Standard Input Output Norms updated: new chemical export-import equivalencies set allowed input items, quantities and CIF limits.
The Director General of Foreign Trade has added entries A-2687 to A-2693 to the Handbook of Procedures, Vol.2 (Chemicals and Allied Products), linking specified export hydrocarbons and chemical products to allowed import items (primarily crude oil, naphtha and refinery catalysts/chemicals), prescribing quantitative import-to-export norms per metric ton and imposing CIF value ceilings expressed as percentages of FOB export value; certain entries exclude lubricants and petrochemical derivatives and some carry stated temporal validity.

Organic export certification required from accredited certifying agencies to permit export as organic product under trade policy
Agricultural exports may be designated as Organic Product only if produced, processed or packed under a valid Organic Certificate issued by a certifying agency accredited by one of the specified accreditation bodies: Agricultural and Processed Food Products Export Development Authority, Coffee Board, Spices Board, or Tea Board; requirement prescribed under Export and Import Policy and effective from 1 October 2001.

Export proceeds reporting: authorised dealers must report outstanding export bills and file Form XOS, noting SEZ cases.
Authorised dealers must monitor export bill realisation and, where bills remain unpaid beyond the due date or six months from shipment, take up the matter with the exporter and report unresolved cases to the Reserve Bank. Units in Special Economic Zones may repatriate full export value within twelve months, but all outstanding export bills beyond six months must be reported in Form XOS, with "SEZ" indicated for SEZ units. Directions are issued under Section 10(4) and Section 11(1) of FEMA, 1999 and non-observance attracts penalties.

Deemed export benefits for supplies to specified power projects, subject to reimbursement obligations if external funding fails.
Deemed export benefits are extended to supplies to Vindhyachal STPP Stage II and Kayamkulam CCPP as if financed by World Bank lending, entitling suppliers to benefits under Paragraph 10.3 of the EXIM Policy including special imprest/advance intermediate licence treatment, deemed export drawback and refund of terminal excise duty. If World Bank funding ultimately does not become available to NTPC, NTPC must reimburse the Government the cash equivalent of specified benefits availed by suppliers, with differing reimbursement obligations for supplies in the initial period and for supplies after that period.

Wheat export ceiling increased and shipment deadline extended for the current licensing year, affecting specified export allocations.
The notice increases the export ceiling for wheat under the licensing year 2000-2001 and extends the last date for shipment in respect of the ceiling issued by Public Notice No.48, amending earlier public notices under powers of the Export and Import Policy. The authority records that whether the additional release is a general quota or for specified agencies is under clarification, and accordingly the ceiling increase and shipment extension are notified in respect of the earlier specified allocation.

Condition on import of textiles clarified: exemptions for advance licence and export oriented unit imports, but applies on sale to domestic market.
The condition on import of textile and textile articles does not apply to imports made under Annual Advance Licences and Advance Licences for physical exports with an actual user condition, nor to imports by 100% EOUs and units in EPZ/SEZ while used for export production. The condition becomes applicable if a 100% EOU or EPZ/SEZ unit effects sale or transfer of any textile or textile article to the Domestic Tariff Area.

Companies Acceptance of Deposits Amendment Rules circulated for information and implementation by company law officers.
Circulation of Notification GSR 385(E) communicates publication of The Companies (Acceptance of Deposits) Amendment Rules, 2001 (GSR 385(E); 25.05.2001) and forwards a copy to Regional Directors, Registrars of Companies and Official Liquidators for information and necessary action, with a request to acknowledge receipt.

Post-expiry disinvestment permission allows FIIs to sell residual illiquid holdings subject to prior regulatory approvals and reporting.
SEBI permits FIIs and sub accounts to seek time limited approval to retain and sell residual or illiquid securities after registration expiry by submitting holdings in the prescribed annexure; approvals will be communicated to the central bank for foreign exchange clearance, authorise only disposals of existing holdings (no purchases), allow corporate benefits and rights applications, require custodians and FIIs to report trades, and permit case by case extensions if sales are not completed within the authorised period.

Withdrawal of Standard Input Output Norms: Sl. No. A-2670 treated as withdrawn by corrigendum to Public Notice.
Standard Input Output Norms listed at Sl. No. A-2670 under the Chemical & Allied Product Group are expressly withdrawn by way of corrigendum to Public Notice No. 15 (RE-2001), and the entry shall be treated as withdrawn as an administrative amendment issued in the public interest.

Fuel oil testing and classification sets stepwise criteria to categorize imports as compliant fuel, re refinable waste, or hazardous waste.
Imports of furnace oil/waste oil must follow a stepwise protocol: initial screening for inorganic acidity, ash, sediment and water; viscosity testing to assign one of four grades or mark as off specification; grade specific maximum sulphur limits; flash point and calorific value thresholds to confirm furnace oil status; and, for off specification/waste, organic halide (AOX), PCB and heavy metal testing to determine re refining suitability or hazardous waste classification per Appendix 1 limits.

