Export realisation period extended for exporters, allowing delayed repatriation of export proceeds under FEMA provisions.
The RBI extended, in consultation with the Government, the existing liberalisation permitting a longer period for realisation and repatriation of the full export value of goods and software, subject to review. The circular directs Authorised Dealer Category I banks to inform their constituents, preserves unchanged the provisions for units in Special Economic Zones and exports to overseas warehouses, and is issued under sections 10(4) and 11(1) of the FEMA, 1999.

Foreign contribution regulation: mandatory registration, exclusive bank accounts and strict reporting obligations for recipients.
The rules prescribe a comprehensive compliance regime for foreign contribution: applicants must obtain registration or prior permission via specified electronic forms with hard copy follow up and fees; maintain an exclusive bank account; submit annual audited returns certified by a chartered accountant; banks must report receipt transactions to the Central Government; and transfers, custody on cancellation, suspension utilisation limits, definitions of political and speculative activities, administrative expense rules, and prescribed forms and fees govern acceptance, use and oversight of foreign contribution.

Consolidated FDI Policy: framework for foreign investment instruments, entry routes, sector caps, reporting and enforcement.
The Consolidated FDI Policy (effective April 1, 2011) sets the framework for inbound non resident investment: permitted instruments, two entry routes (Automatic and Government), sectoral caps and conditions, valuation and pricing rules, 180 day issuance timing, conversion of ECB/royalty/import payables into equity, downstream/indirect investment calculation and ownership/control tests, transaction mechanics including Form FC GPR and FC TRS reporting, and enforcement under the foreign exchange regulatory framework with penalties, adjudication and compounding mechanisms.

Point of Taxation: tax due on invoice date or payment, with payment-based point for exports and reverse-charge services
The Point of Taxation Rules now make the tax point the earlier of invoice date or payment when invoices are issued within the prescribed period, otherwise the date of completion of service or payment applies; continuous supply is defined by contractually specified completion events and takes primacy; payment-based point applies to exports, reverse-charge supplies and certain professional providers, with special timing and transitional rules and aligned amendments to invoice issuance and input credit conditions.

FII investment limits in long term infrastructure corporate bonds expanded, permitting unlisted bonds with defined lock in and allocation safeguards.
FII investment limits for long term infrastructure corporate bonds are expanded to include unlisted bonds issued by infrastructure companies, with eligibility determined under existing sector criteria. Investments carry a minimum three year lock in but may be traded inter se among FIIs during that period; transfers to domestic investors are not permitted. The earlier allocation methodology for the category is withdrawn, allowing FIIs and sub accounts to access the limits without prior approval until the overall investment nears the cap, after which the prior allocation process will resume. Exchanges must provide a special trading window for FIIs.

DEPB benefit withdrawal: cotton exports excluded from export incentive scheme, affecting shipments made on and after the specified date.
Cotton exports shall not be entitled to the DEPB benefit; DGFT amended the DEPB Schedule to disallow DEPB rates for cotton (Product Group "Miscellaneous" entries 22C and 22D) for shipments made on or after 21.4.2010, aligning the incentive framework with the prior withdrawal of DEPB benefit on cotton yarn to avoid contradictory encouragement of the commodity.

Minimum Export Price requirement altered for specified non Basmati rice varieties, and quality testing condition removed from export procedure.
Amendment introduces a revised sub paragraph prescribing a Minimum Export Price for Sona Masuri, Ponni Samba and Matta non Basmati rice and deletes the prior para requiring testing of rice quality; the change equalises MEP treatment across the three varieties while leaving other conditions of the original public notice intact.

Customs arrival declarations now require declaration of satellite phones and specified foreign exchange thresholds on Form D upon arrival.
The Ministry of Home Affairs' Notification GSR 113(E) revises Form D to require arriving passengers to declare plants/planting material, meat and related products, satellite phones, and specified foreign currency/foreign exchange instruments; customs authorities must ensure correct form use, enforce declarations at the Red Channel, update passenger instructions on allowances and prohibited items, issue standing orders, widely publicise the changes, and report implementation difficulties to the Board.

Mandated XBRL filing requires specified companies to submit financial statements in XBRL under the prescribed taxonomy and transition rules.
The Ministry mandates specified companies to file balance sheets and profit and loss accounts in XBRL format using a taxonomy based on Schedule VI and existing Accounting Standards, hosted by the Ministry. Phase I requires listed companies and their subsidiaries and companies meeting prescribed capital or turnover thresholds to file exclusively in XBRL, with a transitional filing period permitting submission without additional fees. The circular explains taxonomy and instance document roles, mapping and extension, available preparation methods, and provides contacts for training and assistance.

Foreign direct investment: consolidation permits conversion formulas for convertibles and non cash equity issuances, easing investment rules.
Consolidated FDI Policy allows companies to use a conversion formula for pricing convertible instruments under FEMA/SEBI pricing rules; permits equity issuance against import of capital goods and pre operative expenses under the Government route; removes prior approval for investments in existing joint ventures/technical collaborations in the same field; simplifies downstream investment classification into foreign controlled and resident controlled companies; and allows FDI in seed development and production without controlled conditions.

