Export freedom for mulberry silk waste not carded or combed after deletion of prior registration requirement.
The ITC(HS) classification entry for mulberry silk waste not carded or combed has been amended to delete the prior restriction requiring export against a registration certificate from the Central Silk Board, making the item free for export without that administrative condition.

DEPB schedule amendments require exporters to declare constituent items in shipping bills when claiming DEPB benefits.
Amendments to the Schedule of DEPB rates add a requirement that exporters declare constituent items and their DEPB entry numbers in Shipping Bills when claiming DEPB for composite products, and correct, add or amend DEPB rate entries and corresponding value caps across engineering, chemicals, plastics, electronics and miscellaneous product groups.

Export deadline extension permits shipment of unutilized quota onions under prior notifications until the revised closing date.
The notice authorises an extension of the shipment timeline for unutilised balance quantities of onions released under quota to specified State Trading Enterprises pursuant to Notification No. 50 and Public Notice No. 7, invoking the Export and Import Policy delegation to permit shipment up to the prescribed extended cut-off date while leaving other quota conditions and the ITC(HS) classification entry operative.

Special currency basket value adjusted; authorised dealers must apply the new rupee valuation and notify constituents accordingly.
The Reserve Bank notified an updated rupee valuation for the special currency basket effective 27 June 2002, following a further change on 24 June 2002, and directed Authorised Dealers to apply the revised valuation and notify their constituents. The circular is issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 and addresses operative exchange control obligations arising from the Deferred Payments Protocols.

Short-term term deposits permitted for foreign branch accounts, subject to temporary-surplus and utilization undertakings; excludes shipping and airline companies.
Authorised Dealers may open term deposits of up to six months for branches, project or liaison offices in India of persons resident outside India where the deposits arise from temporary surplus funds, provided the Authorised Dealer is satisfied as to the temporary nature and the branch/office gives an undertaking that maturity proceeds will be utilised for business in India within three months; facility excludes shipping and airline companies.

Dividend withholding: mandate to include TDS particulars on dividend warrants and issue matching TDS certificates to shareholders.
Companies must include TDS particulars on dividend warrants: ledger folio, number of shares, warrant number, gross dividend, rate of tax, tax deducted, net amount payable, and a certification clause with place, date and signature of the person responsible for deduction. The TDS format may be printed on the reverse of the warrant and, where dividends are paid electronically or in demat form, the same format should be issued; for cash or cheque payments, companies should issue the TDS certificate in this format along with the dividend intimation.

FDI in tea sector permitted with central approval and mandated divestment to Indian partners and state land-use consent.
The Government permits FDI up to 100% in the tea sector, including plantations, subject to prior Central Government approval; applicable to fresh investments from the date of notification. Such investments must effect compulsory divestment of a portion of equity to an Indian partner or the Indian public within five years, and obtain prior State Government approval for any future land use change. The measure modifies Press Note No. 2 (2000 series).

Prohibition on foreign investment: complete ban on FDI and foreign technology collaboration in lottery, gambling and betting.
Complete prohibition bars foreign capital and collaborative technology engagement in the lottery, gambling and betting sector. This includes a ban on foreign direct investment, portfolio and non resident/OCB investments, foreign venture capital participation, and any foreign technology collaboration such as franchise, trademark, brand licensing or management contracts for government or private lotteries, online lotteries, casinos and related activities.

Foreign direct investment permitted full automatic entry in advertising and film sectors; prior sectoral conditions removed for film.
Foreign Direct Investment policy has been revised to permit 100% FDI on the automatic route in the advertising sector, and to confirm that up to 100% FDI in the film sector on the automatic route will no longer be subject to the previously prescribed conditions I-V concerning track record, minimum paid up capital, minimum foreign equity investment, debt equity limits, and dividend balancing. Press Note No. 2 (2000 series) is modified accordingly.

Depository receipt account segregation required: custodians and depositories must report monthly holdings and notify investors.
Mandates separate Depository Receipts (DRs) accounts for shares released on conversion of ADRs/GDRs; depositories must credit converted shares only to these accounts, require beneficiaries to transfer existing converted holdings into them by the prescribed deadline, and furnish domestic custodians monthly statements detailing opening total, shares credited, shares debited/transferred out, and month-end balance.

Extended export realisation period expanded to include aluminium, petroleum, sugar and foodgrains for eligible exporters.
Manufacturer exporters with export contracts of Rs.100 crore and above in one year may be allowed up to 365 days from date of shipment for realisation and repatriation of full export value; the facility is extended to include aluminium, petroleum products, sugar and foodgrains and is available to merchant exporters/traders, issued under the Foreign Exchange Management Act and to be communicated by authorised dealers.

