Bank guarantee exemption for Advance License and EPCG schemes subject to eligibility, certification, and no prior export default.
Revised norms require bonds/BGs in the prescribed format securing duty forgone under Advance License and EPCG schemes; recognised status holders and qualifying manufacturer-exporters may obtain BG exemption subject to no past export-obligation default, absence of penalisation under customs/excise/FEMA/foreign-trade laws, and submission of export performance or excise-payment certificates certified by the jurisdictional Superintendent of Central Excise. Customs may demand higher or full BG where revenue risk exists, accept consignment-wise BG at the port of license registration, and must maintain registers and ensure timely enforcement or renewal of guarantees.

Failure to remit collected inland air travel tax now attracts imprisonment and corporate officer liability under new statutory provisions.
Insertion of offences for Inland Air Travel Tax makes it a punishable act when a carrier collects the tax but fails to remit it to the Central Government, with imprisonment and fine prescribed. Corporate-liability provisions deem the company and persons in charge liable, subject to a defence of lack of knowledge or due diligence; officers shown to have consented, connived or been negligent are also criminally liable. "Company" includes firms and partners are treated as directors. The provisions apply prospectively and permit the Central Government to take action against defaulting carriers, with directions for public notice.

Reduced exposure for rolling settlements now extends for additional settlement cycles and imposes tiered exposure limits and collateral conditions.
Where a trading member's settlement shortage exceeds the base minimum capital or where shortages exceed 20% of BMC on six occasions within three months, trading is to be suspended and securities pay-out withheld. After full recovery, the member may trade at a reduced gross exposure according to cumulative shortage bands; the reduced level must be maintained for ten rolling settlements and is restored if shortages over the subsequent ten rolling settlements stay below 20% of BMC. Immediate restoration is allowed upon deposit of equivalent funds-shortage collateral retained for ten rolling settlements, with no interest or exposure benefit; collateral forms accepted include cash, fixed deposit receipts and bank guarantees. Penal interest on outstanding amounts is set at not less than 0.07% per day. Exchanges must amend rules, notify members and report implementation.

Small scale industrial classification updated: new stationery and pharmaceutical product codes added, bringing those items under supportive measures.
The Central Government amends the Order's Appendix to add specified stationery and drugs and pharmaceuticals product codes and descriptions, thereby treating those listed items as small scale industrial undertakings eligible for supportive measures, exemptions or other favourable treatment under the Industries (Development and Regulation) Act; the amendment takes effect on publication in the Official Gazette.

Change of port authorization allows customs to permit alternate shipment ports pending certificate amendment, subject to later ratification.
Customs will permit change of port in EDI Shipping Bills and invoices for hosiery exports on an exporter's request pending AEPC certificate amendment, with subsequent AEPC ratification; Customs Houses must issue Public Notices and Standing Orders and report implementation difficulties to the Board.

DEPB benefit entitlement allowed where only minimal preservative use is shown; pending scrip verifications to be completed promptly.
Where investigations conclusively establish no use of chemicals or preservatives, adjudication proceedings shall continue; where evidence shows only a meagre percentage of such use, exporters otherwise eligible shall be permitted the DEPB benefit and all pending DEPB scrip verifications, registrations and provisional assessments for those cases must be completed immediately, with administrative guidance and trade notice to be issued.

Revamping judicial reports requires consolidated monthly and quarterly reporting to centralize litigation data and review proposals.
The Board streamlines judicial reporting by retaining two monthly CDR reports, discontinuing a weekly Registrar return, and requiring Commissioners to submit a consolidated monthly proforma detailing tribunal orders, parties, impugned orders, receipt and review dates, issues, revenue exposure and status of review proposals to the Board. A Quarterly Legal Report will replace several prior returns; Commissioners forward QLRs to Chief Commissioners who submit compiled Excel-format reports to the Directorate by the 15th following each quarter for integration into a centralized litigation database.

Amendment to industrial notification: specified Schedule entries and product codes deleted or substituted, effective on Gazette publication.
Executive amendment to Schedule III of a prior industrial notification directs omission of multiple listed serial entries and removal of a specified product code entry; it also substitutes certain product codes and replaces product descriptions for acrylic sheet products and for polystyrene foam products from expandable beads. The amendment takes effect on publication in the Official Gazette.

EDIFAR electronic filing requirement expanded-additional listed companies must commence prescribed online disclosures from the stated quarter.
SEBI expands mandatory EDIFAR on-line filing obligations to an additional group of listed companies chosen by market capitalization and turnover; those companies must upload the prescribed statements and information from the quarter ending June 30, 2003. Stock exchanges must notify the companies, publish the requirement for investor access, and report implementation status to SEBI in the Monthly Development Report, pursuant to SEBI's regulatory powers to protect investors and regulate the securities market.

