Amendments to export incentive appendices ensure corrected product codes and harmonised HS classifications for eligibility under the Handbook
Corrections and amendments to Appendix 37A and Appendix 37D rectify numbering, product descriptions and ITC (HS) codes to align entries with renotified tariff classifications and restore missing entries; specific actions include renumbering, reinstating missing FPS entries, revising product descriptions (including a chemical and bulk drug category), deleting a redundant FPS entry, and revising multiple ITC (HS) codes with the express provision that shipping bills containing either existing or revised codes remain eligible to claim incentives.

Correction of import item description: typographical amendment clarified without altering SION import or quantity provisions.
The Directorate General of Foreign Trade has amended SION A2337 to correct a typographical error in the import item description, changing "Hydrocol Cement" to "Hydrocal Cement," and states that there is no other change to the SION's existing export-import linkages or quantity specifications.

Income limit revision for jurisdictional assignment sought to rebalance assessment workload; regional proposals required with consensus and no disruption.
Chief Commissioners of Income Tax are directed to submit regional proposals to revise income limits for assignment of cases among ITOs and ACsIT/DCsIT, after obtaining consensus within the region and ensuring that record transfers or administrative changes will not affect assessment work, revenue collection, or action-plan targets; proposals must be submitted via the specified fax and email channels by the stated deadline.

KYC requirements for foreign investors clarified-custodian PoAs and risk based due diligence govern documentation and verification obligations.
Know Your Client requirements for foreign investors are clarified to permit acceptance of a Power of Attorney in favour of a Global or SEBI registered Local Custodian to sign and complete KYC, subject to custodial undertakings to produce beneficial ownership and identity information on request. Intermediaries must apply a risk based due diligence approach under the AML framework, perform in person verification for individual clients (including QFIs), verify custodian SEBI registration against originals or SEBI records, and may accept properly attested copies when originals are not produced.

Mandatory e-payment of customs duty requires specified importers to pay duties electronically, prompting trade to update systems and procedures.
E-payment of customs duty is made mandatory for importers registered under the Accredited Clients Programme and for importers paying customs duty at or above the prescribed per-Bill of Entry threshold, effective from the notified implementation date; Chief Commissioners must publicise the change, assist trade in updating software and procedures, and issue Public Notices or Standing Orders to guide traders and officers in adopting electronic payment.

Mandatory pre-entry reporting of interstate goods requires online T-2 filing to permit issuance of Central declaration forms.
Registered dealers must file invoice and Goods Receipt Note details in Form T-2 online before goods enter Delhi for all interstate purchases, imports and stock transfers; Form T-2 data will be imported into the online facility for issuance of Central Declaration Forms C, F and H, and non submission will restrict the amount eligible for those forms and may invite adverse assessment and penalty.

Custodian appointment under customs law: operator tasked to hold and manage imported bulk cargo pending customs clearance.
A private terminal operator is appointed as Custodian of imported bulk cargo at the coal terminal under statutory customs powers, required to hold goods until lawful clearance for home consumption, warehousing, or transshipment, and to comply with applicable cargo handling regulations and the Customs Act, thereby imposing operational custody and compliance obligations on the operator.

Ship breaking procedures require pre-arrival documentation and staged customs review leading to anchorage and beaching permissions.
A controlled regime pending the Ship Recycling Code requires submission of specified ship identity, crew, measurement and hazardous-waste assessment documents for desk review by Customs in consultation with GMB and GPCB; the authorised Customs officer must complete desk review, communicate permission or refusal to GMB and the ship owner, copy the jurisdictional Assistant/Deputy Commissioner, and permit expedited review and appeal within prescribed short timelines while other agencies oversee boarding, physical verification and beaching decisions.

Dematerialisation requirement for shifting securities from trade-for-trade to rolling settlement; exchanges must obtain certificates and report actions.
Companies with connectivity to both depositories may move from Trade for Trade Settlement to Rolling Settlement only if at least 50% of non-promoter holdings under clause 35 are dematerialized, supported by a certificate from the RTA or, if no RTA exists, from a practising company secretary or chartered accountant; exchanges must also satisfy there are no other grounds for continuing TFTS and must report actions in their Monthly/Quarterly Development Reports.

Filing deadline extension for non XBRL e forms 23AC and 23ACA; deadline extended or within thirty days of AGM.
Companies required to file non XBRL balance sheet and profit and loss accounts may file e form 23AC and e form 23ACA prepared under revised Schedule VI by 15 October 2012 or within thirty days from the company's Annual General Meeting, whichever is later, pursuant to an administrative extension superseding General Circular No.21/2012.

Taxation of non-resident asset transfers: expert committee to examine applicability for all non-resident taxpayers and report recommendations.
Examination of the applicability of the amendment on taxation of non-resident transfer of assets where the underlying asset is in India is added to the Expert Committee on GAAR's terms of reference, directing review of the amendment's operation for all non-resident taxpayers and requiring stakeholder consultations and submission of recommendations to the Government by the prescribed reporting date.

