Foreign currency insurance issuance allowed without prior central bank approval for specified marine, aviation, and project risks.
IRDA registered insurers may issue and receive premiums for general insurance policies in foreign currency without prior Reserve Bank approval in specified cases: marine insurance for foreign owned or chartered vessels (including Indian technical management and vessels mortgaged to foreign financiers), aviation insurance for leased aircraft used in air taxi operations, and marine cum erection all risks policies for projects with foreign collaboration or ECB financing. Authorised Dealers may permit claim remittances in these cases subject to conditions in the referenced AP(DIR Series) circular.

DEPB scheme amendment: FOB-to-rupee conversion and revised application rules require separate filings for different policy periods.
DEPB entitlement calculation now requires conversion of FOB export value into Indian rupees using the export exchange rate notified by the Ministry of Finance applicable on the Customs order of "Let Export". A revised, mandatory application form is prescribed for DEPB claims. Because many DEPB serial numbers and rates changed under the new policy, exporters must submit separate applications for exports under the earlier policy period and the new policy period to reflect differing serial numbers/rates and to avoid processing problems.

Storage of duty paid goods: permitted in warehouses with commissioner permission subject to revenue safeguarding conditions.
The Board permits storage of duty paid goods belonging to another manufacturer in a warehouse provided the permission of the Commissioner having jurisdiction is obtained; the Commissioner may impose conditions to safeguard revenue before allowing such storage.

Technical specification declarations required for specified inputs; exporter must state characteristics and DFRC must record them.
Exporters must declare technical characteristics, quality and specification for listed input items in the shipping bill, and the licensing authority must record those technical characteristics, quality and specification in the Duty Free Replenishment Certificate when issuing DFRCs for specified categories including Engineering/Electronics, Chemical and Allied Products, Plastics, Textiles and Miscellaneous. The amendment to paragraph 4.31 is effective from 1 April 2002.

Export facilitation for status holder exporters: extended realisation period and permission to despatch shipping documents direct to consignees.
Permits certified Status Holder Exporters to despatch export documents directly to overseas consignees provided export proceeds are repatriated through the authorised dealer named in the GR form and a duplicate GR form is submitted for monitoring; and extends the period for realisation and repatriation of export proceeds for such certified exporters, subject to compliance with repatriation through the authorised dealer.

Status Holder Exporters may credit eligible foreign exchange receipts to EEFC accounts under the RBI facility.
Authorises certified Status Holder Exporters to credit up to 100% of eligible foreign exchange receipts to their Exchange Earners' Foreign Currency (EEFC) account, applicable to receipts on or after April 1, 2002, until further notice; regulatory amendment to follow and Authorised Dealers to notify constituents.

Diamond Imprest Licence: requires minimum value addition, execution of legal undertaking, non-transferable actual user imports and caratage accounting.
Diamond Imprest Licence permits specified imports of cut and related diamonds subject to banker declarations, documentary requirements and execution of a two year Legal Undertaking. Licence holders must effect a minimum 10% value addition, account imports and exports in caratage, import stones not exceeding one quarter carat, and comply with actual user and non transferability conditions; entitlements must be exhausted within the issuing year. Extensions and regularisation of defaults are subject to prescribed penalties and conditions, and transitional rules govern pre existing licences.

DEPB rate notification: Schedule of DEPB rates notified to take effect from first April under export-import policy.
Notification under the Export and Import Policy framework announces the DEPB rates for specified items in the annexed "Schedule of DEPB Rates" and declares the schedule to come into force from 1 April 2002, establishing the operative regulatory instrument for calculation and implementation of DEPB benefits.

Import condition for textile articles: exemptions for customs bonded and export-use imports, but testing required if released for home consumption.
Imports of textile and textile articles intended exclusively for export production are exempt from the general import condition when imported by units operating under customs-bonded arrangements or under the specified Exim Policy provision; however, the testing requirement applies if any consignment using the imported textile material is released for home consumption.

Notification of Handbook of Procedures brings procedural rules under the Export and Import Policy into operative effect for trade compliance.
Notification under the Export and Import Policy publishes the Handbook of Procedures (Vol.1) as a regulatory instrument; the Director General of Foreign Trade issues the Public Notice under delegated authority and specifies that the Handbook takes effect from the commencement date indicated, making it an operative administrative directive for exporters and importers to follow the Policy's procedural framework.

Input-output norms modification updates SIONs, adding and revising chemical and engineering input allowances for exports.
The DGFT, under Paragraph 4.11 of the Export and Import Policy 1997-2002, amends the Handbook of Procedures, Vol.2 by revising the Statement of Standard Input Output Norms: deleting numerous footnotes, altering export/import item descriptions, substituting and quantifying input items, adding A2835-A2975 chemical entries and C1765-C1767 engineering entries, shifting certain norms between product groups, and standardizing per unit input allowances and alternative input provisions for compliance with export entitlement calculations.

