Line of credit for export financing to support tractor assembly project in Gambia under FEMA permissions.
A line of credit from Exim Bank to the Government of Gambia became effective May 26, 2006 to finance eligible exports for a tractor assembly project. Terminal dates for opening Letters of Credit and disbursement differ for project exports and other supply contracts; shipments must be declared on GR/SDF forms. No agency commission is payable from the credit, though exporters may use own foreign exchange or EEFC balances for commission subject to realisation and instructions. Authorised Dealer banks must notify exporters and may permit commission remittance after full payment realisation. Directions issued under sections 10(4) and 11(1) of FEMA.

Special additional duty of customs under Export Promotion Scheme imposed; trade directed to follow Ministry circular and report difficulties.
Levy of a special additional duty of customs (CVD) is notified under the Export Promotion Scheme referencing Ministry Circular No. 18/2006; the public notice implements that instruction and places the duty obligation on affected imports.

Customs Area designation allows dedicated zones for FCL bonding, FCL handling and LCL consolidation with segregation requirements.
Designation declares the Ennore Cargo Container Terminal CFS a Customs Area with demarcated zones for bonding of FCL cargo, handling and temporary storage of FCL containers, and consolidation, handling and shipment of LCL export cargo. The facility must comply with the Board circular procedure for CFS consolidation; export LCL cargo must be stored in allotted go downs separate from FCL cargo, with separate sheds and lock fast facilities for sensitive goods.

Border trade facilitation: permitted commodity trade by border district residents with trade passes subject to CITES and specified ports.
Permitted Indo China border trade is confined to residents of border districts issued trade passes acting per customary practice; specified lists of imports and exports are permitted, certain animal products require CITES compliance, all transactions remain subject to existing law, and trade under the Agreement is authorised only through the specified border ports Gunji, Namgaya Shipkila and Nathula.

Focus Market Scheme countries list notified; benefits granted subject to periodic export-performance review and policy modification.
The Director General of Foreign Trade notifies Appendix 37C as the official list of countries eligible for benefits under the Focus Market Scheme, listing nations in Latin American and African blocks; the export performance of these markets will be regularly reviewed and the Appendix may be modified from time to time under the Policy's review and modification provisions.

Import condition applicability: abeyance of Condition 18 exempts imports presenting bills of lading dated on or before the cutoff.
Condition 18 of Chapter 1A of the ITC(HS) Classification was placed in abeyance; the circular clarifies that for imports whose bills of lading fall on or before the specified cutoff date, Condition 18 will not be applicable to those consignments.

Import entry controls: imports must be completed by the deadline and confined to specified designated ports.
Amendments modify Paragraph 2 of the referenced public notice: imports must be completed by 31st March, 2007, and import clearance into India is authorised only through the named ports Nhava Sheva, Kandla, Kolkatta, Chennai, Vishakhapatanam, Mundra and Mumbai, under powers conferred by Paragraph 2.4 of the Foreign Trade Policy, 2004-09 and Paragraph 1.1 of the Handbook of Procedures.

Companies Amendment Act 2006 circulation prompts registries to implement notification and acknowledge receipt for compliance.
The Ministry of Company Affairs transmits the notified Companies (Amendment) Act, 2006 to all Regional Directors and Registrars of Companies for information and necessary action, requesting acknowledgment of receipt and prompting administrative steps to implement the amendment within their jurisdictions.

Advance rulings for indirect taxes provide binding pre determinations on classification, valuation and liability for eligible investors.
Advance rulings under specified chapters of the Customs, Central Excise and Finance Acts permit non resident and specified resident investors to obtain binding determinations on matters such as classification, notification applicability, valuation, origin, input credit admissibility and liability to pay duties or service tax. The rulings are final and binding on the applicant and on the Commissioner and subordinate authorities in respect of the question decided, subject only to a change in law or facts; applications must follow prescribed forms, authorisation requirements and procedural rules, and are excluded where the issue is already pending or finally decided.

Advance Rulings for foreign investors provide binding determinations on classification, valuation and service tax liability to aid planning.
Scheme provides an advance ruling mechanism for non-resident and specified resident investors under Customs, Central Excise and Service Tax, permitting determinations on classification, applicability of notifications, valuation, origin, admissibility of credit and liability to pay duties/tax. It prescribes eligibility classes of applicants, composition and jurisdiction of the Authority for Advance Rulings, application form and filing requirements, representation and authorization rules, fee and withdrawal provisions, a 90 day pronouncement timeline, binding effect of rulings on the applicant and tax authorities, and confidentiality of applications.

