Bank account compliance requires exporters to register certified IFSC and account details for electronic drawback credit via authorized bank.
Exporters claiming drawback must register and have certified by their bank the bank account number, bank name and address, and the IFS Code at the port of export; the certified form is submitted to the Deputy Commissioner and the authorized banking branch. Exporters must verify and sign a checklist after registration and repeat the registration procedure on any account change. Drawback payments are routed through the customs authorized bank branch which will credit same bank accounts directly or transfer to other core banking, RTGS/NEFT enabled banks via RTGS/NEFT, subject to RBI guidelines and charges.

Telecommunication service clarification: IPLC taxable only when provided by licensed telegraph authority under Indian Telegraph Act
IPLC is within the definition of telecommunication service but taxable only when provided by a supplier who qualifies as a telegraph authority under the licensing requirement; foreign providers that cannot constitute such an authority remain outside telecommunication service taxability. The prior view reclassifying such services as business support service is corrected.

Debenture Trustees must submit revised half yearly compliance reports and cannot include trust deed clauses that dilute investor rights.
Debenture Trustees must submit a revised half yearly electronic report covering compliance status, investor grievance redressal, details of debenture issues, defaults, and a compliance certificate; the Compliance Officer shall send the report within three months of each half year (effective from the half year ending March 2012), the board must review and record deficiencies and corrective measures, and any trust deed clauses that dilute or conflict with the mandatory provisions of Schedule IV are null and void.

External Commercial Borrowings: revised borrowing cap for MFIs and NGOs under automatic route with eligibility and safeguards.
ECB policy now permits MFIs and NGOs engaged in micro finance to raise ECB under the Automatic Route subject to eligibility (societies, trusts, cooperatives, NBFC-MFIs, Section 25 companies), lender safeguards and due diligence certification by the designated AD, permitted end-uses limited to lending for micro-credit and capacity building, compliance with existing ECB parameters, and AD responsibility to certify borrower status and ensure full forex hedging at drawdown.

Risk Management System access extended to non-accredited importers; mandatory duty credit scrip debit endorsement required.
RMS access is extended to non accredited importers for imports under VKGUY, FMS and FPS. Endorsement of duty debits on duty credit scrips is mandatory; ICES will execute system driven debits when the importer provides the scrip registration number, date and port at bill of entry filing. Group Appraisers will verify system and physical debits; a specific customs officer is designated for RMS clearance problems.

Risk Management System for import clearances extended to export-promotion schemes; license registration and mandatory duty-credit scrip debits required.
The Risk Management System has been extended to imports under specified export promotion schemes, applying existing RMS assessment, examination, out of charge and post clearance audit procedures mutatis mutandis. Importers must register licences/authorizations/scrips with the relevant Appraising Group and quote the registration number on the bill of entry. Endorsement of duty debits on duty credit scrips is mandatory; ICES will perform system driven debits when registration details are provided, and Group Appraisers will verify system and physical debits for facilitated and non facilitated bills.

Assignment of Show Cause Notice: transferred for adjudication under the Customs Act to the designated customs adjudicating authority.
The Board assigns the specified Show Cause Notice issued by the Directorate of Revenue Intelligence to the Commissioner of Customs, Custom House, Kandla, for the purpose of adjudication pursuant to the enabling notification under the Customs Act, thereby transferring adjudicatory responsibility to the designated customs commissioner.

Assignment of Show Cause Notice: administrative allocation to Commissioner of Customs for adjudication under customs delegation framework.
The Board assigns Show Cause Notice F.No.DRI/AZU/INV-45/2009 dated 03.11.2011 issued by the Additional Director General, Directorate of Revenue Intelligence, Ahmedabad, to the Commissioner of Customs, Custom House, Ahmedabad, for the purpose of adjudication under the delegation framework established by Notification No. 15/2002-Customs (N.T.).

Service tax refund electronic scheme: exporters may opt for ICES schedule-based refunds or document-based refunds.
A new electronic refund scheme allows exporters to choose ICES-based refunds under a schedule of rates or document-based refunds via Central Excise/Service Tax. To use the ICES route exporters must register bank and central excise/service tax code details with Customs using Annexure A and declare the option on the electronic shipping bill; ICES will compute refunds by applying the schedule rate to FOB value with disbursement to the registered bank account via authorized branches or NEFT/RTGS. Amendments and tracking are available through ICES/ICEGATE.

BIS Standard Mark requirement for pneumatic tyres and tubes ensures imported products meet quality standards; customs to verify before clearance.
Pneumatic tyres and tubes must conform to prescribed quality standards and bear the BIS Standard Mark for manufacture, import, storage for sale, sale or distribution. Specified OEM-imported tyre models are exempted by published exemption lists; other pneumatic tyres lacking the BIS mark may not be dealt with. Customs field formations are directed to verify the BIS Standard Mark and conformity with the Quality Control Order before clearance of imported pneumatic tyres and tubes.