Concessional duty entitlement: EOUs using imported consumables with capital goods retain benefit if notification conditions met.
The Board clarifies that consumables used with capital goods are not raw materials and that EOUs using imported consumables with capital goods should not be denied the concessional duty benefit under Notification No.8/97-CE (as amended), provided all other conditions of the notification are met; field formations must cease the misinterpretation and implement the clarification.

Line of Credit financing allows up to ninety percent export credit under UCP documentary conditions with specified contractual and documentary safeguards.
Exim Bank's credit to Bancomext finances eligible Indian exports subject to Exim Bank approval, U.S. dollar contracts above a minimum value, and financing of up to 90% of f.o.b./c.&f./c.i.f. price with a 10% buyer advance. Shipments are covered by irrevocable letters of credit advised through designated negotiating banks in India, subject to UCP (1994); documents must include inspection certificates. Negotiating banks may pay in rupees up to 90% on presentation; Exim Bank reimburses in U.S. dollars under specified conditions. GR/SDF declarations and prescribed procedural requirements apply.

Export line of credit enables major contract funding via irrevocable letters of credit with specified documentation and reimbursement procedures.
A line of credit to a foreign bank finances a substantial portion of Exim Bank approved export contracts denominated in U.S. dollars, subject to a minimum contract size, buyer advance payment and an irrevocable letter of credit for the balance. Letters of credit must comply with the Uniform Customs and Practice for Documentary Credits and be advised through designated negotiating bank offices. Negotiating banks pay beneficiaries in Indian Rupees against compliant shipment documents and are reimbursed by Exim Bank in U.S. dollars under prescribed conditions. The circular allocates bank charges, disclaims Exim Bank liability for negotiating banks, prescribes GR/SDF documentation, limits agency commission subject to conditions, lists eligible goods, and invokes powers under the foreign exchange statute.

Examination report requirement: examined and sealed export consignments must be accompanied by a completed report to the port.
Exports examined and sealed by Central Excise or Customs officers at a factory or approved warehouse must be accompanied to the port or airport by a duly completed Examination Report in the prescribed form, with its details captured in the export registration system at the time of registration; field formations are to enforce compliance and acknowledge receipt of the circular.

Export credit facility enables financing of eligible Indian exports to BCIE member countries under specified letter of credit terms.
Exim Bank's line of credit to BCIE finances exports of listed eligible goods and related services to specified BCIE member countries. Contracts require prior Exim Bank approval, must be in U.S. dollars meeting a minimum contract size, and may be financed up to a specified portion of the f.o.b./c.&f./c.i.f. price. Buyers must pay an advance and the balance is paid pro rata against shipments under an irrevocable letter of credit subject to UCP (1994). Negotiating banks may pay beneficiaries in rupees and are reimbursed by Exim Bank in U.S. dollars when conditions are met.

Benchmark disclosure requirement: mutual funds must publish benchmark index performance alongside scheme returns for investor comparison.
Mutual funds must disclose benchmark index performance alongside scheme returns in half yearly reports for equity oriented schemes, selecting appropriate broad or sectoral indices aligned with each scheme's objective. Multiple indices may be shown and any change must be recorded and justified. AMCs and trustees are required to review scheme performance periodically, compare it with benchmarks, consider industry data for corrective action, and report compliance in quarterly AMC reports and half yearly trustee reports to the regulator.

Export of goods for exhibition permits exports without prior RBI approval, with repatriation and reporting obligations.
Exporters may export goods for exhibition or sale abroad without prior RBI approval; authorised dealers may approve GR forms subject to conditions: production of Bill of Entry within one month of re import for unsold items; repatriation of sale proceeds in accordance with the Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2000; and reporting to the authorised dealer on disposal and repatriation. Such transactions are subject to 100% internal audit by the authorised dealer.

Disqualification of directors clarified: nominee directors of public financial institutions exempted subject to governance and monitoring obligations.
The Government clarifies that nominee directors appointed by Public Financial Institutions, statutory entities with non obstante clauses, Central and State Governments, and banking companies are not to be disqualified under Section 274(1)(g) of the Companies Act, 1956; Government companies are likewise exempt. Regional Directors/Registrars are directed not to take action under the provision in respect of these nominees. The exemption is conditioned on nominee directors actively promoting and implementing good corporate governance, ensuring statutory compliance, participating in board and committee functions, safeguarding nominator interests, and on Financial Institutions monitoring nominees, replacing underperformers and reporting measures taken to the Department/ROC.

All Industry Rate of Duty Drawback: component-specific deductions permitted for bicycle exports under advance licence, enabling adjusted drawback claims.
The All Industry Rate of Duty Drawback for complete bicycles may be adjusted by deducting the duty attributable to any of the 22 listed components that are either not supplied or are imported under the Advance Licence Scheme, enabling component-level deduction from the total drawback entitlement and avoiding the need for brand rate applications; field formations are authorised to apply this dispensation, including retrospectively to exports from 4.10.2001 onwards.