Proper officer doctrine: transfer SCNs issued by DGDRI, DGCEI or Preventive to the Call Book pending adjudication.
The Board instructs that, pending resolution of a judicial challenge to the retrospective validation in sub-section (11) of Section 28, all show cause notices issued by DGDRI, DGCEI, SIIB or Preventive prior to the notification assigning them as proper officers and pending adjudication are to be transferred to the Call Book, with any implementation difficulties reported to the Board.

Grandfathering of ODI positions permits continued holdings under FPI regime subject to eligibility and Regulation 22 compliance.
ODI subscribers who held positions under the FII regime may continue under the FPI regime only if they comply with Regulation 22 and meet eligibility criteria in SEBI circular CIR/IMD/FIIC/20/2014 and other SEBI norms; non compliant entities, including certain unregulated funds, may only hold existing positions until expiry or until the specified cut off, and cannot take fresh positions or renew old ones. Fresh ODIs may be issued only to entities meeting the same eligibility and compliance conditions.

Export authorization for specified SCOMET categories to Iran requires IMWG clearance and concurrence of disarmament division.
Authorization for export of specified SCOMET items to Iran is conditional on compliance with Annex B to UN Security Council Resolution 2231 (2015). Categories 0, 3 (other than 3D), 4, 5 and 7 are covered. The licensing authority, whether DGFT or Department of Atomic Energy as applicable, must complete the IMWG or applicable internal process and then seek concurrence of the Disarmament and International Security Affairs Division as part of the authorization procedure.

Officer nomination amended in trade notice: designated Assistant Commissioner replaced following transfer, other notice provisions unchanged.
The trade notice amends Trade Notice No.06/2015 by substituting Shri P. Joseph Xavier Regis, Assistant Commissioner, as the nominated officer for the Taxpayer's Service Centre in the Tirupati Commissionerate in place of Shri Shokendar Kumar due to the latter's transfer to Kurnool Division; all other provisions of the earlier notice remain unchanged.

Single Window Simplification: streamlined ADC clearance for non-pharmaceutical and declared non-pharmaceutical-use consignments via integrated electronic declarations.
The notice directs that items identified on the PGA Exemption Category (PEC) list as chemicals not drugs be declared in the Integrated Declaration to avoid ADC referral; allows electronic declarations that dual-use items are non-pharmaceutical grade and contain no API and that end-use is non-medicinal to normally prevent ADC referral; mandates risk-based sampling with ADC-drawn samples where required and forbids repeat sampling of the same tested batch; accepts digitally signed integrated declarations as substitute for hard-copy undertakings; and maps ICES locations to nearest ADCs for regulatory routing.

Common registration for first stage dealers and importers permits optional single registration and a consolidated quarterly return.
An assessee registered as a First Stage Dealer is exempted from separate importer registration (and vice versa) on an optional basis, and may file a single quarterly return that lists all First Stage Dealer transactions for the period followed by all importer transactions in the same return table; implementation difficulties should be reported to the Board.

Full payment requirement under Income Declaration Scheme: declarations valid only if tax, surcharge and penalty are timely paid and compliant.
Declarations under the Income Declaration Scheme, 2016 are valid only when full payment of tax, surcharge and penalty on the undisclosed income is made by the specified date; part payment invalidates the entire declaration. The Scheme applies to residents and non residents but excludes persons with pending Settlement Commission proceedings or for assessment years where specified assessment notices were issued by the cut off; notices issued after the cut off may be closed if a valid declaration is paid and Form 4 is furnished. PAN is mandatory; valuation reports must be obtained though not necessarily attached to Form 1.

Single Window clearance simplified for drugs and cosmetics consignments through PEC declarations and risk based ADC referrals.
Single Window clearance for drugs, cosmetics and related items is simplified: chemical items out of regulatory scope should be declared under the PEC to avoid ADC referral; dual use items/excipients that are non pharmaceutical grade and contain no API and have non medicinal end uses need not be referred to ADC when so declared; risk based sampling will limit re sampling of already tested batches; digitally signed integrated declarations will substitute for hardcopy undertakings; ICES locations are mapped to nearest ADCs and IT upgrades will enable regulator access.

Foreign Direct Investment policy updates expand automatic entry for many sectors while retaining conditional government approval for strategic areas.
The FDI policy amendments adjust sectoral entry routes and conditions: Reserve Bank approval is unnecessary for establishment of business places where sectoral approval exists for Defence, Telecom, Private Security and I&B; specified agro activities under "controlled conditions" permit full FDI under the automatic route; manufacturing may sell domestically including via e commerce; Defence, telecom/media, civil aviation, private security, single brand retail and pharmaceuticals have revised caps and conditionalities requiring government approval beyond prescribed thresholds, security clearances, sourcing and R&D maintenance obligations, and disclosure of technology transfer.

Panel selection of standing counsels initiated; advertisement, interviews, and performance-based recommendations required for vacant zonal slots.
A fresh panel of Senior and Junior Standing Counsels will be constituted to fill vacant zonal slots for CBEC indirect taxation matters, rescinding certain prior inclusions. Eligibility follows existing Board instructions; where Chief Commissioner slots are vacant, the Review Committee will act as the Committee of Chief Commissioners. Selection requires advertisement, application scrutiny, interviews of all applicants, assessment of communication skills, overall performance as the primary criterion, and examination of reputation; recommendations must be forwarded to the Board within the prescribed timeline.

