Non-resident rupee account rules consolidated with a sunset clause requiring replacement by an updated master circular.
Acceptance of deposits from persons resident outside India by authorised dealers and authorised banks must comply with the Foreign Exchange Management Act and the applicable FEMA notification. This Master Circular consolidates existing instructions and underlying circulars on the Non-Resident Ordinary Rupee (NRO) Account into a single reference for authorised banks. The circular is issued with a sunset clause and will be withdrawn and replaced by an updated master circular at the end of its term.

Foreign investment regulation consolidates rules on property acquisition, establishment of offices and partnership investments, with scheduled revision.
This Master Circular consolidates Reserve Bank instructions and FEMA notifications governing foreign investment, specifically addressing acquisition of immovable property by non-residents, establishment of representative/branch/liaison offices in India, and foreign investment in partnership firms and proprietary concerns; it lists underlying circulars and notifications in an Appendix and contains a one-year sunset clause providing for withdrawal and replacement by an updated consolidated Master Circular.

Direct investment abroad: consolidation permits resident investment in JV/WOS overseas, subject to applicable notifications and a sunset clause.
Direct investment by residents in a joint venture (JV) or wholly owned subsidiary (WOS) abroad is authorised under the foreign exchange regulatory framework and applicable notifications; this circular consolidates existing instructions and source circulars concerning such direct investments and is issued with a limited-duration sunset clause after which it will be withdrawn and replaced by an updated master circular, with authorised dealers and persons dealing in foreign exchange expected to follow the consolidated instructions.

Import quota controls under the Indo Sri Lanka FTA require quarterly allocation and pre quarter licence applications.
Imports under the Indo Sri Lanka Free Trade Agreement are subject to a capped annual quota for vanaspati (including bakery shortening and margarine) allocated in equal quarterly instalments; licence applications must be submitted prior to each quarter and annually before the licensing year, with specified exceptional last date provisions for 2007-08, and earlier public notice withdrawn.

Customs duty refund timeliness required; procedures mandate prompt acknowledgement, first in processing, audit and online status updates.
Refund applications must receive immediate receipt on filing, be scrutinized for completeness within a short prescribed period with deficiencies communicated once, and complete claims processed on a first come first served basis to produce either a reasoned refund order or a speaking rejection that addresses unjust enrichment. Where refunds are sanctioned they must be paid by cheque after due audit and accounting verification; higher risk claims remain subject to pre audit and others to post audit sampling. Commissionerates must maintain a publicly accessible, regularly updated online database of refund application status and monthly abstracts for monitoring.

Extension of time limit granted for filing DVAT-51 reconciliation and original declaration forms for fourth quarter filings.
Extension of time limit granted for furnishing the reconciliation return in Form DVAT 51 and for submission of the 'original' portion of Declaration Forms C, D, E I, E II, F, I, J and H that relate to the fourth quarter of 2006 07, under the rule making provisions of the Delhi Value Added Tax Rules and the Central Sales Tax rules.

Advance remittance for aviation imports without bank guarantee permitted, subject to KYC, contractual payment terms and import compliance.
Permits advance remittance for direct import of aircraft, helicopters and other aviation-related purchases by authorised scheduled airlines without a bank guarantee or standby letter of credit subject to a sector-specific limit; AD Category I banks must satisfy themselves of bonafides, carry out KYC and due diligence on importer and supplier, ensure payments conform to sale contracts and are paid directly to the manufacturer, adopt board-approved internal guidelines, secure prerequisite regulatory clearances, ensure import within prescribed periods with documentary proof, and repatriate advances if import does not occur.

Service tax exemption for exports: stakeholders asked to submit services eligible and calculation illustrations by the stated deadline.
Solicitation for lists of export-linked services eligible for Service Tax exemption/remission and accompanying illustrative calculations to determine remission amounts, to be submitted by stakeholders to the Joint Director General of Foreign Trade at the DGFT office by the stated deadline; contact details provided for queries.

Risk Management System directs centralized division to design and coordinate risk parameters, committees, and facilitation-compliance balance.
The circular creates a Risk Management Division (RMD) as the nodal agency to design and implement the Risk Management System (RMS), set and update risk parameters, recommend assessment/examination of risky consignments, maintain an intelligence database, administer the Accredited Client's Programme, coordinate with Customs Houses, Directorate of Valuation, DRI, DG Audit and other departments, develop training, review RMS performance and facilitation-compliance balance, and provide periodic reports to the Board.

E-payment authorization permits a bank to collect service tax electronically for all commissionerates with interim accounting safeguards.
A designated bank is authorised to accept e-payments for all Central Excise and Service Tax Commissionerates without commissionerate-wise restriction while physical collection remains limited to authorised Commissionerates; FPBs will collect payments and prepare Commissionerate-wise, Major Head-wise scrolls, and a Delhi branch will process e-payments for non-covered Commissionerates and prepare four hard-copy challans for distribution to Pay & Accounts Office, taxpayer, and divisional officer to enable accounting and reconciliation, with reporting and fund settlement following existing procedures.

