Extension of filing deadline for Annexure 2C and 2D under Rule authority; separate online and hardcopy submission dates announced.
Extension of the filing deadline for Annexure 2C and Annexure 2D accompanying Form DAVAT-16 for the quarter ending 30 June 2013 is authorised under the Department's rule, setting separate deadlines for online submission and hardcopy filing and directing departmental officers to circulate and publish the revised schedule.

Bank guarantee for non resident acquisitions allowed subject to SEBI compliance and counter guarantee, with reporting on invocation.
Permits AD Category I banks to issue bank guarantees for non resident acquisitions of shares or convertible debentures via open offers, delisting or exit offers without prior RBI approval, provided the transaction complies with SEBI (SAST) Regulations and the issuing bank obtains a counter guarantee from a bank of international repute; guarantees must be co terminus with the offer period and, if invoked, the issuing bank must report circumstances to the Reserve Bank's Foreign Exchange Department.

Classification as communication apparatus: Bluetooth headsets treated as active network transmission devices under customs tariff.
The document addresses classification of Bluetooth wireless headsets for mobile phones, describing them as monaural earphone microphone sets with radio transceiver, battery and charger that use a PAN wireless protocol to exchange voice and data. By application of the General Rules for Interpretation and Note 3 to the Section, the headset confers the essential character on the retail set; its active network communication function and simultaneous two way audio/data streaming place it in the tariff provision for apparatus for transmission or reception of voice and data.

Speaking orders under section 74 must explicitly address compliance with re export drawback procedural and substantive tests.
Officers must issue reasoned, appealable speaking orders that record findings on identity and determination of use, and explicitly explain how the procedural and substantive conditions of the drawback rules - including the manner and timing of claims - are satisfied or not, reflecting due diligence in sanctioning re export drawback claims.

Export through air ports permitted for finished leather, wet blue and EI tanned leather subject to sample testing.
Permission is granted to permit export of finished leather, Wet Blue and EI Tanned Leather through air ports in addition to previously authorised sea ports and ICDs. Customs may draw samples where required for certification and testing as per finished leather norms, and samples are to be certified by notified laboratories under the prescribed procedure.

Principles of Financial Market Infrastructures: mandatory risk management, settlement and disclosure standards for regulated market infrastructures under SEBI oversight.
The circular requires SEBI regulated financial market infrastructures (including payment systems, CSDs/SSSs, CCPs and trade repositories) to implement the Principles of Financial Market Infrastructures, mandating clear legal basis, transparent governance, comprehensive risk management covering credit, liquidity and operational risks, adequate financial resources and FMI specific measures such as settlement finality, collateral and margin standards, default management, segregation and portability, access criteria, link risk management and disclosure obligations, and directs periodic monitoring and assessment by SEBI.

Debit in duty credit scrip treated as payment under Rule 6(3) Cenvat Credit Rules, so reversal payment not required.
Debit of duties in the specified duty credit scrips issued under the July 2012 notifications is to be treated as payment of duty for determining applicability of Rule 6(3) of the Cenvat Credit Rules, 2004; therefore, where goods are cleared under those notifications and duties are debited in the scrip with Cenvat credit availed, payment under Rule 6(3) is not required, and field formations should be informed.

Cancellation and rebooking of forward contracts: exporters get expanded flexibility and importers permitted limited rebooking for hedging.
The circular permits exporters to cancel and rebook forward contracts for hedging contracted export exposures up to 50 percent of contracts booked in a financial year, and permits importers to cancel and rebook forward contracts for hedging contracted import exposures up to 25 percent of contracts booked in a financial year, with Authorised Dealer Category I banks required to notify constituents; directions issued under FEMA subject to other statutory permissions.

AML/CFT standards: Indian Agents under Money Transfer Service Scheme must consider FATF guidance and ensure sub-agent compliance.
Authorised Persons under the Money Transfer Service Scheme must consider FATF's updated AML/CFT statements for cross border inward remittances, ensure the guidance does not bar legitimate transactions, and require that all Sub Agents comply. Agents must notify constituents, obtain Principal Officer acknowledgement, and implement these directions under the Foreign Exchange Management Act and the Prevention of Money Laundering framework.

Export allocation for gold imports enforced; nominated agencies must route imports through bonded warehouses and secure export proof.
Import of gold is limited to DGFT/RBI notified nominated agencies; coins and medallions are prohibited. Each consignment must reserve a fixed exporter allocation while the balance is for domestic use, with SEZ/EOU and authorised export allocations treated separately. All imports must be routed through customs bonded warehouses; nominated agencies must furnish bonds and, unless exempted, bank guarantees tied to estimated duty. Customs shall maintain agency wise registers, require exporter registration and proof of export, reconcile exports before permitting subsequent imports, and restrict later consignments based on exported quantities certified to customs.

