SSI exemption for goods bearing another's brand extended to specified packing materials; amendment effective immediately.
Notification No.47/2008 amends the SSI exemption to allow units to claim exemption for specified packing materials bearing another person's brand-printed cartons, metal containers, HDPE woven sacks, adhesive tapes, stickers, pp caps, crown corks and metal labels-effective for clearances on or after 1 September 2008; earlier Board circulars permitting branded goods to obtain exemption are withdrawn and protective demands previously directed are to be implemented where appropriate.

Direct receipt of import documents expanded, allowing bank remittances with KYC/AML compliance and due diligence safeguards.
AD Category - I banks may make remittances when import bills/documents are received directly from overseas suppliers, subject to an increased transaction limit and safeguards: adherence to the Foreign Trade Policy; customer accounts compliant with KYC/AML guidelines; bank-conducted due diligence on importer financial standing and trade customarity; and Suspicious Transaction Report filing where doubts about genuineness arise. Existing instructions for status holder exporters and specified exemptions for non-status holder exporters continue. The directions are issued under foreign exchange law and do not affect other statutory permissions.

Firm arrangement of finance requirement relaxed for mega projects when in-principle sanctions and promoter guarantee conditions are met.
Debt funding from financial institutions/banks qualifies as a firm arrangement of finance only upon final sanction letters. For specified mega projects, clause 2.8 is treated as complied with if in-principle sanctions are obtained, promoters provide legally enforceable undertakings/guarantees limited by a capped percentage of their measurable unencumbered net worth (certified by statutory auditors), the undertaking is included among material contracts for inspection, lead merchant bankers verify promoters' adequacy and capability, and the offer document fully discloses how such verification was satisfied.

Deemed export drawback amendment deletes recipient and chapter references, narrowing application of the nil rate for fuel supplies.
Amendment treats the words "to EOU/SEZ Units" and the reference to Chapter "7" as deleted ab-initio from Public Notice No. 57 (RE-2008)/2004-09, thereby removing those express limitations on the stated all-industry nil deemed export drawback rate for heavy and furnace oil supplied by domestic oil companies.

Custodian appointment under customs law imposes liability, insurance and security obligations for air cargo handling and storage.
Appointment under Section 45 designates M/s HAL-CONCOR and MSIL Joint Working Group as custodian for all goods unloaded in the Joint Air Cargo Complex for import, export and transshipment until disposal under Section 48; the custodian is required to comply with the Customs Act and instructions, to insure cargo, provide secure storage and modern handling equipment, bear costs of security and customs staff, provide facilities for customs personnel, remain liable for pilferage or improper removal (including duty liability), and obtain prior approval before subletting functions.

Jurisdiction for IEC applications: proprietorship firms must apply to the RA having jurisdiction over their office address.
A proprietorship firm must apply for grant of Import Export Code (IEC) to the Regional Authority (RA) that has territorial jurisdiction over the firm's office address. This administrative clarification from the Directorate General of Foreign Trade fixes the RA competence for processing IEC applications from proprietorship concerns and was issued with the approval of the competent authority.

All Industry Rates of Duty Drawback revised; new sectoral rates and eligibility rules for exporters claiming drawback.
The Ministry revised the All Industry Rates of Duty Drawback, effective from the notification's commencement date, updating percentages and caps and adding new tariff entries. Rates were set using prevailing input prices, SION, import shares, applied duties, fuel duty incidence and service tax on input services; Commissioners must ensure exporters do not secure duplicate service tax refunds. Most sectoral rates and caps have been reduced, some increased, and where the all industry rate is Nil exporters may claim a brand rate under the Drawback Rules subject to conditions.

Safeguard measures help desk established to assist trade with application preparation and filing enquiries and contact guidance.
A Safeguard measures Help Desk has been established at the Directorate's New Delhi office to disseminate information, provide procedural guidance, and assist trade in preparing and filing safeguard applications. The Help Desk is staffed by nominated officers; the notice publishes their names, office and mobile telephone numbers, and a dedicated email address for enquiries and application support.

Qualified Institutional Buyer definition narrowed to exclude certain sub accounts, altering institutional placement eligibility and pricing.
Amendments to the SEBI (DIP) Guidelines reduce timelines for rights issues; introduce a defined Qualified Institutional Buyer category excluding foreign corporate and individual sub accounts; permit transferee companies in court sanctioned restructurings to count transferor listing history for QIP eligibility; revise QIP pricing and extend those pricing norms to preferential allotments to up to five QIBs using a two week average price; require full lock in for shares issued on exercise of preferential warrants; allow certain High Court approved restructuring shares to qualify for promoters' contribution and offer for sale; recast rules for convertible debt instruments; and raise the regional filing threshold for draft offer documents.

Risk Management System profiling requires complete pre-arrival IGM filing, IEC-prefixed importer names and email registration for scanning notifications.
Risk Management System based profiling for import container scanning is implemented and integrated into the import RMS. Importers and agents must prefix the Import Export Code to the importer name in IGM cargo details, register and maintain accurate e-mail addresses in the Customs EDI system for scanning notifications, and file complete IGM particulars including cargo and container data before vessel arrival. Partial or late filing is unacceptable and may result in penal action. Implementation issues must be reported to the Additional Commissioner of the Container Scanning Division.

