Takeover Regulations update requires amended listing disclosures and prescribed formats for takeover filings and public offers.
Notification of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and consequential amendments to Clause 35 of the Equity Listing Agreement require stock exchanges to adopt revised disclosure tables for Promoter/Promoter Group and public shareholdings (including treatment of warrants, convertible securities and encumbrances) and to use prescribed standardized formats for takeover related intimations, reports, public announcements, letters of offer, offer period disclosures and annual/encumbrance disclosures listed in the circular.

Mandatory e-filing of central excise returns required; electronic ACES registration and filing procedures prescribed for all assessees.
Mandatory electronic filing of prescribed Central Excise returns is instituted through ACES from 1 October 2011, covering ER 1, ER 2, ER 3, ER 4 (unless exempt), ER 5 and ER 6 (where not exempt), ER 7, and ER 8 for specified exemption beneficiaries. Users must register with ACES (new, existing, non assessee procedures outlined), obtain permanent user IDs and credentials, complete statutory registration forms with jurisdictional offices, and file returns either online or via offline utilities that perform validations; ACES validates uploads and provides status tracking. Digital signatures are initially not required; Customer Facilitation Centres and a service desk are available for assistance.

Validation of Show Cause Notices restores retrospective proper officer status but limits adjudication by intelligence units.
Amendment to Section 28 of the Customs Act retrospectively deems officers appointed under sub section (1) of section 4 to have always had the power of assessment under Section 17 and to have been the proper officers, thereby validating Show Cause Notices issued prior to the administrative notification. Officers of designated intelligence formations are administratively assigned proper officer functions but are directed not to exercise adjudicatory authority under clause (8) of Section 28; an earlier instruction to reissue certain notices is withdrawn and pending matters are to follow the amended statutory position.

Removal of export ban on onions: exports now permitted subject to minimum export price and continued monitoring by authorities.
DGFT amended the prohibition and lifted the ban on onion exports with immediate effect; exports are permitted subject to a Minimum Export Price of $475 per metric tonne or as notified by DGFT, and customs field formations must strictly monitor compliance with the notification while continuing to submit the reports previously prescribed.

External Commercial Borrowings reform expands automatic-route access and permits INR-designated ECBs with specified end-use conditions.
The circular expands automatic-route access for External Commercial Borrowings, permits INR-designated ECBs from overseas equity holders and continues INR-designated ECB access for microfinance NGOs; it recognises Interest During Construction as a permissible end-use for infrastructure companies provided IDC is capitalised and part of project cost, while other ECB parameters and reporting arrangements remain unchanged.

Bridge finance for infrastructure: short term import credit must be replaced by compliant long term ECB with prior RBI approval.
Bridge finance in the form of short term credit for import of capital goods by infrastructure companies is permitted under the approval route, provided the bridge finance is replaced by a long term ECB complying with all extant ECB norms and with prior Reserve Bank approval. Designated AD Category I banks must monitor end use and verify imports via Bill of Entry; Indian banks may not provide guarantees. All other ECB conditions and reporting obligations remain unchanged.

External Commercial Borrowings for infrastructure allowed to refinance domestic rupee capital loans under specified conditions and monitoring.
ECB policy for the infrastructure sector permits a specified portion of fresh ECB proceeds to refinance outstanding Rupee term loans taken for capital expenditure on earlier completed infrastructure projects, under the approval route and subject to conditions: a majority of proceeds must fund capital expenditure for new infrastructure projects; refinance is limited to Rupee loans for capital expenditure and to loans outstanding with the financing bank; applications via Authorised Dealer Category I banks must include project and auditor certifications and AD confirmation of outstanding Rupee loans; AD banks shall monitor end use and domestic banks may not provide guarantees.

Forum for valuation appeals must be chosen correctly to prevent jurisdictional dismissal and limitation bar.
Appeals on the rate of duty or value of goods must be filed in the Supreme Court where statutorily required; filing in High Courts has produced jurisdictional dismissals and subsequent limitation-barred dismissals. Commissioners must examine the dispute carefully, secure Chief Commissioner concurrence on forum selection, and ensure field formations file appeals in the correct forum to prevent loss through incorrect forum or limitation.

Tariff rate quota allocation permits export of raw sugar to USA subject to delivery and certification requirements.
A total quantity of 5,175 MTs of Raw Sugar (98 degree Pol) is allocated for export to the USA under the Tariff Rate Quota through M/s. Indian Sugar Exim Corporation Ltd, and is subject to existing procedural and certification requirements for preferential sugar exports to the USA, including issuance of the GSP certificate. Exports under this allocation must be completed by 31.10.2011.

All Industry Rates of Duty Drawback updated, incorporating DEPB items and setting revised eligibility and classification rules.
Revised All Industry Rates of Duty Drawback for 2011-12 are effective 1 October 2011 and incorporate DEPB items into the drawback schedule. Rates reflect input prices, SION, import share, FOB export values, applied duties, duty on HSD/Furnace Oil and service tax on input services; exporters must not claim duplicate refunds. Transitional modest reductions apply to DEPB items, no value cap where composite rate is 3% (with exceptions for wide price variation), and field formations must report classification doubts. Clarifications include Cenvat eligibility, specific tariff item rates, FIBC classification, and prioritised processing of DEPB consignments with LEO up to 30 September 2011.

