Import controls on hazardous electronic waste require prior permission for second hand electronics and mandate re export for illegal imports.
Imports of waste electrical and electronic assemblies are regulated and certain items require Prior Informed Consent; entries covering electrical and electronic assemblies destined for direct re use, including second hand computers, require permission from the environmental regulator. Contravening imports are treated as illegal traffic and must be re exported at the importer's cost within the timeframe prescribed by the Rules.

Non Basmati rice export allocations totalling 1,000,000 MT assigned to 82 allottees; registration window 28 Jul-18 Aug.
Allocation of 1,000,000 MT of non Basmati rice for export was made to 82 allottees with IEC codes (Annexure 1) and a 1st waiting list (Annexure 2); one allottee received a partial 9,000 MT allotment with 3,500 MT placed first on the waiting list. Document submission, scrutiny and issuance of registration certificates will run from 1000 hrs on 28.07.2011 to 1700 hrs on 18.08.2011, subject to the conditions of the governing notification.

Scrutiny and investigation in winding up cases require preliminary reporting, timed inspections, and follow up actions against management.
Upon filing of a winding up petition the Official Liquidator must forward the petition to the Registrar of Companies, who shall review MCA registry records and submit a one week preliminary report covering company history, management, capital and financial position, compliance and complaints, prior inspections, fundraising and related party transactions, unsecured borrowings and auditor qualifications. The Ministry will decide within 15 days whether to order inspection or investigation; ordered inspections/investigations must be completed and sent to the Official Liquidator within 30 days, after which the Official Liquidator will seek appropriate court orders and pursue action against directors and management.

Proactive obligations in winding up petitions require Official Liquidators to secure verified company asset and creditor information.
Official Liquidators must post staff at Company Courts, consult the High Court institution register, and file court applications directing company management to provide chartered accountant-verified information: current addresses of officers, detailed immovable and movable asset locations and valuations, debtor and creditor particulars, employee dues, personal assets of directors with acquisition and title details, three years of audited balance sheets, and registered office location. Regional Directors must ensure these applications are filed promptly and a legally vetted standard draft is used in all cases.

Scheme of arrangement compliance: Central guidelines impose timelines and procedural checks for ROCs and Regional Directors to report.
The circular mandates a uniform procedure for RDs and ROCs on schemes under section 391-394, requiring electronic tracking of court notices, specified short timelines for ROC reporting and RD actions, submission of valuation and auditors' materials, routing of finalized affidavits through standing counsel and Law Ministry, and substantive checks on filing status, investor grievances, inspections, regulatory clearances, listing/NOC issues, foreign interests, accounting and valuation conformity, employee protection, and potential circumvention of statutory safeguards.

Cess on lac/shellac exports no longer payable following repeal of the Produce Cess Act; field units to cease collection.
Exports of lac and shellac are no longer subject to cess because the Produce Cess Act, which imposed that levy, has been repealed; authorities are to instruct field formations to stop demanding or collecting cess on such exports.

Tariff classification of palm stearin clarified: crude palm stearin to be assessed under the specified Customs Tariff subheading.
Goods declared as Crude Palm Stearin are to be assessed under the Customs Tariff heading applicable to palm stearin treated as fatty acid mixtures; identification must follow Rule 3(a) of the General Rules for the Interpretation, resorting to essential character only if identification is impossible. The prior Board Circular providing alternate assessment guidance is withdrawn and pending cases should be finalised accordingly.

Line of Credit terms permit export financing with shipment declaration requirements and restricted agency commission subject to prior RBI approval.
Exim Bank made a Line of Credit available to Indo Zambia Bank to finance exports eligible under India's Foreign Trade Policy, effective from June 29, 2011, with specified deadlines for opening LCs and final disbursement. Shipments must be declared on GR/SDF forms. Agency commission is generally not payable under the LOC, though the Reserve Bank may permit commission for exports needing after sales service; such commission must be deducted from the invoice, reimbursable amounts to banks will be ninety percent of FOB/CFR/CIF value, and prior RBI approval is required before shipment. AD Category I banks must observe realization and prevailing instructions for remittances.

Line of Credit conditions require predominant domestic-supply content and specified timelines for letters of credit and disbursement.
Authorisation for two concessional Lines of Credit to finance eligible goods and consultancy services for a specified infrastructure project requires at least seventy-five percent of contract value to be supplied from the lending country, permits limited external procurement, sets distinct timelines for opening Letters of Credit and disbursement for project versus supply contracts, mandates shipment declarations on prescribed export forms, disallows agency commission under the LOCs except from exporter resources subject to remittance rules, and is issued under foreign exchange management powers without prejudice to other statutory approvals.

Return filing exemption allowed; taxpayers may still file returns and tax offices must accept voluntary filings.
Exemption under the Notification relieves specified individuals from the requirement to furnish a return of income where their income falls below the prescribed threshold, but qualifying taxpayers may elect to avail the exemption. Tax office personnel are instructed to accept Returns of Income from any taxpayer who chooses to file voluntarily even if they satisfy the Notification conditions, and must not refuse receipt on the ground of entitlement to exemption.