Electronic filing requirement mandates listed companies to submit specified corporate reports online through EDIFAR, enhancing public disclosure.
SEBI, with NIC, requires specified listed companies to file designated documents online on the NIC-hosted EDIFAR site in SEBI-prescribed format and time. Under substituted Clause 51(1), companies must upload the full annual report (including balance sheet, profit and loss account, directors' and auditors' reports), cash flow statements, half-yearly and quarterly financial statements, corporate governance report, shareholding pattern, statements of regulatory action and any other information SEBI specifies. This EDIFAR requirement is additional to other listing agreement filing obligations.

Search and seizure procedures require objective evidence recording, timely asset release and strict time bound reporting.
Search & Seizure operations must be conducted with objectivity and accountability: record statements under Sec 132(4) with supporting evidence, preserve and back up seized electronic data, include computer knowledgeable staff in search teams, lift restraint orders within one month, process explained seized assets for release under Sec 132B within 120 days after giving opportunity to the assessee, allow inspection of seized records within 15 days of application, initiate assessments promptly after the return filing window, resolve major appraisal/assessment deviations through recorded discussions, and maintain a detailed register plus periodic progress reports to supervisory authorities.

Nomination facility for mutual fund units extended with prescribed eligibility rules, cancellation procedure, and transfer consequences.
A new nomination facility is introduced for mutual fund unit holders. The asset management company must allow individual unit holders, singly or jointly, to nominate a person in whom the units will vest on death, and joint holders may nominate a person to receive all rights in the units on the death of all joint holders. The Fourth Schedule prescribes the nomination or cancellation form and instructions, including eligibility restrictions on who may nominate and who may be a nominee, provision for nomination of a minor through a guardian, rescission on transfer of units, and cancellation only by the original nominators.

Trade notice amendments expand DEPB calculation, delete SEZ references, and remove invalidation provisions for advance licences.
Amendments delete SEZ references in one notice; permit inclusion of commission in total FOB for DEPB claims where not shown in Column 14 of the Bank Realisation Certificate; remove the prohibition on invalidating Advance Licences after exports where a Policy Circular allows invalidation post-fulfilment of export obligation by the ultimate exporter; and delete another notice while directing exporters to the Export Facilitation/Grievance Committee for grievance redressal.

SAD debiting requirement: DEPB scrip SAD exemption hinges on let export date determining applicable EXIM policy.
The applicable EXIM policy for a DEPB scrip is determined by the shipping bill "let export date": exports with let export date before the policy change are governed by the earlier EXIM policy and need not have the element of SAD debited in the DEPB scrip for SAD exemption, whereas exports with let export date on or after the policy change are governed by the revised EXIM policy and require debiting the DEPB scrip for the element of SAD to claim SAD exemption.

Repatriation from NRO accounts permitted for education, medical and long-held property sale proceeds subject to conditions.
Authorised Dealers may allow repatriation from NRO account balances held by NRIs/PIOs for specified purposes without prior Reserve Bank approval: to meet education expenses for children (annual limit), to meet medical expenses of the account-holder or family members (limit), and to remit sale proceeds of immovable property held for at least ten years subject to applicable tax payment and an annual ceiling.

Transaction value determination clarifies allowable deductions and inclusions affecting assessable value under new valuation rules.
The circular clarifies that transaction value is determined for each removal, with "greatest aggregate quantity" referring to the largest quantity of identical goods sold on a particular day. Deductions from transaction value are limited to amounts actually paid or payable by the assessee; transportation costs owned by the manufacturer may be deducted if separately shown and supported by costing, return-trip charges are not deductible unless recovered, and transit insurance may be included in transport cost. Packing, buyer-borne advertisement or dealer-incurred after-sales charges that are incurred on behalf of the manufacturer are added to assessable value. Captive consumption, job-work, related-party sales, samples and removals with CENVAT consequences are addressed by specific Rules as set out.

Subcontracting rules updated: direct export from job worker premises allowed only with excise registration and return of tooling.
The notice amends subcontracting rules allowing temporary transfer of moulds, tools and drawings to subcontractors provided they are returned to EOU/EPZ/EHTP or SEZ bonded premises after job completion; permits direct export from job worker premises only if registered with Central Excise and not via third parties; prescribes that SEZ job work for DTA units be exported from the SEZ with export documents in the DTA's name. It revises deemed export claim procedures and application documents for Advance Licence and adds/expands Agri Export Zones in Appendix 15.

SION amendments: revised input-output norms impose precise import entitlement metrics and new component accountability rules.
Amendments to SION under Paragraph 2.4 revise Handbook of Procedures, Vol.2 by correcting descriptions, substituting norms, adding alternative inputs, and inserting new entries across Chemicals, Engineering, Plastic and Textile product lists. The notice prescribes precise import entitlement metrics tied to export quantities (kg/kg, net-to-net, per unit), introduces detailed component lists and accountability/specification conditions, and adds general notes on fuel caps and textile GSM flexibility to govern permitted inputs for exports.