Modification of SIONs expands export packing options and adds an alternate input for plastic product manufacturing.
Amendments to SIONs in the Handbook of Procedure permit All Plastic (PVC) Playing Cards to be exported either packed in relevant plastic cases or without plastic cases, with a Note allowing packing material only when cards are packed in plastic cases. Separately, SION No. H-51 adds Methacrylic Acid as an alternate import input to Acrylic Acid for Import Item No. 2(b) at the same specified quantity. Other descriptions and quantity permissions remain unchanged.

SCOMET export licensing: revised ANF 2E required for all SCOMET licence applications filed from 1 April 2011.
The Public Notice mandates a revised Aayat Niryat Form 2E (ANF 2E) as the required application for SCOMET export licences effective 1 April 2011; the new form is simplified, includes a revised Declaration/Undertaking, and is supported by detailed Guidelines requiring applicant, item, shipment, buyer/consignee/end user, bank and producer details, plus prescribed supporting documents such as original End User Certificates and Bills of Entry, and compliance with the Foreign Trade (Development & Regulation) Act and related policy provisions.

Technical expert evidence: obtain and disclose expert opinion before framing assessments in complex, high revenue tax cases.
Assessing Officers must obtain and record formal technical expert opinions and technical evidence in assessments involving complex technical issues and substantial revenue, identifying such cases early and initiating proceedings before limitation. CCIT/DGIT shall monitor complexities and assist in securing timely expert opinions; evidence must be provided to the assessee with a reasonable opportunity before assessment. After referral, Board must be informed via Member (IT) with case particulars, expert details and tax effect.

ICES 1.5 migration: new CFS codes issued; stakeholders must adopt updated codes and report implementation issues.
Migration to ICES 1.5 requires new standardized codes for Container Freight Stations; the notice lists the allocated code for each CFS and directs Port Terminals, CHAs, carriers, shipping agents and console agents to adopt these codes in the customs EDI system, with stakeholders asked to report any implementation difficulties to the issuing office.

Discontinuance of FII securities-lending reporting; reporting withdrawn as no outstanding short positions while synthetic short prohibition persists.
The circular withdraws the weekly reporting obligation for Foreign Institutional Investors on securities lent abroad because there were no outstanding short positions as of March 04, 2011; the prohibition on synthetic short positions remains in force and custodians must inform their FII clients.

ICES transition procedures: manual registration, inspection and out of charge allowed pending system migration and regularisation.
Interim procedures for ICES 1.5 migration permit manual registration, examination and manual Out of Charge where system-generated challans, payment entries or prints are unavailable. Shed AO/Supdts may verify duty payment by receipted bank challan, record examination on the hard copy of the assessed Bill of Entry, endorse the Bill for delivery and maintain a register and supporting documents to regularise records in the system after migration. All manual processes must be regularised post-migration and compliance reports submitted to DC/AC (Import Docks).

Manual IGM filing required during ICES upgrade; EDI re-filing via ICEGATE mandatory when system resumes.
During the ICES 1.5 upgrade outage, manual IGM filing will be used with Import Noting Section issuing sequential manual IGM numbers; manual IGM dates and Entry Inward dates will be legally recognised, but carriers who file manual IGMs must re-file the IGM via ICEGATE when EDI resumes and all manual entries must subsequently be entered into the system. Transshipment permissions will be issued manually following prescribed forms and submission of carrier authorisations and landing certificates for bond re crediting; boarding officers will manually endorse Entry Inwards and Outward Sailing Reports and maintain registers for later reconciliation.

Transshipment procedure: simplified ramp-to-ramp transfer for eligible pre-sorted international cargo under CTM and supervision.
Simplified transshipment permits ramp-to-ramp or tail-to-tail transfer of international transshipment cargo in pre-sorted containers that do not require segregation, under preventive supervision, on payment of MOT and subject to the Cargo Transfer Manifest (CTM) procedure, without routing such consignments to cargo warehouses; containers requiring segregation continue under existing procedures.

Removal of Chartered Engineers Certificate requirement for certain export consignments permits sample testing and accepts inhouse test reports.
The requirement for a Chartered Engineers Certificate for each export consignment under Advance Licence/DEEC Scheme is deleted from the Annexure to Public Notice No.100/2010 and Public Notice No.02/2011. Sealed samples may be sent for testing when necessary, and recognised exporters' inhouse Test Reports will be accepted.

Customs cargo service provider obligations now require specified infrastructure, security, insurance and bonds before handling import or export goods.
Amendments require Customs Cargo Service Providers to fulfil specified infrastructure, security, operational and financial conditions before custody or handling of imported or export goods, including provision of specialized premises and equipment, EDI and office facilities, residential and transport arrangements for Customs staff, insurance, bonds and bank guarantees, publication of a Schedule of Charges including on their website, indemnity to the Commissioner, and strict compliance with safety, security and hazardous goods handling standards and contingency arrangements.