Foreign hospitality restrictions require prior government permission for specified officeholders and designated persons before accepting benefits abroad.
Acceptance of foreign hospitality under FCRA, 2010 requires prior permission from the Central Government for members of legislatures, political-party office-bearers, judges, government servants and employees of government-owned or -controlled bodies, with emergent medical aid as a limited exception subject to intimation. Rule 7 mandates application in Form FC 2 (with invitation and administrative clearance where relevant), ordinarily two weeks before travel; emergent medical hospitality must be intimated within sixty days. Permission under FCRA does not replace separate administrative clearance; responsibility for compliance rests with the person accepting hospitality.

General insurance business treated as taxable after review: DICGC activities attract service tax under existing law.
DICGC's insurance activity falls within Section 65(105)(d) of the Finance Act, 1994 as general insurance business and is chargeable to service tax. Section 36(1)(e) of the General Insurance Business (Nationalization) Act evidences legislative treatment of DICGC as insurance business; definitions incorporated into the Finance Act apply as part of that Act. The Corporation's functions qualify as "business" in fiscal context, and statutory transactions arising from mandatory registration are to be treated as contractual, satisfying the requirement of effecting insurance contracts.

Export certificate facilitation allows frequent travelers to secure pre departure customs proof, enabling duty free re importation compliance.
Passengers frequently traveling may obtain a serially numbered, sealed Export Certificate in advance from the Assistant Commissioner of Customs (Tech), Bangalore, valid for one year and recording product, manufacturer, marks/numbers/mode and year of manufacture after inspection. Airport issuance after inspection remains available. The certificate requires a declaration that articles are private property not for sale and notes that articles must remain in the exporter's or family's ownership and be re imported within three years with customs endorsement on each departure.

Compliance of Companies Act provisions made effective, requiring implementation of prior circular on corporate compliance obligations.
The Ministry directs enforcement of compliance with the Companies Act, 1956 and rules thereunder and states that an earlier circular (No. 63/2011) on corporate compliance will be implemented from the date specified, requiring Regional Directors and Registrars of Companies to ensure observance and administrative implementation of the prior guidance.

Exemption for guaranteed public telephones confirms local-call village phones remain service-tax exempt despite corporatization.
Notification No.3/94 ST includes an exemption for Guaranteed Public Telephone operating only for local calls; Village Panchayat Telephones limited to local-call facility fall within this category, and therefore services rendered by BSNL through such VPTs remain exempt from service tax despite corporatization, with officers advised to decide pending matters accordingly.

SEZ approvals and regulatory conditions updated: co developer tax caveats, authorized operations limits, area and de notification safeguards.
The Board recorded approvals, refusals and deferrals across SEZ matters including formal and in principle approvals, co developer permissions subject to tax and lease treatment caveats, authorized operations constrained by SEZ Act and EGoM guidelines with exclusive use conditions for non processing facilities, area changes subject to contiguity and DC certification, de notifications conditioned on refund of benefits, extensions of formal approvals and LoPs with some matters deferred as sub judice, acceptance that equity transfers do not constitute sale of land subject to continuity and eligibility conditions, and grant of industrial licences for defence supplies with prescribed safeguards.

Cross-border inward remittance agents must consider FATF-identified AML/CFT risks and comply with RBI, FEMA and PMLA directives immediately.
Authorised persons under the Money Transfer Service Scheme are directed to consider an enclosed FATF Statement identifying jurisdictions with strategic AML/CFT deficiencies, to inform their constituents, obtain Principal Officer acknowledgement, integrate FATF risk considerations into cross-border inward remittance operations, and note that directions are issued under FEMA and PMLA with penal consequences for non-compliance.

Money changing activities: consider FATF jurisdictional AML/CFT risk statements and align compliance under FEMA and PMLA.
Authorised persons in money changing activities must consider the FATF Public Statement identifying jurisdictions with strategic AML/CFT deficiencies, bring the statement to their constituents' attention, have their Principal Officer acknowledge receipt, and incorporate the FATF risk considerations into compliance practices; non compliance may attract penal provisions under the Foreign Exchange Management Act, the Prevention of Money Laundering Act, and related rules.

Cross-border inward remittances: agents must apply enhanced AML/CFT scrutiny for transactions involving listed high-risk jurisdictions.
Authorised Persons under the Money Transfer Service Scheme must consider FATF-identified AML/CFT deficiencies and apply enhanced customer due diligence and risk mitigation when dealing with persons or financial institutions from listed jurisdictions, with special attention and counter-measures advised for Iran and DPRK; legitimate trade may continue but non-compliance with statutory AML and foreign exchange obligations attracts penal consequences.

AML/CFT risk advisory: enhanced due diligence urged for business with jurisdictions identified as having strategic deficiencies.
Authorised Persons must account for AML/CFT risks when dealing with persons and financial institutions from jurisdictions identified by FATF-notably Iran and DPRK, and additionally Bolivia, Cuba, Ethiopia, Kenya, Myanmar, Sri Lanka, Syria and Turkey-and apply Enhanced Due Diligence and other risk mitigation measures while not precluding legitimate trade. The advisory highlights risks from correspondent relationships, the need for effective suspicious transaction reporting, and instructs Authorised Persons to notify constituents and have Principal Officers acknowledge receipt. Directions are issued under the Foreign Exchange Management Act and the Prevention of Money Laundering Act and non-compliance may attract penal provisions.