Excise duty exemption enables refund mechanism and full cenvat credit for eligible units under the scheme.
Exemption operates by refunding the portion of excise duty paid in cash to eligible new or substantially expanded manufacturing units for a limited period; manufacturers must first pay duty and then claim refund, while Cenvat Credit rules are adjusted so users of inputs and capital goods receive full credit including refunded amounts. Refunds should be processed promptly, with provisional payments by the fifteenth of the subsequent month where verification is pending, and pre-audit of large claims should not delay provisional relief. The notifications apply to factory clearances only and administrative guidance includes consultation on commencement of production and examination of unused expanded capacity.

Transhipment permit issuance on Saturdays permitted to allow Saturday filings and require ports to publish implementation notices.
Issuance and filing of Transhipment Permit at gateway ports are authorised on Saturdays to enable receipt of transhipment applications and issuance of permits on that day; Customs Houses must implement the change, issue a Public Notice and Standing Order to inform stakeholders, and report any implementation difficulties to the Board.

Adjustment in derivative contracts: exchanges must preserve participant position value through uniform, principles-based corporate action adjustments.
Exchanges may determine adjustments to stock option and single stock futures contracts at the time of corporate actions so that the value of market participants' positions on cum and ex-dates remains the same as far as possible; adjustments must follow international best practices, align with prior SEBI guidance, account for investor interest, and be uniform across all exchanges.

Separation of cash and derivative segments mandates separate governance and funds; CEO mandate withdrawn and inspection norms revised.
Requires separation of cash and derivative segments via distinct legal frameworks, membership, guarantee funds and governing councils while permitting shared operational resources; withdraws the mandatory appointment of a separate derivative-segment CEO with Executive Director/Managing Director assuming those duties; replaces 100% annual member inspections with a risk- and activity-based inspection policy that targets top members, samples remaining members, avoids prolonged non inspection of active participants, and must be submitted to the regulator for approval.

Eligibility criteria for underlying stocks require liquidity based quarter sigma sizing and monthly rolling recalculation for derivatives listing.
Stock options and single stock futures eligibility requires selection from top stocks by average daily market capitalisation and traded value and a minimum median quarter-sigma order size computed from four daily order book snapshots over the prior six months using the daily closing volatility estimate; exchanges must use a common methodology, publish details, recalculate monthly on a rolling basis, and may suspend issuance or force closure of derivative contracts if eligibility is not met, subject to consultation and uniform application across exchanges.

Depository service classification: electronic depository access treated as taxable banking and financial service, not exempted by e commerce guidance.
Depository operations enabling electronic account access and transactions, including the 'easi' facility that charges fees, constitute depository service and are taxable as banking and other financial services because that category includes provision and transfer of information and data processing; an earlier clarification excluding e commerce from online information/database access does not exempt services otherwise covered under separate taxable service categories.

Service tax on consulting engineer services: design, drawing and erection/commissioning work treated as taxable technical assistance.
Section 65(25) defines a Consulting Engineer as a professional or firm rendering advice, consultancy or technical assistance. Designing, drawing and related preparatory work performed for a client in the course of construction, even when billed within a lump-sum turnkey contract, constitute consulting engineer services and are taxable. Erection and commissioning of plant and machinery are likewise technical assistance and treated as taxable consulting engineer services.

Customs procedure for inland waterway exports: Haldia inspects and seals cargo, Namkhana verifies seal and issues Let Export Order.
Export shipments to Bangladesh may be loaded and examined at a designated storage and berth within Haldia Dock Complex, where Customs Officers will examine, load and seal cargo; exporters must file documents at LCS Namkhana, and the LCS will verify the Haldia seal and complete processing, including issuing the Let Export Order.

Special entitlement of duty free import: SEZ manufacturing units may clear specified goods to DTA without payment of duty.
Manufacturing units in SEZs may clear manufactured goods into the Domestic Tariff Area against the special entitlement of duty free import of goods under paragraph 7.8(c)(iv) of the Exim Policy without payment of duty, subject only to eligibility for the goods specified in the controlling customs notification and compliance with the notification's conditions.

Adjudication powers expanded for Additional and Joint Commissioners; higher thresholds allow more frontline officers to decide show cause notices.
Adjudication powers of Additional and Joint Commissioners of Customs are increased: in collusion, wilful misstatement or suppression cases Additional Commissioners may decide show cause notices up to an enhanced duty threshold and Joint Commissioners up to a raised lower threshold. For cases where the extended period is not invoked, the value limit (value of goods) for adjudication by both Additional and Joint Commissioners has been raised to a higher ceiling. Public Notices or Standing Orders are to be issued and implementation difficulties reported to the Board.

