Online transmission of licenses: DGFT license numbers to be used for customs clearances, replacing manual registration.
Automatic electronic registration in Customs ICES of DGFT-issued License/File Numbers for DES and EPCG licenses requires exporters and importers to use the DGFT License/File Number for customs clearances, replacing manually obtained registration numbers for licenses subject to the revised procedure, while manual registration procedures remain applicable for licenses issued prior to the earlier cutoff.

FCNR(B) deposits: foreign currency term deposits with LIBOR/SWAP-based interest ceiling, repatriable, one-to-five year maturities.
Consolidates RBI instructions for FCNR(B) deposits: scheme covers specified foreign currencies for one- to five-year repatriable term deposits for NRIs; banks must set rates within a ceiling based on LIBOR/SWAP plus a margin using FEDAI benchmarks; interest is calculated on a 360-day year with prescribed payment mechanics and optional compounding on maturity; banks may levy disclosed penalties for premature withdrawal and must follow rules on advances against deposits including a prescribed loan ceiling and prohibitions on artificial structuring and brokerage.

Export credit framework: consolidated rules on eligibility, pricing and operational mechanics for rupee and foreign currency export finance.
Master Circular consolidates RBI instructions on provision, pricing, tenure, liquidation and reporting of rupee and foreign currency export credit, specifying eligible pre shipment and post shipment advances, concessive treatment conditions, running account and substitution rules, interest ceiling frameworks linked to BPLR and LIBOR family rates with defined time buckets and overstaying consequences, PCFC and EBR operational mechanics and sources of funds, restrictions on refinance, and customer service, sanctioning and reporting requirements including Gold Card, compensation for delayed credit and state level oversight.

Interest rates on rupee deposits: banks must follow RBI-specified rates, ceilings for NRE/NRO, and operational conditions.
Consolidates RBI directives governing interest on rupee deposits in Domestic, NRO and NRE accounts: classification, definitions, minimum tenors (domestic/NRO seven days; NRE normally one to three years), board approval for rates, NRE ceilings linked to LIBOR/SWAP, payment and calculation conventions, rules on premature withdrawal and conversions, limits on loans against NR(E)RA/FCNR(B) deposits, disclosure and rounding rules, specified exemptions and explicit prohibitions on discriminatory pricing, commission payments and prize-linked mobilisation schemes.

Banks must verify FCRA registration/permission before crediting foreign contributions through the designated branch and report semi annually.
Banks must verify that recipient associations are registered with the Ministry of Home Affairs or hold prior Central Government permission before crediting any foreign contribution; accept such contributions only through the designated bank branch; treat rupee funds from foreign sources, transfers by intermediary recipients, interest on foreign funds, and NRE/FCNR remittances from foreign citizens of Indian origin as foreign contribution; and submit prescribed half yearly statements to the Central Government while maintaining branch vigilance and accountability for compliance.

Entry permission for export vehicles contingent on factory clearance and customs verification before loading.
Entry of motor vehicles into Frere Basin Yard for export is permitted upon verification of factory clearance documents and ARE-1/export challan by the customs officer; vehicles must be stored in Port Authority-demarcated areas. Shipping bills and assessment follow existing procedures; a Let Export Order is issued after satisfactory examination. Loading is allowed only after customs clearance under Section 51 of the Customs Act, 1962. Overtime customs services require advance application and payment.

Duty credit scrips application deadline: rectify deficiencies to avoid rejection and preserve entitlement under the policy.
Applications for entitlement to duty credit scrips under Para 3.8.6 must have noted deficiencies cured within the period specified by the Zonal Office; failure to rectify deficiencies by the communicated deadline will render the applications liable to rejection and prevent further processing by the office.

Export of goods and services: consolidated RBI directions on declaration forms, repatriation timelines, bank reporting, and special export arrangements.
Consolidated Reserve Bank directions governing export of goods and services under FEMA, prescribing mandatory declaration procedures using GR, SDF, PP and SOFTEX forms, timelines and modes for realisation and repatriation of export proceeds, conditions for advance payments (including interest limits and routing through AD Category - I banks), operational responsibilities of AD Category - I banks (verification, reporting, audits, maintenance of export registers and XOS statements), and detailed rules for special arrangements such as EEFC/Diamond Dollar accounts, SEZ operations, project exports, consignment exports, and write-off/extension mechanisms.

External Commercial Borrowings and Trade Credits: rules on eligibility, routes, costs, end use and reporting requirements.
The Master Circular prescribes that ECBs and Trade Credits may be raised only by eligible borrowers from recognised lenders under either an Automatic Route (for specified real sector, infrastructure and certain service sectors within prescribed annual limits, maturities and all in cost ceilings) or an Approval Route (for proposals outside those parameters), with detailed end use restrictions, security and guarantee conditions, parking of proceeds, prepayment and refinancing rules, and mandatory reporting (LRN, Form 83, ECB 2 and trade credit returns).

Foreign exchange risk hedging rules govern permissible forwards, derivatives and reporting, with strict eligibility and prudential controls.
This Master Circular consolidates RBI instructions on foreign exchange risk hedging, inter-bank dealings and rupee accounts of non-resident banks, authorising specified forward contracts, swaps, options, currency futures and commodity/freight hedges subject to documentary verification, eligibility, tenor and notional matching, restrictions on structures that increase risk or yield net premium, board-approved risk policies, and extensive reporting and prudential limits for AD Category I banks.

Master Circular on Miscellaneous Remittances: Authorised Dealers may permit resident remittances up to USD200,000 under conditions.
Authorised Dealers may release foreign exchange to residents for permitted current account and specified capital account transactions under delegated limits, subject to Schedule I prohibitions, Schedule II Government approvals and Schedule III Reserve Bank approvals where limits are exceeded. ADs may accept self declaration for certain purposes and amounts (including USD 100,000 for employment, emigration, maintenance, education and medical treatment), must observe KYC/AML and documentation requirements, and report remittances under the Liberalised Remittance Scheme (USD 200,000 per financial year) using prescribed forms and monthly returns.

