Import FCL container clearance: warehouse option and No Use Bond allow out-of-charge pending PGA NOC.
Importers may file a Warehouse Bill of Entry for FCL consignments requiring PGA NOCs or convert an unpaid Home Consumption BE under section 46(5); PGAs may sample in CFS or after warehousing. Docks Officer may grant out-of-charge for physical warehousing without PGA NOC if the importer furnishes an accepted No Use Bond, customs seal is recorded and preserved, storage location is notified, and importer produces PGA NOC at ex-bonding. Non-compliance, tampering, unauthorised dealing, or failure to produce NOC exposes the importer to legal and penal action and possible return, re-export, or destruction of goods.

Official information restrictions: unauthorized sharing of official documents on social media is prohibited; only designated officers may post.
Government servants must not communicate or circulate official documents, minutes of in camera meetings or classified information on social media except under a general or special order or in performance of duties in good faith; only designated officers are authorised to post on behalf of the Income Tax Department and heads of charge must notify all officers to refrain from unauthorised dissemination.

GST framework approved with revised arrest thresholds, tribunal appeal pre-deposits, ITC limits, anti-profiteering and compensation funding.
The Council approved the draft GST, IGST and Compensation Laws with specified revisions: arrest/prosecution provisions narrowed with arrest thresholds and repeat-offence coverage; Tribunal structure refined with joint selection of State vice chairpersons and pre-deposit fixed at 10% (first appeal) and 20% (Tribunal); deletion of Section 95(2); advance ruling and compliance rating procedures adjusted; ITC benefit excluded for pipelines and telecom towers; anti-profiteering retained by notification; GST on land/buildings deferred; Compensation Fund to comprise cess and other revenues and bi-monthly payments to States.

Retrospective amendment validation bars constitutional challenges after opting for the scheme and defines settlement eligibility.
The Scheme treats taxes validated by retrospective amendment as specified tax, enabling settlement if the dispute was pending on 29.02.2016. Declarants must withdraw writs, pending appeals, or arbitration/conciliation/mediation notices as required before declaration; payments must follow section 204 with no instalments. Ineligible matters include taxes determined after 29.02.2016, penalty orders not linked to assessment proceedings (e.g., section 271C/271CA), and search-case assessments under section 143(3) read with 153B. Failure to satisfy section 203(5) conditions results in the declaration being treated as never made and prior proceedings revived.

Import clearance facilitation: sealed FCLs may be warehoused pending PGA NOC subject to a No Use Bond and sampling requirements.
Procedure allows importers to file Warehouse or Home Consumption Bills of Entry for FCLs requiring PGA NOCs; sampling may occur after physical warehousing or at CFS, and out-of-charge for warehousing may be granted pending PGA NOC where sampling/examination is done or where the importer furnishes a No Use Bond. Home Consumption entries may be converted to Warehouse entries prior to duty payment; Docks Officers may permit out-of-charge on an accepted bond and customs sealing, with importer obligations to produce PGA NOC at ex-bonding and to notify storage locations.

Amount sought to be evaded clarifies that tax, penalty or interest determine punishment under section 276C.
The phrase "amount sought to be evaded" in section 276C(1) denotes the amount of any tax, penalty or interest chargeable or imposable under the Income Tax Act, and that quantum determines which threshold-based custodial range and fine prescribed by the provision applies for the offence of willful tax evasion.

System-driven disclosures: Depositories must send daily promoter transaction data directly to stock exchanges for public dissemination.
Depositories shall provide daily transaction data of promoters/promoter group directly to stock exchanges, which will disseminate disclosures of all transactions in dematerialised securities beyond the applicable threshold limits, replacing the earlier data flow through registrars and share transfer agents; other procedural requirements from the prior circular remain in force.

Indirect transfer provisions may tax investors in foreign funds whose value derives substantially from Indian assets, with limited carve-outs.
Explanation 5 to section 9(1)(i) applies to investors in foreign funds whose shares or interests derive substantially from assets located in India, subject to the small investor carve out of Explanation 7 when investors lack management or control and hold below the participation threshold. Master feeder, nominee/distributor, listed fund and sub fund structures are addressed: investors with no control may be excluded, whereas fund level holdings that meet the substantial value test render investor interests taxable. Rule 11UB/11UC govern valuation and apportionment and reporting and withholding obligations remain operative.

Enhanced supervision timelines revised; enforcement deferred and phased implementation announced for broker and depository participant measures.
The Circular postpones implementation of enhanced supervision measures for stock brokers and depository participants, setting April 1, 2017 as the overall effective date and providing a revised schedule in the Annexure that assigns staggered commencement dates and periodicities to specific provisions of the earlier circular, thereby creating phased compliance obligations for market intermediaries.

Extension of import/export permission for terminal operations maintained under existing customs scheme conditions and notifications.
Extension of permission is granted to permit continued import and export of permissible goods through Adani Kandla Bulk Terminal Pvt. Ltd. for a further period of one year, maintaining the same conditions and provisions as Public Notice 26/2015, and applying to operations under the EPCG Scheme, Advance Authorisation Scheme and Duty Free Import Authorisation Scheme as per Notifications No.16/2015, No.18/2015 and No.19/2015.