Anti Money Laundering Standards: money changing entities must apply FATF jurisdictional guidance and ensure agent compliance.
Money changing Authorised Persons must consider FATF guidance on jurisdictions with AML/CFT deficiencies and apply enhanced risk assessment and transaction scrutiny; these obligations extend to agents and franchisees for whom franchisers are responsible, and Principal Officers must acknowledge the circular, with directions issued under foreign exchange and anti money laundering statutes without prejudice to other legal permissions.

Special Currency Basket value revised, altering rupee settlement terms under deferred payment protocols and requiring bank compliance.
Revision of the Special Currency Basket value for settlement under the deferred payment protocols between the Government of India and the erstwhile USSR is announced, superseding the earlier rupee valuation. AD Category I banks are directed to note the revised valuation and inform their constituents. The Directions are issued under FEMA powers and are without prejudice to other statutory permissions or approvals.

Liberalized Remittance Scheme clarifies permissible overseas investments and separate remittance routes for education and medical expenses.
The circular clarifies that under the Liberalized Remittance Scheme resident individuals may acquire both listed and unlisted overseas shares; that education and medical remittances under Schedule III remain separate and may be made over and above the LRS ceiling; gifts and donations are subsumed under LRS; immovable property purchases abroad are permitted under LRS only for contracts entered into on or before the circular date subject to AD bank verification and post facto reporting; and AD Category I banks must communicate and implement these directions issued under FEMA.

External Commercial Borrowings from foreign equity holders allowed for general corporate purposes subject to seven year maturity and conditions.
ECB from foreign equity holders are permitted under the approval route for general corporate purposes with a minimum average maturity of seven years. Conditions: lender must directly hold at least 25% of paid up equity; proceeds cannot be applied to purposes prohibited by ECB guidelines, including on lending to group entities or step down subsidiaries in India; and principal repayment begins only after the seven year minimum average maturity with no prepayment before maturity. Other ECB provisions remain unchanged.

Overseas direct investment limits revised; pre-existing financial commitments before the cutoff remain grandfathered under the automatic route.
The circular reduces the automatic-route ceiling for fresh financial commitments by an Indian Party in overseas JVs/WOS and requires prior Reserve Bank approval for commitments beyond the revised limit. Commitments contracted or applications submitted on or before the earlier cutoff remain subject to the prior higher ceiling; AD Category I banks must verify authenticity of pre-cutoff contracts, report such remittances post facto to the Reserve Bank, and note that funding from EEFC accounts, ADRs/GDRs, and eligible ECBs continue to be exempt from the new cap as per existing rules.

Jurisdiction reallocation transfers VAT authority over specified dealers and requires file transfer and completion of default assessments.
Reallocation designates the Value Added Tax Officer, Ward 64, to exercise jurisdiction over twenty nine specified dealers for financial years 2007 08 to 2012 13; existing Assessing Authorities shall cease jurisdiction and must forward all files and records for those years to Ward 64 within three days. The Value Added Tax Officer, Ward 64, is directed to complete default assessments for the listed dealers for financial years 2010 11 to 2012 13 within two months; the order and annexure are circulated to departmental authorities for compliance.

Market-wide circuit breakers trigger pre-open call auctions and daily-reset limits based on previous close to manage index volatility.
Index-based circuit breaker thresholds must be translated daily from the previous day's closing index; trading resumes after a halt with a fifteen-minute pre-open call auction governed by existing call-auction provisions, the halt duration reduced accordingly, and dynamic price bands referenced to the previous day's closing price.

Appointment of Cost Auditor: e-Form 23C filing deadline relaxed; normal fee allowed until 31 Oct 2013.
Companies may file e Form 23C for appointment of a cost auditor with the normal applicable fee up to 31 October 2013, or within 90 days of commencement of the company's financial year to which the appointment relates, whichever is later; required attachments and auditor qualification and disqualification conditions continue to apply.

Service Delivery Excellence (Sevottam) implemented to standardize acknowledgements, timelines and grievance redressal in customs services.
Implementation of the Sevottam Service Delivery Excellence Model institutes a centralized dak receipt system as a Single Window System issuing immediate acknowledgements with unique identification; postal submissions receive acknowledgement within seven days. Service norms from the Citizen's Charter require acknowledgements within seven days, decisions and related correspondence within 15 working days, release of seized documents within 30 working days (or letter to collect within 15 days if no SCN), and complaint acknowledgement within 48 hours with final replies aimed within 30 working days. Designated operational staff and a Public Grievance Redressal Officer are specified.

SEZ approvals, modifications, and de notifications: Board granted, deferred and conditioned approvals affecting notifications and operations.
The Board granted, deferred or conditioned approvals for SEZ notifications, conversions and in principle proposals, required Development Commissioners to certify absence or refund of SEZ tax/duty benefits before withdrawal or denotification, and instructed that CBDT and CBEC be informed in such cases. Co developer and transfer approvals were made subject to asset delineation, submission of lease deeds detailing financial arrangements, fulfilment of developer eligibility and security clearances, compliance with revenue and company laws, furnishing full financial details to revenue authorities, and reservation of assessing officers' rights to examine taxability of lease rentals, premiums or equity transfers.