Opening of RMS containers permitted for sampling without prior approval from Joint or Additional Commissioner, subject to allied agency tests.
Docks and shed officers are authorized to open RMS-facilitated containers to draw samples without prior permission of the Joint or Additional Commissioner so that allied agencies (e.g., FSSAI, AQ, PQ, ADC) may obtain samples for examination and testing before according clearance, consistent with the procedures referenced in the earlier Public Notice.

Increase in All Industry Rates for drawback on gold and silver jewellery requires exporter declaration of no CENVAT or rebate.
Revised All Industry Rates (AIR) of duty drawback for exports under tariff items 711301, 711302 and 711401 are effective from 24.06.2016 and are subject to a mandatory exporter declaration that the goods were manufactured and exported without availing CENVAT credit or rebate under rule 18 and not under rule 19(2) of the Central Excise Rules, 2002; Customs officers must ensure and record this declaration at the Let Export Order stage.

Tax collection at source on cash sales applies only when cash received exceeds the statutory threshold; only cash amounts are collectible.
Tax collection at source is triggered only when the cash component of a sale exceeds the statutory threshold. The seller must collect TCS only on the cash portion; where cash received is below the threshold no TCS is collectible even if total consideration exceeds the threshold, and where cash exceeds the threshold TCS applies solely to that cash amount.

Service tax refunds will be paid by direct NEFT/RTGS to exporters' bank accounts; one time authorization required.
Service tax refunds will be paid by direct electronic credit to exporters' bank accounts via NEFT/RTGS from 1 July 2016; claimants must submit a one time original authorization by 30 June 2016. Divisions will send weekly consolidated statements and a hard copy to the designated bank with the consolidated cheque; the bank will make NEFT/RTGS transfers after deducting applicable charges and send a weekly scroll to the divisions, which will record the transfers, deface original claim documents and forward files to Headquarters Audit. Pre audit procedures remain unchanged.

Covered options permitted for resident exporters and importers to write against contracted exposures, subject to bank approvals and safeguards.
Permits resident exporters and importers to write standalone plain vanilla European covered call and covered put currency option contracts to AD Category I banks against contracted export or import exposures, treating such covered options as structured derivative products and not as hedges. AD Category I banks must obtain internal approvals, assess the writer's risk management and financial strength, treat the underlying exposures as unhedged for capital and provisioning, may require margin or collateral, report transactions to the designated reporting platform, and observe limits on maturity and permissible combinations.

Foreign currency accounts: startups may receive export proceeds abroad but must repatriate export balances within prescribed realisation period.
Indian startups meeting prescribed eligibility may open an overseas foreign currency account to receive foreign exchange from exports or sales by the startup or its overseas subsidiary, with balances representing exports to be repatriated within the export realisation period; such foreign exchange may alternatively be credited to the startup's Exchange Earners Foreign Currency (EEFC) account in India.

Reward eligibility expanded: non-CBEC government officers may receive rewards for contraband seizures subject to rank and guideline conditions.
Amendment expands reward eligibility to Government Servants of other departments/agencies (Police, Border Security Forces, Coast Guard, etc.) for seizures of contraband effected under the Customs Act, 1962 or the Narcotic Drugs and Psychotropic Substances Act, 1985 and subsequently booked/investigated by CBEC; only officers of those Departments/Agencies holding rank equivalent to the Additional Commissioner of Customs & Central Excise or lower will be considered for sanction of rewards in terms of Paras 4.2 and 4.3.

Centralised refund processing centralises filing and standardises procedures to expedite customs duty refund claims and electronic disbursement.
Centralised Refund Section reorganises refund administration into CRC I and CRC II to centralise receipt, scrutiny, processing, sanction and electronic disbursement of refund claims. The Notice prescribes serialised receipt and master register entry, initial scrutiny with first come first served processing for complete claims, issuance of deficiency memos within a week to ten days for incomplete claims, cash section verification for prior refunds, officer proposals addressing time limit, merit and unjust enrichment, and decision by Assistant/Deputy Commissioner with required speaking orders, pre audit and post audit steps where applicable.

Indirect Tax Dispute Resolution Scheme nomination enables appellants to submit Form I to designated authority for scheme benefits.
The Indirect Tax Dispute Resolution Scheme 2016 permits parties in appeal before the Commissioner (Appeals) on 1 March 2016 to file a declaration and submit the prescribed Form I to the Designated Authority to avail scheme benefits. Shri K. Kulasekaran, Assistant Commissioner (R & T), Puducherry Commissionerate, is nominated as the Designated Authority to accept Form I in that jurisdiction, and stakeholders are requested to publicize the scheme.

Position limit for currency derivatives: limits measured at opening remain binding, and increases barred until compliance with limits.
Position limits for currency derivatives are determined by open interest at the time a position is opened; a later drop in total open interest does not oblige unwinding of positions opened validly, but market participants cannot increase or create positions in that currency pair until they meet applicable limits, and exchanges may require position reductions for risk or surveillance reasons. The circular modifies the earlier para 14 and directs exchanges, clearing corporations and depositories to implement and communicate requisite procedural and rule changes.