Advance filing of Bill of Entry mandatory for LCL cargo; permits amendments with shipping line penalties and enhanced facilitation.
Advance filing obligations are extended to LCL cargo by mandating Advance filing of Bills of Entry in the ICES system effective 01.01.2017 to reduce clearance delays and dwell time. Amendments to IGMs/documents are already streamlined and amendments to Advance/Prior Bills of Entry will be processed within two hours upon proper submission. Errors by Shipping Lines may attract penalties recoverable from the Shipping Line, while importers will not be penalised or have consignments withheld for non payment. Advance/Prior Bills of Entry will receive enhanced facilitation.

Import restriction on non-prime CRGO: SEZ units must import only prime CRGO for DTA clearance.
SEZ units are directed to import only prime CRGO Steel for goods to be cleared to the domestic tariff area, and must comply with all conditions of the Steel Products (Quality Control) Second Order in respect of such goods; Development Commissioners are to ensure compliance.

Direct Port Delivery extended to main importers to reduce dwell time and trade costs under existing procedural conditions.
Extension of Direct Port Delivery permission to specified main importers at Nhava Sheva is announced to reduce dwell time and costs; the facility previously available to ACP/AEO clients and 100% EOUs will be extended to importers listed in Annexure A. All operational conditions and compliance requirements of Public Notice No. 161/2016 remain applicable to these importers, and stakeholders are invited to report implementation difficulties to the Commissioner.

National security clearance requirement: SEZ proposals must state need and include company/director self-declaration before approval.
National security clearance from the Ministry of Home Affairs must be assessed and obtained before formal approval for new SEZs. Proposals must be checked for country sensitivity and geographical sensitivity-including sites within fifty kilometres of LoC/LAC/international borders and proximity to nuclear, space, defence or Official Secrets Act installations-and must indicate whether MHA clearance is required. Proposals needing clearance must include a prescribed company and director(s) self-declaration detailing registration, owners/promoters/directors and any preventive detention or criminal proceedings with specified particulars.

Taxpayer information sharing: CBDT directs specified authority to provide high income individual data to ministry under section 138.
Direction under section 138(1)(a) designates the Principal Director General of Income-tax (Systems) as the specified authority to furnish individual high-income taxpayer information to the Ministry of Petroleum and Natural Gas, requiring transmission of PAN, date of birth, gender, all addresses in the ITD database, e-mail addresses, and telephone numbers. The authority must execute a Memorandum of Understanding with the Ministry detailing mode of data transfer, confidentiality safeguards, secure preservation, data weeding procedures, and timelines, and must forward a copy of the MoU to the CBDT division for records.

Public issue guidelines for REITs impose detailed procedural, disclosure and post-issue compliance obligations for issuers and merchant bankers.
The guidelines establish a detailed framework for the public issue of REIT units, mandating appointment of a lead merchant banker and intermediaries, sequential filing of draft, offer and final offer documents with public hosting and Board observation timelines, prescribed due diligence certifications at multiple stages, allocation rules including anchor investor provisions and lock-in, pricing and book-building procedures with pre-announcements and final cut-off allotment, electronic bidding and ASBA requirements, strict public communication controls, post-issue reporting and lock-in compliance, and continuing merchant banker obligations and record maintenance.

Master Circular consolidates SEBI guidance for stock exchanges and clearing corporations and supersedes the earlier compilation.
Master Circular consolidates SEBI circulars, directions and communications for stock exchanges and clearing corporations issued up to March 31, 2016, superseding the prior master circular of May 26, 2015. It centralises guidance across operational domains-trading, technology, settlement, risk management, derivatives, exchange administration and depository connectivity-to assist compliance and supervisory oversight.

Principles for Financial Market Infrastructures applicability requires systemically important commodity exchanges to comply until clearing is transferred.
Commodity derivatives exchanges that provide in-house clearing and settlement and meet the specified turnover threshold are designated as systemically important FMIs and must comply with the Principles for Financial Market Infrastructures applicable to central counterparties until their clearing and settlement functions are transferred to recognised clearing corporations; SEBI may grant transitional timelines and review the quantitative criteria.

Remand Report functionality in ITBA Appeal module lets CIT(A) request, track and close AO remand reports efficiently.
The ITBA Appeal module implements a Remand Report workflow permitting CIT(A) to request remand reports from jurisdictional AOs, which prepare, generate and submit reports for Range Head endorsement; Range Head may forward or send back for modification, after which CIT(A) views, records action taken and closes the remand workitem. The system creates workitems and pendency markers, does not block appeal disposal if remand is delayed, and includes MIS/dashboard integration.

Exchange facility for foreign citizens extended; authorised persons to continue limited weekly currency exchanges under FEMA directions.
Authorization permitting foreign citizens to convert foreign currency into Indian currency notes for limited weekly amounts is extended through December 31, 2016; Authorized Persons may continue exchanges within the previously prescribed weekly ceiling and must inform their constituents. The directions are issued under statutory powers and are stated to be without prejudice to other permissions or approvals required under any other law.