ASBA facility: Syndicate-mediated blocked-funds applications mandated for non-retail issuances, with SCSB branch designation required.
Regulator authorises ASBA through syndicate and sub-syndicate members who may upload bids and forward physical ASBA forms to SCSBs for signature verification, blocking of funds and transmission to the registrar. SCSBs must name at least one branch in each bidding centre to receive Syndicate ASBA forms and submit branch details for publication. Non-retail applicants are required to use ASBA for public and rights issues, with merchant bankers ensuring offer document payment disclosures. An indicative timeline governs upload, validation, blocking, reconciliation, allotment and funds transfer.

Cenvat credit eligibility: credits disallowed for inputs exclusively used in exempted goods or services, with narrow exceptions.
Credit on capital goods or inputs is not admissible where they are used exclusively for exempted goods or exempted services as defined; the illustrative exclusions do not limit the principle that items used primarily for personal or employee consumption are ineligible. The expression "no relationship whatsoever with the manufacture of a final product" is to be interpreted narrowly so that goods and services used in or in relation to manufacture remain creditable unless specifically denied. Sub-rules 6(3B) and 6(3C) apply separately to each registration for specified financial and insurance services, and services completed before the rule change remain eligible for credit.

Cenvat credit eligibility clarified: credit allowed unless inputs or services are used exclusively for exempted goods, services, or trading.
Clarification affirms that CENVAT credit is allowable for inputs and input services used in manufacture or in relation to taxable services except where expressly denied, notably when used exclusively for exempted goods or services (including items exempt under the cited notification) or exclusively for trading; capital goods used exclusively for exempted activity are likewise ineligible. Repair and renovation services for factory/offices and Business Auxiliary Services tied to sale (including commission) remain admissible. Special allocation and reversal rules for banking, financial and life insurance services apply per registration. Pre-amendment completed services retain credit eligibility.

Advance remittance liberalisation: raises threshold for mandatory standby letter of credit or bank guarantee, preserves discretionary waiver framework.
Authorised Dealer Category - I banks may accept advance remittances for imports without an unconditional, irrevocable standby Letter of Credit or international-bank-backed guarantee up to an enhanced threshold; above that threshold a bank guarantee (backed by an international bank where applicable) remains required, subject to specific Ministry of Finance waivers for Public Sector entities. Existing provisions allowing AD Category - I banks to waive guarantee requirements under an internal Board-approved policy for eligible importers remain unchanged.

FII investment in infrastructure corporate bonds expanded, with mandatory three-year lock-in and intra-FII trading permitted.
SEBI-registered Foreign Institutional Investors may increase their investment in listed non-convertible debentures and bonds issued by Indian corporates in the infrastructure sector as defined under ECB guidelines, within an enhanced sub-limit while preserving the overall corporate debt cap; such infrastructure bonds with residual maturity of five years or more will carry a mandatory three-year lock-in though trading among FIIs during lock-in is permitted, and FIIs may also invest in unlisted infrastructure corporate debentures/bonds subject to the same terms and FEMA compliance.

Irrevocable payment commitments permitted for custodians to settle FII share purchases, subject to bank exposure and compliance norms.
Custodian banks may issue Irrevocable Payment Commitments (IPCs) to stock exchanges/clearing corporations on behalf of FIIs for purchase of shares under the Portfolio Investment Scheme, subject to Reserve Bank regulations on banks' exposure to the capital market and existing DBOD instructions; amendments to the Guarantee Regulations will follow and AD Category I banks must inform constituents and ensure regulatory compliance.

Electronic delivery of statutory corporate reports permitted where members consent, website posting, accessibility, and free physical copies on request.
Companies may comply with the obligation to supply annual statutory documents by sending them by e mail if the company has obtained members' e mail addresses after offering an opportunity to register and update them, posts full text of the documents on its website with prior newspaper notice in vernacular and English, ensures website accessibility, sends documents by other statutory modes to members who have not registered e mail addresses, and provides physical copies on request free of charge.

Proof of identity for re-exported event goods clarified; committee certificate and reconciliation may satisfy export identification requirements.
Notification exemptions for Commonwealth Games imports require proof of identity at re-export; a certificate from designated Organizing Committee officials plus a reconciliation statement correlating goods with import documents and the shipping bill may be accepted as proof, but goods that have changed form and cannot be identified do not qualify for the exemption. The same approach applies where duty was paid and a drawback claim is made at re-export.

Annual issuer charges now set by average folio count, changing fee calculation and enabling adjustments with issuers.
Annual issuer charges will be calculated using the average number of folios (ISIN positions) during the previous financial year, computed by dividing the total folios for the year by the total working days. Depositories may adjust any excess or deficit with issuers for the current financial year. Stock exchanges and depositories must amend bye laws and the Listing Agreement as applicable, notify stakeholders, publish the change online, and report implementation status in Monthly Development Reports.

Tariff classification: machinery-class goods (e.g., reach stackers) fall under the machinery chapter and are not subject to vehicle import licensing.
Goods that are machinery (for example reach stackers and forklifts) specifically covered at the relevant tariff code within the machinery chapter are not to be classified under the vehicles chapter; therefore Import Licensing Notes No. 1 and 2 of the vehicles chapter do not apply to those goods. A prior circular on special purpose vehicles is limited to items classifiable under the vehicles chapter only.

