is excluded. Units with both activities must segregate turnover and apply based solely on manufacturing turnover. Units that only have trading turnover but mistakenly applied must withdraw by emailing [email protected] with the subject "Withdrawal of application for import of marble"; failure may be treated as misdeclaration under the FTD&R Act, 1992.