Remittance facilities for NRIs/PIO/foreign nationals set USD 1 million repatriation cap and specific documentation and bank compliance rules.
The Circular consolidates FEMA rules on remittance facilities for NRIs/PIO and foreign nationals: defines NRI/PIO; allows repatriation of current income via NRO/NRE/FCNR(B) accounts; permits repatriation or remittance up to USD one million per financial year from NRO balances or sale proceeds subject to an undertaking and Chartered Accountant's certificate; allows repatriation of foreign-exchange-funded residential property proceeds (limited to two properties); prescribes nationality-based exclusions; treats students as NRIs for facilities; and requires Authorised Dealer banks to perform due diligence and retain documentation.

Non-Resident Ordinary Rupee (NRO) account rules: eligibility, permitted credits/debits, USD 1 million repatriation limit, and compliance requirements.
NRO accounts may be opened by persons resident outside India for bona fide rupee transactions; accounts can be current, savings, recurring or fixed deposits and jointly held. Permissible credits include freely convertible remittances, foreign currency brought on visit, legitimate dues and sale or inheritance proceeds; debits include local rupee payments, investments subject to RBI rules, remittance of current income, and repatriation up to USD 1 million per financial year subject to documentary evidence, an undertaking and a chartered accountant's certificate. Authorised dealers must verify declarations, preserve documents, and may grant limited loans/overdrafts against fixed deposit security under RBI directives.

Import of goods and services: RBI rules set documentation, advance remittance safeguards, sectoral exceptions and reporting duties for banks.
This Master Circular consolidates RBI directions for AD Category I banks governing import payments under FEMA, prescribing AD banks' duties to ensure conformity with Foreign Trade Policy and KYC norms, conditions for advance remittances and deferred credits, documentation requirements (Exchange Control copy of Bill of Entry or specified certificates) for remittances exceeding USD 100,000, sectoral exceptions (rough diamonds, aircraft, BPO equipment), record preservation and verification, follow up and reporting obligations (BEF and Annex statements), and special rules for precious metals, merchanting trade, guarantees and import factoring.

Foreign Direct Investment rules set entry routes, sectoral caps, prohibited activities and mandatory reporting requirements for overseas investors.
Foreign investment under FEMA is effected via the Automatic Route (no prior approval) or Government Route (prior FIPB/Government approval) and is subject to sectoral caps, prohibited activities, investor eligibility rules (including special treatment for NRIs, PIOs, OCBs and investors from Nepal/Bhutan) and permitted instruments (equity, fully mandatorily convertible debentures/preference shares). The circular prescribes pricing/valuation norms, strict timelines for issuing shares after receipt of consideration, extensive reporting in specified forms (Advance Reporting Form, FC-GPR, FC-TRS), KYC and documentation requirements, conditions for transfers and remittances, conversion of ECB/royalty/imports into equity, and rules for immovable property acquisition and establishment/closure of foreign offices in India.

Direct investment by residents abroad: RBI rules set routes, 400% ceiling, funding, valuation, reporting and AD bank duties.
Consolidated RBI Master Circular prescribes the regulatory regime for resident Indian direct investment in overseas JVs and WOS, establishing Automatic and Approval routes, a 400% net worth ceiling (with specified exceptions), permitted funding sources, valuation and documentation standards, sectoral conditions for financial and energy sectors, eligibility conditions for proprietorships/trusts/societies, and mandatory reporting via Form ODI with Unique Identification Numbers, along with operational duties of AD Category I banks including verification, retention of evidence, remittance certification, and rules on disinvestment, pledges, guarantees and hedging.

Transparency in mutual fund commissions: investors pay upfront distributor fees directly; excess exit loads credited to schemes.
SEBI mandates abolition of entry load and requires application forms to disclose that upfront distributor commission is paid directly by investors. A limited portion of exit load/CDSC may be retained in a separate account for distributor commissions and marketing, with any excess credited immediately to the scheme. Distributors must disclose all commissions payable for competing schemes. AMCs must update scheme documents, inform distributors and monitor compliance, while continuing to recover permissible recurring marketing and selling expenses from schemes within regulatory limits.

Deduction under section 80-IB(10) available annually for profits from partial completion, subject to completion timeframe.
Deduction under section 80-IB(10) for developers of housing projects may be claimed year to year where profit arises from partial completion; entitlement depends on commencement, approval and completion within the statutory timeframe, and deductions previously allowed must be withdrawn if the completion condition is not ultimately satisfied.

Review of Search Assessments: central commissioners to review core search assessments annually to ensure timely scrutiny and completion.
The Board directs the Commissioner of Income Tax (Central) to conduct annual reviews concentrated on Core Search Assessments-those arising from search or post-search investigations where substantial concealment was detected-and to select additional matters from the same search group if completed assessments are fewer than the required number so that the yearly review quota is met; reviews should be scheduled within the same financial year, with late-year completions carried into the next year's early quarter.

External Commercial Borrowings policy revisions restrict automatic access for investigated corporates and expand Approval route eligibility for certain developers.
The circular revises the ECB framework by modifying eligibility and procedural routes: extending Approval route access for integrated township developers; removing a lender direct lending ratio condition for NBFCs financing infrastructure while retaining Approval route scrutiny; allowing SEZ developers to obtain ECB for infrastructure within SEZs but excluding township and commercial real estate; and requiring corporates under ECB policy investigation to seek ECB only under the Approval route. All other ECB parameters and reporting obligations remain unchanged.