Refund of excess TDS: procedure for adjustment or AO claim, subject to a two year time bar.
Refunds of excess TDS equal the difference between actual payment to the Government and tax deductible at source. Within the same financial year the excess can be adjusted in the next quarter's TDS statement; beyond that year the deductor must apply to the Assessing Officer (TDS) and no refund claim is permitted after two years from the end of the financial year in which tax was deductible. The circular is applicable for claims up to 31 3 2010 due to processing provisions for TDS statements and refunds.

Assignment of Show Cause Notice transfers adjudication responsibility under the Customs Act to the port customs commissioner.
Assignment of a Show Cause Notice issued by the Directorate of Revenue Intelligence to the Commissioner of Customs (Import), Sahar Air Cargo Complex, Mumbai, under powers conferred by the Notification issued under section 4(1) of the Customs Act, 1962, thereby transferring adjudication responsibility in the matter of M/s Inter-Continental (India) & Others.

Service tax on restaurant services: gross value exemption and valuation rules; hotel tariff based levy with exemptions.
The circular operationalises new and amended Service Tax entries effective May 1, 2011, setting valuation and exemption rules: restaurants receive a 70% gross value exemption only if no Cenvat credit is claimed and service charges are included in taxable gross value while tips are excluded; short term accommodation is taxed based on a declared tariff definition with exemptions below the threshold and a 50% valuation concession absent Cenvat credit; life insurance taxation allows an option to tax the non investment premium portion or apply a prescribed valuation where no break up is provided.

Document Management System rollout requires combined service payments before printed customs documents are released.
Implementation of a Document Management System at Air Cargo Complex will introduce bar coding, high-speed scanning and electronic storage of import and export dockets effective 1 May 2011; a vendor will implement the system and trained officers will have access. Under a tripartite arrangement, M/s CMC Ltd will collect DMS charges alongside existing service charges, issue two separate coupons and maintain separate accounts, and both coupons must be paid to obtain printed bills and related documents; copies of an importer/exporter's own documents require an official request to the Additional Commissioner in charge of DMS.

Service through electronic mode accepted where members are given opportunity to register emails; otherwise other modes apply.
Service through electronic mode satisfies Section 53 of the Companies Act where the company has obtained members' e mail addresses after giving each shareholder an advance opportunity to register and update those addresses. If a member has not registered an e mail address, service must be effected by other modes authorised under Section 53. The clarification relies on the Information Technology Act for legal validity and responds to discontinuation of the postal 'certificate of posting'.

E-Payment of customs duties enables online payment via ICEGATE and designated bank, triggering automatic movement to the examination queue.
Establishes an electronic payment mechanism via the Customs E-Payment Gateway on ICEGATE for import duty payment at ICES 1.5 locations (ICD Waluj and ICD Maliwada), allowing internet-enabled SBI account holders to select unpaid TR-6 challans, pay through designated bank internet banking pages, obtain a cyber receipt, and have payment confirmations sent electronically to ICES so the Bill of Entry is automatically moved to the examination queue; a VERIFY option addresses incomplete transactions and physical proof of payment is not required for clearance.

Prosecution monitoring: update MCA21 prosecution module to capture compliance reports on actions against defaulting companies.
The Secretary directed that Compliance Reports on prosecutions under the Easy Exit Scheme be monitored through MCA21 and included in progress reports; observed omissions where prosecutions "filed" and "yet to be filed" were not updated on the portal. Regional Directors are requested to update the prosecution module on MCA21 so requisite data on filing actions against defaulting companies is captured for monitoring.

Simplified amalgamation procedure ensures Cabinet-approved government company mergers proceed after unanimous member approval and creditor assent.
A simplified administrative procedure for amalgamation under section 396 requires Cabinet approval that the merger is in the public interest, member resolutions passed by members holding 100% of voting power with full disclosure of assets and liabilities, and creditor assent either unanimous or by ninety percent by value plus certification of no objection. After submission of corporate resolutions and Cabinet confirmation, the Central Government may notify the amalgamation, effect transfer of assets and liabilities to the transferee or resulting company, preserve pre-existing rights and proceedings, cancel registrations of dissolved transferor companies, and require the Registrar to strike off their names.

Service tax on visa assistance: not leviable when individual pays facilitators; leviable if employer engages or pays.
Assistance provided directly by visa facilitators to individuals for obtaining visas, where statutory fees are remitted to authorities and the service charge is paid by the applicant, does not fall under taxable services and is not liable to service tax under section 65(105). Service tax becomes payable where the facilitator acts as agent of recruitment or of a foreign employer (supply of manpower), or where a business entity pays the service charge on behalf of its employees (business support service).

Service tax accounting codes for new restaurant and short-stay accommodation services establish revenue, interest and refund coding.
Allocation of account codes under Major Head "0044-Service Tax" for two taxable services introduced by the Finance Act, 2011: specified three-part codes for tax collection, other receipts (interest/penalty) and deduct refunds (for revenue authorities), with directions to book education cess to designated heads, replace any NSDL dummy codes with the prescribed codes, and issue trade/public notices; table descriptions do not restrict service scope.