Revision of special currency basket value requires authorised dealers to apply updated rupee valuation under FEMA authority.
The circular directs Authorised Dealer banks to implement a revised rupee value of the special currency basket for transactions under the Deferred Payment Protocols and to notify their constituents; it is issued under the Foreign Exchange Management Act while not affecting separate permissions or approvals required under other laws.

Audit frequency thresholds revised for central excise and service tax, altering audit intervals and selection criteria.
Audit frequency norms are revised to base selection on total duty payment (cash plus CENVAT credit) and to rebalance periodicity for Central Excise and Service Tax into four bands with annual, biennial, five year and proportionate-sample audit cycles. Selection within non-top bands uses unit-wise rupee risk calculations from DC (Audit) and local risk parameters; EOUs face a mandatory national sample prioritised by value of duty-free inputs and capital goods, with deviations allowed for local risk factors. The revisions take immediate effect, with first-quarter audits excepted.

Audit frequency revision: total duty including CENVAT now determines excise and service tax audit scheduling immediately.
Audit-frequency norms for Central Excise and Service Tax are revised to use total duty payment (cash plus CENVAT credit) as the basis for tiered audit scheduling; selection for mid- and lower-tier categories will continue to employ DC (Audit) unit-wise rupee risk calculations and local risk parameters, while EOUs are to be prioritised by total value of duty-free inputs and capital goods within each Commissionerate, subject to local risk overrides; the revisions are to be implemented immediately with a carve-out for units already audited earlier in the financial year.

E-auction disposal of seized goods requires bidder registration with refundable deposit, inspection access, payment deadlines and sealed-tender alternative.
E-auction is prescribed for disposal of seized, confiscated and time-expired goods; bidders must register with payment of a refundable registration fee to receive login credentials, inspect listed lots published on the Customs website and notice board, participate in timed online bidding where bids are tabulated in the presence of witnesses and results announced after a short interval, and the successful bidder must pay the EMD or full bid amount and take delivery within the specified time or face forfeiture. A sealed-tender alternative is available for those unable to use the internet auction.

Certificate of Origin confidentiality - authorized agencies may fill buyer details after certifying to protect exporter information.
Exporters applying for Certificate of Origin (Non Preferential) to authorized agencies may leave Column No. 2 blank; the authorized agency competent to issue the certificate shall complete Column No. 2 after certifying and signing the Certificate, preventing premature disclosure of buyer and product details.

Electronic Clearing Scheme refunds expanded to include corporation tax; system patch and centre-wide implementation required.
Enhancement expands the Electronic Clearing Scheme (ECS) to include refunds for Corporation Tax alongside Income-tax, and mandates technical implementation steps: two full backups, suspension of users and DBA jobs during installation, downloading and applying an OLTS patch that alters an index and updates executables, and copying/renaming executables on the file server. All computer centres and RCCs must implement the instruction and confirm compliance, with prior OLTAS instructions required to be in place before this enhancement is applied.

Special additional customs duty: export scheme exemptions require debiting the duty element in entitlement certificates to claim relief.
The special additional customs duty (CVD) is chargeable on imports except where notifications exempt basic and additional duty, making imports under Advance Licence, EOU, SEZ and EPCG schemes not subject to that CVD. For reward-based export schemes (DEPB, Target Plus, DFCE, Vishesh Krishi & Gram Udyog), the exemption applies only if the CVD element is debited in the duty scrips/entitlement certificates; otherwise the special CVD is payable. CVD debited in such certificates may be recovered as drawback or taken as cenvat credit by eligible manufacturers.

Import restriction for vegetable fats: only designated cooperative importer may import under the Indo Sri Lanka FTA.
Import of vegetable fats, including vanaspati, bakery shortening and margarine, under the Indo Sri Lanka Free Trade Agreement may be made only by National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED), pursuant to powers under paragraph 2.4 of the Foreign Trade Policy, 2004-09 and relevant Customs notification implementing the India Sri Lanka FTA.

Cut-off date for sandalwood import applications established, defining the final administrative deadline for filings under the policy.
The circular fixes the cut-off date for filing applications to import sandalwood under Para 3(i) of Policy Circular No. 1 (RE-2006)/2004-09 as 31st July, 2006, thereby establishing the final administrative deadline for submission of such applications without changing the substantive eligibility or procedures of the original circular.

Port-specific import restriction: imports permitted only through designated seaports, narrowing permitted points of entry.
The amendment limits import entry into India by replacing Sl. No. (iv) of Paragraph 2 to permit imports only through the named seaports: Nhava Sheva, Kandla, Kolkata, Chennai, Visakhapatnam and Mundra, effected under the Foreign Trade Policy and the Handbook of Procedures.