Standard Input Output Norms amendments revise SION entries and component import conditions affecting chemicals, engineering, food and plastics.
The Director General of Foreign Trade issues amendments to the Standard Input Output Norms in the Handbook of Procedures, Vol.2, substituting, deleting and adding SION entries across Chemicals, Engineering, Food, Plastic and other product groups as detailed in Annexures A-E. The notice revises general notes (including paper GSM flexibility and a textile note deletion), clarifies export-item descriptions, and permits component imports on a net-to-net basis with an accountability clause requiring matching technical specifications to be reflected in export documents.

Export import documentation amendments require Government/Private status, BIN, EXIM scheme codes and MRP/abatement disclosures for customs processing.
Revised formats for DTRs, manual Shipping Bills/Bills of Export and manual Bills of Entry effective 1.7.2001 require additional fields: trader status as Government or Private, port code, country code, Business Identification Number (BIN), EXIM Scheme Code per item, State of Origin and quantity in Standard Units (to remain blank until notified). Manual forms also add PMV in Shipping Bills and new Bills of Entry columns for MRP, abatement and a distinct value column for calculating additional customs duty where MRP-based valuation with abatement applies.

Excise exemption for plastic footwear clarified to include items with minor non-plastic parts and applied retrospectively.
Exemption for footwear made of plastic material covers items essentially fabricated of plastic even if they include minor non plastic attachments (buckles, tabs, eyelet stays, in soles), provided the retail price condition is met. A clarificatory explanation confirms that the exemption applies retrospectively to past clearances and field formations and trade should be informed to apply the concession consistently.

Export shipment deadline extended for coarse grain/maize, prolonging permitted export period under specified public notices.
The Director General of Foreign Trade amended earlier Public Notices, under the authority of the Export & Import Policy, to extend the last date for shipment/export of quantities of coarse grain/maize permitted under those notices, modifying the terms and conditions referenced in the ITC(HS) classifications and applicable appendices as an administrative extension issued in the public interest.

Line of credit governs export financing to Myanmar with approved contracts, letters of credit, reimbursement and documentation rules.
The Government of India extended a line of credit to Myanmar to finance specified Indian capital goods, consultancy services and consumer durables on an f.o.b. basis covering 100 per cent of eligible contract value in U.S. dollars. Export contracts require prior approval by both Governments and must be forwarded to the Ministry of Finance; disbursements are to be made only under letters of credit opened by banks in Myanmar and advised to the State Bank of India, with a mandated reimbursement clause stating reimbursement by the State Bank of India from the credit and negotiability contingent on operative advice. Strict contractual and drawal deadlines, GR/SDF export documentation, limited agency commission rules, and penalties under FEMA are prescribed.

Special director disqualification clarified: statutory Special Director appointments under SICA remain valid despite Companies Act disqualification rules.
Section 16(5) of the Sick Industrial Companies (Special Provisions) Act makes appointments of Special Directors valid and effective notwithstanding any contrary provision in the Companies Act or other law, and exempts them from conditions such as share qualification, age limits, number of directorships and removal provisions; accordingly, Special Directors appointed under the Sick Industrial Companies (Special Provisions) Act are not liable to be disqualified by the Companies Act disqualification provision.

DFRC issuance rules allow deleted sensitive inputs; DEPB advance payment and free of cost valuation clarified for exports.
DFRCs may be issued where SIONs list sensitive inputs if those inputs are deleted from the import list for the DFRC application. DEPB entitlement under the advance payment mode is available for exports made prior to the recent policy amendment, aligning with general advance payment provisions. For free of cost imports under the Advance Licence Scheme, the notional value of such material must be added to both CIF imports and FOB exports when calculating value addition.

Compulsory rolling settlement announced for specified scrips; exchanges must report omissions for regulator inclusion.
Compulsory Rolling Settlement is imposed for specified scrips with deferral trading products or designated index membership, requiring migration to a rolling settlement regime as set out in the circular. The enclosed list, compiled from exchanges' submissions, identifies the affected scrips and serves as the operative list for the settlement change. Exchanges must promptly notify the regulator of any omitted scrips that have deferral products so they can be added and brought under the compulsory rolling settlement.

Restriction on brokerage payments now applies prospectively to sponsor investments only, per the circular issued.
Restriction on payment of brokerage/commission is imposed prospectively from the April circular date and applies only to subscriptions made by the sponsor(s) of the mutual fund, covering payments to agents, distributors or otherwise.

Standard importer/exporter code requirement: exempted importers must use prescribed standard codes or obtain authorization to transact via ICES.
DGFT notified standard importer/exporter codes must be quoted by specified exempted categories when filing bills of entry and shipping bills through ICES, with the service centre capturing those codes. For persons without any IE code (either because they failed to obtain one when required or belong to exempted classes lacking a prescribed standard code), Customs will permit use of a generic code to process documents through ICES only after obtaining permission from the designated Assistant/Deputy Commissioner; those who should have held an individual code will be allowed use of the generic code after adjudication for the offence.