Tyre quality compliance: specified export, OEM, CBU and R&D exemptions permit relief from BIS marking when conditions are met.
Guidance exempts pneumatic tyres and tubes under specified categories from the BIS marking requirement where conditions are met: tyres manufactured in India for export; tyres imported by OEMs for export or for fitment on domestically manufactured vehicles; tyres imported as part of CBUs meeting standards with OEM self-declaration in the vehicle manual (unless DGFT homologation exempts); and tyres for research and development. Outside these exemptions, imported pneumatic tyres and tubes must conform to the specified standards and bear the BIS Standard Mark, and may not be imported, stored for sale, sold or distributed if non conforming.

Pro rata customs duty on electricity from mixed imported and domestic coal: liability apportioned by the import/domestic coal ratio.
Where a SEZ power unit uses a blend of imported and domestic coal, customs duty on electricity cleared to the DTA or non processing areas is chargeable on a pro rata basis corresponding to the proportion of imported coal in the fuel mix for the relevant period, by applying the duty rate for units using imported coal multiplied by the ratio of imported coal to total coal used during the period.

Outsourcing risk management requires board approved policies, due diligence, binding contracts and regulator access for outsourced services.
SEBI requires intermediaries to adopt Board approved outsourcing policies and a comprehensive risk management programme, refrain from outsourcing core business and compliance functions, and complete a self assessment of existing arrangements. Intermediaries must conduct due diligence on third parties, preserve central records, mandate legally binding contracts specifying service levels, monitoring, confidentiality, IT security, business continuity, exit rights and regulator access, and remain fully liable and accountable for outsourced activities while ensuring investor protection and reporting suspicious transactions to the Financial Intelligence Unit.

Company Law Settlement Scheme extension announced; final extension with unchanged terms and no further renewals permitted.
Extension of the Company Law Settlement Scheme, 2011 is announced until a specified final cutoff, with an express statement that the scheme will not be extended further; all terms and conditions of the earlier circulars remain unchanged and continue to govern eligibility and settlement procedures.

Director identification compliance: PAN submission deadline extended; DIN holders must file DIN-4 to update PAN and avoid penalties.
Extension of time for furnishing PAN by existing Director Identification Number (DIN) holders: the Ministry directs DIN holders who did not furnish PAN at the time of allotment to file Form DIN-4 to update PAN details, and instructs dissemination through professional bodies and DIN Cell notifications to ensure compliance and avoid penal action.

Forward contract rebooking restriction now bars rebooking of cancelled forwards; deliverable hedges and reduced position limits follow.
The circular withdraws the facility permitting cancellation and rebooking of forwards by residents; forwards once cancelled cannot be rebooked. Past performance hedging limits are reduced and such contracts must be fully deliverable, with no passing of exchange gains on cancellations to customers. Cash/tom/spot client transactions must be for actual remittance/delivery and non cancellable. FIIs may roll over forwards but cancelled contracts cannot be rebooked. Net Overnight Open Position Limits for Authorised Dealers are reduced and intra day limits must not exceed the approved NOOPL.

Standard Input-Output Norms for PTFE export require specified precursor imports or alternative inputs with licensing conditions.
SION H-571 fixes input norms for Polytetrafluoroethylene (PTFE) exports: manufacture of 1 kg PTFE may use either Monochloro Di Fluoro Methane (Refrigerant R-22/HCFC 22) or, alternatively, Methanol together with Fluorspar in the stated quantities. Use of Import Item No.1 is subject to conditions under Import Licensing Note (1) to Chapter 29 of the ITC (HS).

Registration documentation requirements for service tax: identity, residence, constitution and authorisation proof required or application may be rejected.
Applicants for service tax registration must submit a copy of the Permanent Account Number, proof of residence, evidence of the applicant's constitution, and a power of attorney for authorised persons; these documents must be filed with the registering authority within the prescribed short-period after application or the registration may be rejected. The statutory timeframe for the officer to grant registration runs from the date the application is complete with those documents.

Infrastructure Debt Fund reporting: MCR format updated to require inclusion of IDF scheme data and revised reporting obligations.
The prescribed Monthly Cumulative Report format is revised to require mutual funds to include Infrastructure Debt Fund schemes in the MCR layout, capturing IDF investment data as set out in the annexure; mutual funds must adopt the revised reporting format from the regulator's specified reporting month, thereby updating their reporting obligations and compliance expectations for IDF scheme disclosures.

Compounding authority for FEMA contraventions delegated to regional RBI offices to streamline reporting and documentation.
Delegation of compounding authority under the Foreign Exchange Management Act, 1999 permits specified Regional Offices of the Reserve Bank to compound contraventions relating to delayed reporting of inward remittances, delayed filing of Form FC GPR after share allotment, and delayed issue of shares beyond the prescribed period; some Regional Offices may compound subject to a specified monetary limit while others have no limit. Applications within the delegated jurisdictions are to be submitted to the relevant Regional Office with the prescribed fee and detailed annexed schedules and supporting documents; other applications remain with the central Compounding Authority in Mumbai.