Non-selection for scrutiny: power-loom owners declaring stock and proof of ownership will not face scrutiny.
Where a power-loom owner files an income-tax return for the first time for the assessment year 2004-05, the return shall not be selected for scrutiny provided the assessee makes a true disclosure of yarn and finished goods stock not exceeding Rs. 20,000 per power-loom and furnishes evidence in support of ownership of power-looms in his name; this concession will not have retrospective application or consequences.

Duty free import entitlement for service providers restricts imports of agricultural products and limits cars to hotels and tour operators.
Paragraph 3.8 of the Export Import Policy grants a duty free import entitlement to specified service providers based on average foreign exchange earnings, permitting spares, office equipment, professional equipment and consumables while excluding all agriculture and dairy products. Beverages, spirits and vinegar under Chapter 22 and processed or semi-processed seafood are permitted. Car imports under the entitlement are restricted to hotels, tour operators and tourist transport operators.

Correction to customs circular cross-reference clarifies conversion procedure for shipping bills between export promotion schemes.
Amendment to Department of Revenue Circular No. 40/2003-Cus.: in paragraph 3 the words and figures "vide para 4(i)" are corrected to read "vide para 4(ii)", clarifying the cross-reference that governs conversion of free shipping bills into advance Licence/DEPB/DFRC/drawback shipping bills between export promotion schemes.

Conversion of shipping bills permitted subject to commissioner discretion and no fraud, preserving eligibility for export promotion schemes.
Conversion of free shipping bills into Advance License/DEPB/DFRC/Drawback shipping bills and conversions between export promotion schemes may be permitted by the Commissioner on merits, subject to the conditions in Para 4(a),(b) and (c) of the earlier circular and the additional requirement that the exporter has not availed benefit of any export promotion scheme and that no fraud, suspected manipulation, or investigations have been initiated regarding those exports.

Preferential quota allocation for sugar to EU requires specified certification endorsements and sole export agency authorization.
Preferential export quota for 2003-04 allocates 10,700 MT of raw sugar and 10,000 MT of white sugar for export to the EU. Exports under this quota require special certification endorsements referencing European Commission Regulation No. 2513/2001 for raw sugar and No. 2782/76 for white sugar and the common commodity code for sugar. M/s Indian Sugar Exim Corporation Ltd. is authorised as the sole agency to export the allocated quantities to the EU under the preferential quota.

Tariff Rate Quota allocation procedure establishes eligible agencies, application requirements, and EFC allocation for specified imports.
Procedure prescribes TRQ allocation for four specified food and oil items, lists eligible public trading and cooperative agencies authorised to apply, and requires submission of completed application forms and prescribed supporting documents to the Exim Facilitation Committee at DGFT with payment of the application fee. Imports must be completed within the prescribed period and maize imports under the State Trading Regime may receive import licences if not imported through the Food Corporation of India. Quota allocation is made by the EFC with specified departmental representation, and applicants must provide declarations undertaking correct use and compliance with applicable foreign trade law and procedures.

Mandatory import standards deferred for specified electrical goods; customs may permit clearance of consignments imported after notification.
Mandatory standards for import of specified electrical goods under Notification No.5 are deferred for items listed at serial numbers 143-159 until after 17.08.2003. Consignments of those items imported after 7 April 2003 are covered by this clarification, and customs may permit their clearance during the intervening period prior to the deferred commencement date.

Disclosure of court filed schemes: companies must file schemes with exchanges in advance and ensure compliance with securities laws.
Listed companies must file any scheme or petition proposed under the Companies Act with the stock exchange at least one month before presentation to a Court or Tribunal and must ensure such schemes do not violate or override securities laws, the Listing Agreement, or related rules and guidelines. Companies must disclose expected pre and post arrangement capital structure and shareholding pattern in the explanatory statement to shareholders and provide copies of notices and annexures to the exchange contemporaneously with circulation to stakeholders.

