Electronic shipping bill processing under ICES 1.5 centralizes export filing and integrates scheme registrations and drawback credit.
Launch of the ICES 1.5 centralised EDI platform at Magdalla and Dahej ports enables electronic filing and automated processing of export shipping bills, subject to mandatory pre filing registrations (IE Code, CHA/shipping agent, bank account/AD/IFSC, DGFT licences) and standardised coding. The procedure prescribes service center and remote filing through ICEGATE, checklist verification, system generated shipping bill numbers, customs examination and sampling recorded electronically, escalation and query mechanisms, scheme specific rules for Drawback/DEPB/EPCG/DFIA/EOU, and integrated foreign exchange realisation monitoring with specified helpdesk and grievance channels.

Online transmission of export-import licences enables automatic availability of DGFT licences in Customs EDI for filing shipping bills and BOEs.
Operationalisation of online transmission makes licence/file numbers issued on or after 1 March 2009 automatically available in the ICES 1.5 EDI system for exporters and for importers where the port of registration is this port; exporters/importers must quote the licence/file number in shipping bills or bills of entry. Manual registration procedures continue to apply for licences issued on or up to 28 February 2009, with transitional steps specified for licences issued after 1 March 2009 but before implementation to permit verification and subsequent electronic registration.

Foreign direct investment prohibition in manufacture of cigarettes and related tobacco products imposed; activity added to prohibited sectors.
The policy now prohibits foreign direct investment in the manufacture of cigars, cheroots, cigarillos and cigarettes of tobacco or tobacco substitutes. The prior provision permitting FDI under the government approval route and subject to industrial licensing has been deleted and the activity expressly added to the list of sectors where FDI is prohibited, with immediate effect as an amendment to the Consolidated FDI Policy.

SEZ instruction withdrawal: administrative order annuls prior instruction following operationalisation of SEZ Act provisions under statute.
Instruction No. 56 dated 7-5-2010 withdraws Instruction No. 45 dated 30-11-2009 with effect from 13-1-2010, pursuant to a Notification dated 13 January 2010 that operationalises Sections 20, 21 and 22 of the Special Economic Zone Act, 2005; the document operates as an administrative circular ordering withdrawal of the earlier instruction consequent on the statutory operationalisation.

Annual report accessibility required: stock exchanges must host listed companies' annual reports to ensure investor access.
SEBI requires stock exchanges to host on their websites the Annual Reports of listed companies submitted under Clause 31 of the Equity Listing Agreement for the financial year 2009-10 onwards, following discontinuation of the EDIFAR site and omission of Clause 51, and to report implementation status to SEBI.

Customs EDI system rollout enables centralized electronic filing and automated export shipping bill processing and scheme validation.
Centralized ICES 1.5 electronic processing at ICD The Thar Dry Port mandates pre filing registration of exporters, CHAs, shipping agents, authorised dealer bank accounts and DGFT licences; prescribes electronic filing via Service Centres or Remote EDI with printed checklists, system generated Shipping Bill numbers, officer workflows for physical examination, sampling, "Let Export" approval triggering Shipping Bill printouts, and scheme specific electronic handling for Drawback, DEPB and EPCG/DES including bank registration for direct credit and automated DGFT message exchange.

Export obligation period: silk in any form now subject to six-month export obligation from customs clearance.
A new export obligation entry requires that silk in any form carry an export obligation of six months, calculated from the date of clearance of the first consignment by the customs authority; this entry is added immediately to the Appendix governing export obligation periods in the Handbook of Procedures.

Work-from-home for IT SEZ employees permitted as an exception when temporarily incapacitated or traveling, subject to project and export conditions
Permits employees of IT SEZ units to work from home or outside the SEZ only where they are temporarily incapacitated or traveling, provided the person is an employee of the SEZ unit, the off premises work relates to a project of that unit, and any resultant exports are effected solely from the unit's premises in the SEZ.

Sealing procedures for packing machines require supervised multi-point sealing, secured storage, and Panchnama documentation.
Sealing procedures require uninstallation or inoperability and multi-point sealing of packing machine sealers under Central Excise supervision, notification of destination for removed machines, sealing of external premises or secured factory rooms, Panchnama recording with authorized representatives and independent witnesses, and retention of sealed keys by Central Excise officers; specific protocols apply when the entire factory is temporarily closed, including power disconnection and fabric-sealed locks to prevent manipulation.

Converged Accounting Standards adoption: phased timelines, eligibility cut-offs and mandatory continuity of application clarified.
Phased applicability and procedural rules for adoption of the first set of converged Accounting Standards are specified: Phase I entities must convert opening balance sheets (1 April 2011 for most companies; 1 April 2013 for specified banks and finance entities) and prepare subsequent financial statements under the converged standards, with cut-off balance sheet dates set for determining eligibility. Net worth calculation rules for applicability are prescribed, subsidiaries and group consolidation adjustments are addressed, early adoption is permitted for some group entities, and reversion to prior standards after adoption is not allowed.