Sub-broker eligibility: only members of the parent stock exchange may trade through a subsidiary, exchanges must amend rules.
SEBI requires that only members eligible to trade on the parent stock exchange may trade or continue to trade through the exchange's subsidiary company; exchanges must amend their rules, byelaws and the subsidiary's Memorandum/Articles of Association accordingly, notify member brokers and clearing members, publish the provision on their websites for investor access, and report implementation status to SEBI in the Monthly Development Report.

Impact cost reliance: exchanges may use another exchange's impact cost if a formal liquidation agreement exists.
SEBI allows exchanges unable to compute mean impact cost to use BSE or NSE impact cost calculations only if they enter a formal legal arrangement permitting liquidation of their members' positions on that exchange; absent such arrangement, exchanges must levy margins as applicable to Group II or Group III scrips and cannot classify between Group I and Group II.

Arbitration independence requirement: panels for member-nonmember disputes must consist of non members, ensuring impartial dispute resolution.
Stock exchanges must amend rules and bye laws so arbitration panels resolving member-non member disputes consist exclusively of non members with prior regulatory approval; exchanges must reconstitute panels and report implementation, while existing member arbitrators may complete ongoing cases and awards in those cases must be issued within three months.

Exemption power: board may waive disclosure guideline provisions for technical breaches or violations beyond the applicant's control.
An amendment establishes an express exemption clause enabling the Board to grant exemption from any particular provision of the disclosure guidelines on application by a listed company or intermediary, for a technical or possible technical violation, or where the violation was caused or may be caused by factors beyond the applicant's control; the amendment takes immediate effect.

Capital account liberalisation extended: overseas investment and related facilities continue until further notice under FEMA powers.
The Reserve Bank extends liberalised capital account facilities until further notice, covering overseas investments by corporates and individuals, NRI/PIO and foreign national facilities, ESOP acquisition of foreign securities, retention of ADR/GDR proceeds abroad, ECB fund parking, acquisition of immovable property overseas, and EEFC scheme extensions; authorised dealers are to inform constituents and formal amendments to the Foreign Exchange Management Regulations, 2000 will be issued under powers of the Foreign Exchange Management Act, 1999.

Filing of Bill of Entry via floppy now requires submission in revised ICES version three format; accurate data prevents rejection.
Filing of Bills of Entry is authorised through floppy submission to the ICES system in revised Version 3 format using the file layout set out in the annexure; submissions must be made at the designated service centre. Strict compliance with prescribed field lengths and validation checks is mandatory and noncompliant floppy data will be rejected, so traders must ensure accurate programming of data to enable expeditious processing.

DEPB eligibility for DTA supplies to SEZs expanded, with new application and documentary requirements and port updates.
The Handbook is amended to designate the Export Inspection Council as the sole issuer of the Certificate of Origin under the India-Afghanistan Preferential Trade Agreement; to expand ports of registration; to state that exports to notified SEZs are entitled to DEPB; and to establish a procedure for DEPB credit for DTA supplies to SEZs requiring application to the Development Commissioner with specified documents (application fee receipt, SEZ bill of export, invoice showing FOR value and DEPB entitlement, bank realisation certificate, and a DTA disclaimer authorising SEZ claim).

Standard Input-Output Norms amended to add and substitute SION entries across chemicals, electronics, engineering and textile sectors.
Fixes and modifies Standard Input-Output Norms under the Export and Import Policy by amending Handbook of Procedures, Vol.2. The DGFT substitutes, corrects and adds SION entries and inserts new entries across Chemicals, Electronics, Engineering and Textile product tables; annexures prescribe detailed export items with corresponding allowed import items, quantities, conditional alternatives, net-to-net allowances and specific compositional formulations. The notice includes operational conditions such as value caps and fuel allowance restrictions tied to captive power generation and clarifying product descriptions.

Interest Deduction Prohibition: interest paid under the Act for delayed payments to small scale suppliers is nondeductible for tax purposes.
Section 9 provides that interest payable or paid by a buyer to a supplier under the Act shall not be allowed as a deduction in computing the buyer's total income for income tax purposes; assessing officers are instructed to note and apply this statutory prohibition when assessing income.

Accounting of additional duty on tea: deposits may be recorded under Receipt Awaiting Transfer pending opening of new head.
Amounts of additional duty of excise on tea and tea waste deposited by assessees prior to opening of a designated head of account are to be recorded temporarily under the sub head Receipt Awaiting Transfer within Major Head UED (00380086), and subsequently transferred to the new head when opened; Commissioners are to inform assessees accordingly.

Drawing of wire from wire rods is not manufacture; departmental circular characterizing it as such has been withdrawn.
The drawing of wire from wire rods does not amount to manufacture for central excise purposes; the Supreme Court dismissed revenue review petitions on this issue, and the departmental Circular No. 570/7/2001-CX characterizing drawing as manufacture has been withdrawn, with field formations and trade to be informed.