EEFC account eligibility expanded: DTA suppliers to SEZs may credit foreign exchange receipts to EEFC accounts.
Payments received in foreign exchange by a unit in the Domestic Tariff Area for supply of goods to a unit in a Special Economic Zone, when received out of the DTA supplier's foreign currency account, are to be treated as eligible foreign exchange earnings for credit to the Exchange Earner's Foreign Currency (EEFC) Account; authorised dealers may credit such receipts, the facility is effective from the date of the circular, and regulatory amendments to the Foreign Currency Accounts Regulations, 2000 will be notified.

Underwriter registration: submit Form A with required additional information complete and promptly to avoid processing delays.
SEBI requires applicants for registration or renewal as Underwriters to submit Form A together with the complete set of supplementary data specified in the 'Additional Information' on the SEBI website, supported by relevant documents; incomplete submissions may delay processing and applicants must provide all required material with the initial application.

Submission of Form A and complete additional information required for merchant banker registration to prevent processing delays.
Registration or renewal as a Merchant Banker requires submission of Form A together with the detailed 'Additional Information' and relevant supporting documents as specified on the regulator's website; applications must be full and complete to avoid processing delays and the requirement is effective immediately.

Surrender of export incentives required before write-off of unrealised export bills; authorised dealers must obtain proof and audit compliance.
Authorised dealers must obtain documentary evidence that exporters have surrendered any export incentives availed in respect of export bills before permitting those bills to be written off as unrealised export dues, and must implement internal or external auditor checks (random sample/percentage checks) on outstanding export bills written off; existing terms of earlier circulars remain unchanged and directions are issued under FEMA.

Inclusion of PDI and after sales service: PDI and free after sales service excluded from assessable value; prior circulars withdrawn.
Pre delivery inspection charges and dealer provided free after sales service during warranty shall not be included in the assessable value of motor vehicles for central excise; earlier Circular Nos. 355/71/97 CX and 435/1/99 CX are withdrawn for the pre legislative change period following dismissal of department appeals, while a separate Board clarification governs the post change period. Administrative instructions to inform field formations and issue a trade notice are directed.

Exchange rate determination for unlisted hard currencies: use authorised dealer-certified rate on the transaction's relevant date.
Exchange rate for hard currencies not listed in Revenue notifications shall be the rate certified by authorised dealers (including banks) on the shipping bill(s) or bill(s) of entry as applicable on the relevant Policy date; for example, for DEPB exports the authorised dealer's certified rate on the date of the let export order applies.

Customs valuation inclusion of royalties: royalty and license payments must be added to import value so duty is assessed accordingly.
Royalties and license fees required to be paid in connection with imported cinematographic films must be added to the price actually paid or payable under the Customs Valuation Rules, 1988, where such payments are not already included, so that Customs duty is levied on the intrinsic value of the films inclusive of related royalty/license payments; the earlier notification limiting duty to the cost of the print plus freight and insurance has been rescinded, and assessing officers are to apply this valuation treatment.

Non-speaking appellate order not treated as binding precedent; reasoned judgments required for precedential effect.
A supreme appellate order dismissing an appeal in limine in GMMCO is a non-speaking order and, per the Law Ministry's view citing prior authorities, a decision without reasons does not constitute a ratio decidendi and therefore should not be given binding effect as precedent; the Department of Revenue directed circulation of this opinion to officers for information and action.

Excise duty on processed textile fabrics: market bought raw materials deemed duty paid so concessional aggregate excise applies.
Textile fibres or yarns bought from the market are deemed to have had appropriate duty paid; therefore processed woven textile fabrics manufactured in a continuous process by a composite mill or by a manufacturer who processes and weaves within the same factory will attract an aggregate excise duty of 12% ad valorem. Unprocessed woven fabrics produced and consumed captively within the composite mill are exempt provided appropriate duty is paid on the processed fabrics as required by the captive consumption exemption.

Drawback rate revision: selected Drawback Table entries amended to update descriptions, rates, caps and conditions effective immediately.
Revision of duty drawback entries in the All Industry Drawback Table amends descriptions, rates, caps and conditions for select entries following industry representations; a subsequent notification implements these amendments and requires updating the printed Drawback Table and the Drawback Automation Tool (DAT) drive to reflect the changes effective as notified.