Index options tenure extension to five years permitted, subject to contract cycle structure and exchange risk management.
Introduction of index options with tenure up to five years is permitted on recognised exchanges provided there are eight semi annual June/December contracts in sequence to three serial monthly contracts and three quarterly contracts of the March/June/September/December cycle, and the exchange has an appropriate risk management framework for such derivative contracts.

Release of foreign exchange ceiling increased for travel, with country-specific higher limits retained and notification required.
The Reserve Bank increased the permissible sale of foreign currency notes and coins by Authorised Dealers and Full Fledged Money Changers to travellers, raising the ceiling for most countries to a higher single trip limit to be released from the traveller's overall foreign exchange entitlement. Pre existing, higher limits remain in place for travellers to Iraq and Libya, and full release in notes and coins continues for travellers to the Islamic Republic of Iran, the Russian Federation and other Republics of the Commonwealth of Independent States.

FDI share transfer pricing guidelines revised-new valuation and certification requirements for resident-non resident equity transfers.
Revised pricing guidelines for transfer of equity instruments between residents and non residents require listed shares to be transferred at the ruling market price and unlisted shares to be valued by a SEBI registered Category I merchant banker or Chartered Accountant using the discounted free cash flow method or other prescribed methodologies; the computed price must be certified. Transfers by non residents to residents are subject to the pricing ceiling based on resident to non resident rules, with specified procedures for exchange traded and non exchange sales and a permitted premium where management control passes to resident promoters.

Dematerialisation requirement enables shift from trade-for-trade to rolling settlement when sufficient public holdings are dematerialised.
Stock exchanges may shift securities from Trade-for-Trade Settlement to normal Rolling Settlement for companies that have established connectivity with both depositories provided that at least 50% of non-promoter holdings are in dematerialised form, certified by the RTA or, where no separate RTA exists, by a practicing company secretary or chartered accountant, and provided there are no other grounds for continuation of TFTS; exchanges must report actions in Monthly/Quarterly Development Reports to the regulator.

Transparency and disclosure obligations require credit rating agencies to publish default studies, conflicts policies, and detailed rating records.
Prescribes comprehensive transparency and disclosure obligations for registered Credit Rating Agencies, requiring retention of detailed rating records for five years after maturity, publication of default studies using static-pool and weighted-average methods, management and disclosure of conflicts of interest, specific prohibitions and disclosure requirements for structured finance ratings, labeling and disclosure of unsolicited ratings, and standardized periodic website and stock-exchange disclosures on rating procedures, rating movements, defaults, default rates, income sources, shareholding pattern and IOSCO code compliance.

On-line approval of high value refunds required; senior tax officers must approve before bankers process refunds.
On-line Refund Approval functionality requires refunds in prescribed slabs to receive electronic prior approval from Addl. CIT or CIT before disbursement; the Refund Banker will not pick up a refund unless approval is recorded in AST. The system includes a user manual and allows generation of pending-approval lists for CIT and Addl. CIT.

Minimum value addition requirement imposed for copper anode, cathode and wire rods under Appendix amendment.
Sl. No. 1 of Appendix 11B in the Handbook of Procedures (Vol. I) is amended to require that Copper Anode, Copper Cathode and Copper Wire Rods manufactured from copper concentrate meet a minimum value addition of 8% as a condition for export, notified by the Director General of Foreign Trade under Paragraph 2.4 of the Foreign Trade Policy, 2009-14.

Access to customs import-export data available on subscription with specified fees, delivery media, and payment procedure required.
Daily lists of import and export consignments through Air Cargo Complex, Sahar, Mumbai will be available to subscribers and will specify key transaction fields (date, origin/destination, description, ITC (HS) code, quantity, value, and carrier). Lists will be issued on CD or pen drive. Subscription is required, subscribers must state intended use, and fees for half yearly and yearly options must be paid by demand draft in favor of the Assistant Commissioner of Customs (EDI) payable at Mumbai, with the draft and subscription letter delivered to the Assistant Commissioner (EDI).

Validity extension of public notice for Inland Waterways Authority of India continued under customs administration.
The validity of Public Notice No. 02/2005, earlier extended by successive notices, is further extended up to 31.03.2011 in respect of M/s. Inland Waterways Authority of India. The notice records a further administrative extension of the public notice for the specified entity.

SEZ construction approval requirement: buildings and warehouses now require Unit Approval Committee clearance; no tax benefits for external construction.
Annexure I is amended so that construction of all types of buildings in the processing area and warehouses are valid only "as approved by the Unit Approval Committee"; existing guidelines continue to exclude tax benefits for construction outside SEZ premises, including water pipeline connections from the source to the SEZ, and designated officers are to ensure compliance.