Education cess applicability: cesses are payable over and above the compounded levy basic excise duty for specified metal products.
The compounded levy rate for stainless steel patta patti and aluminium circles covers only basic excise duty; education cess and higher education cess were imposed after that scheme was notified and therefore are not included in the compounded rate and must be paid in addition to the basic excise duty.

Container scanning profiling: RMS-based selection requires IEC prefixes, registered emails and complete IGM filing to avoid penalties.
RMS-based profiling for selection of containers for scanning at Nhava Sheva is implemented and integrated into the import-side RMS. Shipping lines and agents must prefix the importer's Import Export Code to the importer name in IGM cargo details, register and maintain accurate email addresses in the Customs EDI system to receive scanning notifications, and file complete IGM cargo and container data before vessel arrival; noncompliance will attract penal action. A contact officer in the Container Scanning Division is available for implementation issues.

Suppliers' and Buyers' credit now subject to shortened maturity for imports of platinum, palladium, rhodium and silver.
Suppliers' and Buyers' credit and the usance period of letters of credit for imports of platinum, palladium, rhodium and silver are subject to a shortened maturity measured from shipment, effective immediately; AD Category I banks must perform due diligence, comply with KYC and AML guidelines, investigate large or abnormal volume increases for bonafides and arbitrage risk, and continue to follow other existing import instructions under FEMA.

Dematerialisation requirement and depository connectivity allow shifting securities from trade-for-trade to rolling settlement subject to verification.
Stock exchanges may shift securities from Trade-for-Trade Settlement to normal Rolling Settlement where the issuer has established connectivity with both depositories and there are no other grounds for TFTS continuation. Prior to shifting, at least 50% of non promoter holdings must be dematerialised, evidenced by a certificate from the Registrar and Transfer Agent or, where no RTA exists, from a practicing Company Secretary or Chartered Accountant; exchanges must report the action in their Monthly/Quarterly Development Report.

VKGUY export benefit eligibility expanded to include fish and seafood products for specified past exports.
The amendment corrects Appendix 37A product-code entries to align VKGUY classifications with Chapter 3 and specified ITC HS lines for fish and marine products, and declares all live, chilled, dried and frozen marine products under those chapters and ITC HS codes eligible for VKGUY benefits for exports made with effect from the stated commencement date.

One-time bottle seal required for all containerized exports; department supplies seals and cost recovery from exporters enforced.
Every container stuffed under Central Excise supervision must bear a one-time bottle seal supplied by the department; the cost will be recovered from exporters or their agents. Bottle seals are available from jurisdictional Range Superintendents on production of payment evidence-payment to be made through designated banks under the Excise Challan with submission of the GAR-7 counterfoil. Manufacturers/exporters opting for self-sealing are not compelled to procure seals only from the department.

Light dues liability extends to deck cargo and additional spaces, requiring assessment and payment before port clearance.
Levy of light dues under the Lighthouse Act, 1927 requires payment by ships in international trade and recovery by the Proper Officer of Customs. Spaces not included in Net Register Tonnage but utilised for cargo-including deck carried containers-must be admeasured and added to NRT for assessment; volumetric conversions are prescribed. Owners or masters must declare deck cargo details; Customs may accept declarations or require a Surveyor's admeasurement with inspection costs borne by the ship. Differences within the 30 day validity must be paid and port clearance is withheld until dues are cleared.

Export authorisation registration required for raw cotton and cotton waste; contracts must be registered before shipment.
All exports of raw cotton, specified cotton waste and carded or combed cotton require mandatory Export Authorisation Registration and the export contract must be registered with the textile regulatory office prior to shipment; a memorandum setting out the terms and conditions has been issued and stakeholders are requested to publicise and comply with these procedural requirements.

Withdrawal of Trade Notice removes Transference Copy shipping bill requirement for DEPB exports via inland container depots.
Trade Notice No. 3 dated 25 August 2008 withdraws Trade Notice No. 2 dated 20 April 2001 which had required submission of the Transference Copy of the Shipping Bill for DEPB exports routed through Inland Container Depots; the withdrawal was directed by the Director General of Foreign Trade during an interactive meeting and issued by the Zonal Joint Director General of Foreign Trade, Mumbai.

Internal audit requirement: half-yearly independent audits for brokers and clearing members; exchanges must enforce compliance.
Mandates a half-yearly internal audit by independent qualified Chartered Accountants for stock brokers and clearing members covering internal control effectiveness and compliance with the SEBI Act, Securities Contracts (Regulation) Act, SEBI (Stock Brokers and Sub-Brokers) Regulations, circulars, agreements, KYC requirements, exchange bye-laws, data security and insurance. First audit period: October 1, 2008 to March 31, 2009. Exchanges must ensure compliance by amending bye-laws, notifying members, publishing on websites, and reporting implementation status in the Monthly Development Report.