Decentralisation of investigation cases: administrative instruction replaces permissive wording and directs immediate case transfer and lists.
Decentralisation of pending investigation cases from Central Charges is mandated by administrative instruction: the word "May" in paragraph 4.1 of the earlier Board guidelines is to be read as "August", effecting a textual substitution in the guideline. Chief Commissioners and Directors General must prepare lists of eligible pending cases for immediate decentralisation and communicate the directive to all regional Income Tax authorities for compliance.

Phytosanitary compliance for wood packaging: exports failing ISPM 15 must not be cleared and will face strict enforcement.
No export consignments packed with raw or solid wood packaging material shall be cleared if they are deficient in meeting ISPM 15 phytosanitary requirements; Customs must verify compliance or possession of a phytosanitary certificate issued by accredited treatment agencies, and Chief Commissioners and Commissioners must ensure strict adherence with non compliance by officers viewed seriously.

Currency possession limit for non-residents permits limited INR beyond immigration to duty free area, requiring disposal before boarding.
Non-residents may carry Indian currency beyond the Immigration/Customs desk into the Duty Free Area/Security Hold Area for miscellaneous expenditures but must dispose of such currency before boarding and may not possess Indian Rupees beyond the SHA. Foreign Exchange Counters may be established in the Duty Free Area/SHA to buy Indian Rupees from non-residents and sell foreign currency to them, subject to usual terms; Airport Authorities must display notices advising this last point for possession.

Importer-Exporter Code misuse warns of suspension or penalty under the foreign trade regulatory framework for unauthorized use.
Use of Importer-Exporter Code (IEC) by any person other than the IEC holder is prohibited; Section 7 of the Foreign Trade (Development and Regulation) Act and Rule 12 of the Foreign Trade (Regulation) Rules together with Para 2.9.2 of the Handbook of Procedures confirm IEC validity for the holder (and its branches/divisions) only, with limited exemptions for entities using permanent common IECs. Unauthorized use attracts suspension, cancellation or penalty under the Act and Rules.

Duty Drawback All Industry Rates revised, altering residuary and ad valorem rates and introducing caps and new tariff entries.
Revised All Industry Rates (AIR) of duty drawback effective 21.09.2013 recalibrate drawback entitlements using average input prices, input output norms, import content, applicable excise/customs duty incidence and service taxed input services. The notification converts certain specific rates to ad valorem, extends residuary AIRs to some previously nil items, reduces higher residuary bands, supplements many higher ad valorem rates with drawback caps, creates or amends tariff entries for classification clarity, and makes AIR on wheat nil. Pharmacopeia standards IP, BP, USP, EP and JP are interchangeable; commissioners must ensure compliance, prevent double recovery and monitor high value exports.

Minimum land requirements in SEZ rules eased, altering eligibility, de notification and asset transfer conditions for units.
Amendments reduce minimum land and built up area thresholds for SEZs, create a new agro based food processing sector, and remove the land criterion for IT/ITES in favor of graduated built up area requirements tied to city classification. They permit sectoral broad banding and a graded scale allowing additional sectors per contiguous land parcels, clarify vacancy and inclusion rules on pre existing structures' benefit entitlements, set state NOC and land use conditions for de notification, and enable unit exit by asset and liability transfer under Rule 74A subject to tenure, approval and transfer of duty and export obligations.

Quality of assessments: mandatory capacity-building workshops by appellate commissioners to improve drafting and circulate common-mistakes guidance.
Direct DGsIT (Inv.) and CCsIT(C) to have CIT(A) conduct capacity-building workshops for all assessing officers and range heads in Central Charges, presenting charge-specific examples of investigative and drafting shortcomings. Circulate a brief bullet-point record of common mistakes and precautions to concerned officers and send a copy to the Board. Schedule initial and follow-up workshops and confirm compliance in routine monthly communications to the Member (Inv.).

Debt allocation mechanism extended to government securities; investments allowed until prescribed threshold, thereafter auction allocation applies.
SEBI extends the corporate debt allocation mechanism to Government Debt, allowing FIIs/QFIs to invest without purchasing debt limits until the prescribed threshold is reached, after which remaining limits will be allocated via auction. Reinvestment facilities and previous reinvestment restrictions will not apply to Government Debt limits while limits are available on tap. FIIs awarded limits in the August 20, 2013 auction must comply with the utilization period specified in the referenced SEBI circular. The circular takes immediate effect and custodians must notify their FII clients.

Definition of control expanded to include director appointment and contractual rights, affecting FDI assessment and sector classification.
Revision of the definition of control to include the right to appoint a majority of directors or to control management or policy decisions via shareholding, management rights, shareholders agreements or voting agreements, and revision of Annex B of Schedule 1 to the FEMA Regulations, 2000 to align sectoral classification, entry norms, sectoral caps and conditions for FDI under Government and Automatic routes with the Consolidated FDI Policy.

Export declaration reform introduces common EDF and SOFTEX forms with online form number generation for all export transactions.
A common Export Declaration Form (EDF) and a common SOFTEX Form replace the GR/PP form for non EDI goods exports and cover single and bulk software exports; exporters must declare all transactions in the applicable form. RBI will enable online generation of EDF and SOFTEX form numbers, discontinuing manual regional allotment; completed forms must be certified by the specified authority and then submitted to the Authorised Dealer for action under FEMA.