Filing exemption clarified: taxpayers eligible for exemption may still voluntarily submit income tax returns; offices must accept them.
The Board directs that taxpayers who satisfy the conditions of the exemption under Section 139(1) may nevertheless voluntarily file a Return of Income and that departmental officers and staff must accept such returns from taxpayers who choose to submit them, despite their eligibility for exemption.

Online approval under section 297 requires shareholder special resolution and professional certification before ministerial consent is granted.
An electronic filing procedure for Central Government consent under section 297 requires an e form capturing contract terms, board and special resolutions and a practising professional's certification of correctness; companies must record that the contract is competitive, at arm's length, free of conflict and within the scope of section 297, and approvals will be issued online based on these declarations, with penal consequences for false information or certification under statutory and professional regulatory provisions.

Rectification of register of charges shifted to Registrar of Companies, streamlining jurisdiction and reducing time and cost.
Jurisdiction for rectification of register of charges under the Companies Act, 1956 is shifted from the Company Law Board to the Central Government and delegated to the respective Registrar of Companies; pending petitions before the Company Law Board will be transferred to the concerned Registrar. Revised MCA 21 e forms and business processes will set out simplified procedures for companies and Registrars, with the expectation that delegation and streamlined e forms will reduce time and cost for condonation applications.

Shifting registered office confirmation: centralisation to Registrar streamlines interstate transfers and reduces procedural timelines.
The circular centralises confirmation of shifting of registered office between states by transferring jurisdiction from the Company Law Board to the Central Government and delegating the function to the Registrar of Companies where the registered office will be located; pending Company Law Board petitions will be transferred. Revised e forms and an MCA 21 business re engineering process will prescribe the simplified procedures for effecting confirmation and consequent alteration to the Memorandum of Association, aiming to reduce time and cost.

Line of Credit terms require majority Indian supply and GR/SDF compliance, with restricted agency commission provisions.
Exim Bank's Line of Credit to Mozambique finances eligible Indian exports for agricultural productivity; at least 75 percent of contract value for goods and services (including consultancy) must be supplied from India while up to 25 percent of non consultancy goods may be procured abroad. Shipments must be declared on GR/SDF forms; no agency commission is payable under the LOC though exporters may remit commission from their own resources or EEFC balances after realization. AD Category I banks must inform exporters. Directions are issued under FEMA without prejudice to other statutory permissions.

Online company incorporation: certified e forms enable immediate electronic registration and digital certificate issuance within one day.
Where e forms 1, 18, 32 and the e forms for the Memorandum and Articles of Association are certified by a practicing professional as to correctness, the Registrar of Companies shall process the application electronically and issue the digital certificate of incorporation immediately; this facility is optional, subject to penal liability for false or illegal information and to Registrar powers to suspend or revoke registration after an opportunity to be heard.

Co-developer ring-fencing policy clarifies entity separation and accounting rules, impacting SEZ approvals, authorized operations and extensions.
The Board granted, deferred or rejected multiple formal and in principle SEZ approvals, authorized non processing area operations with stated area/FAR constraints, and approved sector changes and land additions subject to contiguity and Development Commissioner certification. It adopted a co developer ring fencing policy requiring separate legal entities or, where not feasible, documented reasons, separate accounting for imports and domestic procurements, and prohibition on transfers of lease/service charges between developer and unit accounts. Extensions of validity and LoP were granted in specified cases; prohibited export proposals were refused.

Name availability guidelines introduce a fee and revised e form for corporate name applications effective from late July.
The Guidelines and a revised e form for name availability applications shall be implemented with effect from 24 July 2011, and a mandatory application fee of one thousand units will be charged for applications made in the revised e form 1A under the Companies (Central Government's) General Rules and Forms (Amendment) Rules, 2011.

Rupee denominated trade hedging allowed for non-residents to manage currency risk via authorised dealer banks.
Non-resident importers and exporters may hedge currency exposure on trade invoiced in Indian Rupees with AD Category I banks using forward INR contracts and FCY INR options. Two operational models are provided: Model I (via overseas bank correspondent) and Model II (direct dealing with AD bank), each requiring documentary verification of underlying trade, customer undertakings against dual hedging and prompt cancellation, KYC/AML certification, adherence of hedge amount and tenor to the underlying transaction, settlement via nostro/vostro accounts, one permitted rollover on extension, prohibition on rebooking cancelled contracts, and quarterly reporting of transactions and suspicious cancellations.

Export warehousing facility expansion: Tijara Tehsil added as an approved location for registered export warehouses.
The Board has amended paragraph 2(2) of Circular No. 581/18/2001-CX to add the Tehsil of Tijara of Alwar district in the state of Rajasthan to the list of places where warehouses may be established and registered for storage of excisable goods for export, thereby making Tijara an approved location for export warehousing under the procedures and conditions of sub rule (2) of rule 20 of the Central Excise Rules, 2002; field formations are to be informed and receipt acknowledged.