Line of credit conditions require majority Indian-sourced supplies, GR/SDF shipment declarations, and bank compliance under FEMA.
A Line of Credit from Exim Bank to the Central African Republic finances eligible Indian goods, services and consultancy for hydro-electric projects, requiring at least 75 percent Indian-supplied value and allowing up to 25 percent foreign procurement (excluding consultancy). The Credit Agreement is effective from August 22, 2012, with LC and disbursement timelines of 48 months from project completion for project exports and 72 months from execution for supply contracts. Shipments must be declared on GR/SDF forms, no agency commission is payable under the LOC, and AD Category-I banks must notify exporters and permit commission remittance only from exporter resources or EEFC balances subject to prevailing rules; directions are issued under FEMA.

Line of Credit conditions govern export eligibility, local content requirements and foreign exchange reporting for project supplies.
The Export-Import Bank of India's Line of Credit finances Indian exports of goods, services, equipment and consultancy for a designated project, requiring a substantial majority of contract value to be sourced from India while permitting limited non-consultancy procurement abroad. The Agreement prescribes deadlines for opening Letters of Credit and disbursements, mandates shipment declaration on GR/SDF forms, disallows agency commission under the LOC (subject to exporters' own remittance options), and directs AD Category I banks to inform exporters; the circular is issued under FEMA authority.

Currency risk hedging by QFIs permitted using forwards, options and swaps to cover rupee investment exposures.
Qualified Foreign Investors may hedge currency risk on permissible rupee denominated equity and debt investments using forwards, foreign currency INR options, and currency INR swaps (for IPO ASBA flows) through their AD Category I bank where the rupee account is maintained; hedge costs must be met from repatriable funds or normal inward remittances, outward remittances are net of taxes, eligibility is based on QFI declaration with quarterly AD bank review backed by QDP certification, forwards once cancelled cannot be rebooked though rollovers before maturity are permitted, and IPO swaps are limited to amounts linked to the proposed investment and to short tenors with no rebooking or rollovers.

Transfer of pending company law cases to regional directors; fees already paid need not be recharged and objections will be forwarded.
Pending company law proceedings in the specified categories have been transferred to the Regional Directors; fees already paid at filing need not be paid again due to transfer by operation of law, and objections already received must be forwarded in writing by the former body's Secretary to the concerned Regional Directors.

Concessional CVD on fertilizers clarified: concessional duty applies when imports are for fertilizer use despite basic duty concession.
The circular clarifies that where Notification No. 12/2012 Customs shows a dash for CVD, the excise duty rate applies unless an express concessional CVD is provided; the concessional CVD in S. No. 200(ii) for goods to be used as fertilizers applies even if a concessional basic customs duty under another serial number is claimed, and Notification No. 46/2012 Customs was issued to prescribe the effective CVD rates against the relevant serial numbers for clarity and compliance.

Vehicle registration requirement under EPCG scheme corrected to notification date, altering reference for pending EODC cases.
The corrigendum amends Policy Circular No. 2 to replace the previously cited reference date with 14.06.2006, reflecting Para 1(iii) of Notification No. 11 (RE 2006)/2004-09 which mandates that vehicles imported under the EPCG scheme be registered as tourist vehicles or with suitable state-specific tourist registration and that a copy of the Registration Certificate be submitted to the Licensing Authority as confirmation of import and installation.

Minimum public shareholding: allow rights or bonus issues to public shareholders when promoters forgo entitlements to boost public float.
Permits listed entities to meet minimum public shareholding by issuing rights or bonus shares to public shareholders with promoters/promoter groups forgoing their entitlement, allows SEBI to approve other methods on a case-by-case basis, and requires amendments to Clause 40A of the Equity Listing Agreement with stock exchanges mandated to incorporate and enforce these conditions.

Manual Bill of Entry reporting: MBEs must be entered into ICES 1.5 by TA/STA using allocated MBE role.
Recording of Manual Bill of Entry data must occur in both the Manual LAN system and ICES 1.5 for DTR purposes: TA/STA at Docks shall enter Manual Bills of Entry into the ICES 1.5 thin client using their SSO-ID after Out-of-Charge and record duty payment details; Import Noting and Cash Section continue existing noting and duty-entry practices. The MBE role must be allocated to TA/STA SSO-IDs and data from both systems will be analyzed for revenue and statistical reports.

Committee constitution directive: ministry nominee designated, member's name corrected, convenor appointed for regulatory reform of business environment.
The circular constitutes a committee to reform the regulatory environment for doing business, names the Ministry of Corporate Affairs' Special Secretary/Additional Secretary as the Ministry's nominee, corrects a member's name to Shri Madhu Kannan, Head Business Development, Tata Sons Limited, and appoints the Director General & CEO of the Indian Institute of Corporate Affairs as the committee's convenor to coordinate its activities.