Special Currency Basket value revised; new rupee valuation applies to deferred payment contracts under USSR-era protocols.
The Reserve Bank of India revised the Indian rupee valuation of the Special Currency Basket, effective 19 April 2007, and directed that this revised rupee value apply to deferred payment contracts concluded under the Deferred Payment Protocols of 30 April 1981 and 23 December 1985 between India and the former USSR concerning deliveries of machinery and equipment on deferred payment terms.

Extension of NAV upload deadline for fund-of-funds allows next-business-day reporting; late uploads must be reported to regulators.
NAV uploads for fund-of-funds schemes are to be completed by 10:00 am the following business day; published NAVs may appear in newspapers with a one-day time lag marked by an asterisk, and any delays beyond the extended deadline must be reported to the industry body and the regulator under existing disclosure obligations.

PAN as sole identification mandates cessation of UIN and requires exchanges and depositories to notify participants.
SEBI mandates PAN as the sole identification number for all securities market participants and transactions, discontinuing the requirement of the Unique Identification Number under the MAPIN framework. Stock exchanges and depositories must notify their members, clearing members and depository participants and publish the change on their websites as an operational compliance requirement to protect investor interests and regulate the market.

Export controls on non-hazardous waste updated by new EU shipment regulation; exporters must follow revised rules and guidance.
Regulation (EC) 1013/2006 on shipments of waste entered into force on 17 July 2006 and becomes applicable on 12 July 2007, replacing the previous Shipment of Waste Regulation and related implementing regulations; exporters should consult EU guidance for updated rules and procedures governing exports of non-hazardous waste, as noted in the DGFT trade notice dated 25 June 2007.

Reconciliation return filing: DVAT 51 accepted manually at extension counters with centralised front office data entry and zonal accountability.
The Reconciliation Return in DVAT-51 Forms must be received manually at zonal extension counters on the designated intake day, with acknowledgements issued on the duplicate presented. Zonal in-charges must arrange staff and transport received DVAT-51 Forms to the Front Office, where all data entry will be performed. Forms received with Central Statutory Forms will be registered ward-wise at counters and sent to the Front Office; forms without statutory forms will be held by Ward Officers until required. Documents are transported in ward-wise bundles of hundreds, and date-stamps issued for acknowledgements must be returned to the Front Office at day's end.

Certificate of Origin-Non Preferential issuance updated to add Apex Chamber as an authorized issuing agency for Delhi region.
The Director General of Foreign Trade amended the Handbook of Procedures, Vol. I to specify the Apex Chamber of Commerce & Industry of NCT Delhi as an authorized issuer of Certificate of Origin-Non Preferential, providing its contact details to clarify the designated issuance channel for the Delhi region.

Standard Input Output Norms updated to amend SION entries, defining permitted inputs and net to net accountability for exports.
Amendments update the Standard Input Output Norms (SION) entries: a chemical export item description is clarified; the Colour TV SION lists permitted components and packing materials with imports allowed on a net to net basis with accountability clause; and the spanners SION specifies permitted steel inputs, nickel plating allowance, limited die and cutting-tool items linked to FOB caps, and electroplating salts/additives allowances.

Broad nexus requirement clarified: inputs and capital goods may be imported without quantitative restriction under Target Plus Scheme procedures.
The amendments delete a prior definition and insert two notes clarifying that "Goods" means inputs and capital goods permitted under the Foreign Trade Policy and that no quantitative or duty-quantum restriction applies to imports of inputs related to export products. Appendix 17D for the Target Plus Scheme is revised: specified rows and a note are deleted and Sr. No. 10 is replaced to require listing export products and corresponding inputs, with optional supporting-manufacturer details and optional endorsement of supporting manufacturers as co-licensees; imports must have a broad nexus with exported products.

Service tax scope clarification: draft circular consolidates technical rulings, withdraws prior clarifications and defines taxable services and valuation.
The draft circular consolidates departmental interpretations on service tax, superseding prior technical clarifications and establishing a reference coding system for taxable services and issues. It restates that the document reflects administrative interpretation, not statute, and applies statutory definitions and valuation rules to specific fact patterns-clarifying taxability of activities such as courier and exhibition services, mandap letting, authorized service station reimbursements, composite international air tickets, services by sovereign authorities and Department of Posts, and financial services items like entry/exit loads.

Hedging of overseas direct investments: forward contracts may be cancelled and partial rebooking permitted under revised FEMA guidance.
AD Category I banks may allow residents to cancel forward contracts entered to hedge exchange risk on overseas direct equity and loan investments, subject to verification of exposure and continuance of other conditions from the earlier circular; a portion of cancelled contracts may be rebooked and regulatory amendments will be notified separately.