Transitional compliance under Companies Act requires prior memorandum definitions and existing accounting standards to remain operative until new rules.
Clarifies transitional application of select Companies Act, 2013 provisions: Registrars may register MOA/AOA received up to 11.9.2013 under the private company definition of the Companies Act, 1956; statements annexed to notices of general meetings issued on or after 12.9.2013 must meet new Act requirements; existing Accounting Standards under the 1956 Act remain effective until new standards are prescribed; and resolutions for meetings with notices issued before 12.9.2013 may be passed under the Companies Act, 1956 voting requirements.

DVP-3 settlement eligibility for corporate bonds tied to credit, yield spread, liquidity and clearing guarantee protections.
SEBI prescribes a risk management and settlement framework for corporate bond trading on exchange debt segments enabling DVP-3 settlement for eligible publicly issued and qualifying privately placed bonds; the Clearing Corporation must provide a settlement guarantee and create a Settlement Guarantee Fund; margins include an Initial Margin based on a 99% one-day VaR with minimum floors by residual maturity and an upfront Extreme Loss Margin, with specified liquid asset composition and auction/close-out procedures for shortages.

Know Your Client requirements: classify eligible foreign investors by category with risk based documentation and review on material changes.
SEBI requires eligible foreign investors under the PIS route to be classified into Categories I-III with risk based KYC norms: Category I entities receive substantial document exemptions, Category II entities partial exemptions, and Category III entities must provide full identity, address, financial and UBO documentation. Intermediaries must review and update KYC on any material information change; submitted copies must be self attested and originals produced or attested per verification requirements.

Downstream investment rules: foreign-sourced funds required, domestic borrowing restricted with exception for operating companies.
Indian companies making downstream investments must bring in requisite funds from abroad and not use funds borrowed in the domestic market; downstream operating companies may raise domestic debt. Downstream investments through internal accruals are permissible only by an Indian company engaged solely in investing in the capital of another Indian company/ies and are subject to the provisions of clause 6(i).

Mutual fund regulation: mandatory SID/SAI filing, disclosures, NAV, valuation and governance rules to protect investors.
The Circular requires mutual funds to file and maintain offer documents-SID and SAI-in prescribed formats with specified filing timelines, public availability of drafts, periodic updation and addenda for changes. It imposes governance duties on AMCs and trustees (audit/valuation committees, independent trustees, systems audits), detailed disclosure and reporting obligations (monthly portfolios, half yearly reports, CTRs, daily transactions), and uniform NAV, valuation and cut off timing rules including methodologies for non traded and debt securities, illiquid securities limits and NPA provisioning.

Corporate guarantee restrictions: approval required when Indian investor holds majority indirect stake in step-down overseas subsidiaries.
Corporate guarantees for second-generation or subsequent step-down overseas subsidiaries will be considered under the Approval Route where the Indian Party indirectly holds 51 per cent or more stake in the overseas subsidiary for which such guarantee is intended to be issued; other provisions of the earlier circular remain unchanged.

Overseas foreign currency borrowing limits increased for authorised banks, enabling swaps into rupees at concessional rate.
AD Category I banks may borrow overseas foreign currency up to 100 per cent of unimpaired Tier I capital or USD 10 million equivalent, replacing the earlier 50 per cent limit, with exemptions for certain export credit and capital instruments. A time limited concessional swap facility into rupees is available for fresh borrowings of one to three years at one hundred basis points below market rate with annual resets. Excess borrowings beyond the prior ceiling require a board approved borrowing policy, a 12.0 per cent CRAR, minimum three year maturity, and continued compliance with existing regulatory norms.

Corporate Social Responsibility requirement: companies must allocate a prescribed proportion of average net profits annually under the Act.
Corporate Social Responsibility is an ongoing business obligation requiring qualifying companies to adopt a CSR Policy, allocate a prescribed proportion of average net profits to a CSR corpus, and ensure that CSR surplus is not treated as business profit. The CSR Committee must prepare the policy and a transparent monitoring mechanism; activities must be projects outside normal business, implemented within India, and not exclusively for employees. Companies may implement CSR directly or through qualifying trusts, societies or Section 8 companies with established track records. Annual reporting in the Directors' Report and on the company website using the prescribed format is required.

Compliance of section 245 required before adjusting refunds; Assessing Officer must respond within prescribed time.
Strict compliance with section 245 is mandated before adjusting any refund: CPC Bengaluru must issue prior intimation, the assessee must be given an opportunity to respond, the Assessing Officer must examine and communicate findings to CPC, and CPC will process refunds and adjust demands only after receiving the Assessing Officer's communication; officers must ensure adherence to this procedure.

Electronic filing and definitions framework consolidates digital signatures, e-forms and related-party definitions under companies rules.
Rules set the procedural framework for implementing the Companies Act by authorising staggered commencement and prescribing a periodic review. They establish comprehensive definitions for digital and corporate processes-including Digital Signature, Digital Signature Certificate, e-Form, Electronic Record, Electronic Registry and Director Identification Number-referencing relevant statutes and NCLT rules. The rules define related parties to include directors and key managerial personnel of holding, subsidiary or associate companies and specify an exhaustive list of relatives for statutory application.