Fixation of input-output norms: DGFT amends Handbook Vol.II to update SIONs and specify permitted input allowances.
The Director General of Foreign Trade amends Handbook of Procedures, Vol. II under Paragraph 2.4 to modify, substitute, delete and add Standard Input Output Norms (SIONs). The Public Notice prescribes corrected export/import item descriptions, substitutes detailed multi item input schedules with conditional notes for numerous Engineering, Chemical, Textile, Plastic and other product SIONs, restores a specified footnote, and adds new SION entries for White Cement Clinker (A 3174), Silane Treated Glass Fabric (B 259), and Hulled Sunflower Seed (E 112) with specified input allowances.

Tariff value notification authenticity: disregard unverified private-site notices and rely only on departmental notifications online.
The Board directs officers to disregard a circulated fake notification revising the tariff value of Crude Soyabean Oil published on private websites and to give effect only to notifications published on the Departmental websites and in the Gazette; the last valid tariff-value notification remains the one previously issued by the Board.

Excise duty exemptions for textiles clarified: factory identity, invoice endorsement, and resale recordkeeping permitted in transit.
Clarification holds that where independent legal entities operate separate machines within shared premises, each entity's machines constitute a separate factory for exemption eligibility and their clearances must not be aggregated. A photocopy of endorsed original input invoices suffices where the exempted manufacturer has transferred the originals. Traders endorsing purchase documents need not bring goods to registered premises before resale, but registered dealers must maintain accounts of purchases, sales, stock and input credit passed on.

Rejection risk insurance premiums permitted for seafood and perishable food exporters to be remitted to foreign insurers.
Authorised dealers may permit remittance of premiums to foreign insurers for Rejection Risk Insurance taken by exporters of sea-food and other perishable food/food products, following Central Government no-objection to such foreign-issued policies; directions issued under FEMA Sections 10(4) and 11(1).

Anti-dumping duty on raw silk: clearance allowed pending grade testing with a bank-guaranteed test bond to avoid delays.
Imposition of anti-dumping duty on imported raw silk of specified lower grades from China requires regular grade verification due to reports of misdeclaration. Customs may clear consignments before test reports are available if the importer provides a test bond with a Bank Guarantee, balancing timely clearance with revenue protection and retrospective adjustment if testing reveals liable grades.

Stock transfer treated as DTA clearance entitling EOUs to concessional duty, valuation governed by Customs valuation rules.
Stock transfers by EOUs to DTA units are covered by paragraph 6.8 of the Exim Policy and Appendix 14-IH, and thus qualify for concessional duty under the relevant notification; intra-company stock transfers are treated equivalently to DTA sales for this purpose. Valuation of such clearances must follow Section 14 of the Customs Act and the Customs Valuation Rules, 1988, taking related party status into account. Notification No.2/95-CE has been superseded by No.23/2003-CE which broadens the wording to "brought to any place in India."

SEBI registration number requirement must be quoted on all correspondence and on draft reverses to ensure proper processing.
Brokers, sub-brokers and the stock exchanges forwarding correspondence must quote the SEBI registration number on all communications to SEBI to enable correct filing and processing. Demand drafts sent to SEBI should have on their reverse the SEBI registration number and the broker/sub-broker name as per the SEBI registration certificate to ensure prompt crediting and avoid administrative delays.

Adjudication targets increased for authorities to reduce pendency and ensure timely disposal of cases annually.
The Board revises the prior minimum annual adjudication target upward and directs immediate implementation of the new target of adjudicating cases per annum by each adjudicating authority. Compliance is mandatory; field formations must be notified and receipt acknowledged to improve case management and expedite recovery of confirmed demands.

Repatriation rights for NRIs/PIOs: loan repayments in foreign exchange permit repatriation of residential sale proceeds.
Authorised dealers may allow repatriation of sale proceeds of residential immovable property acquired by NRIs/PIOs to the extent of consideration paid in foreign exchange or from NRE/FCNR accounts; repayments of rupee housing loans made by inward remittance or by debit to NRE/FCNR accounts are to be treated as equivalent to foreign exchange for repatriation purposes.

Advance licence scope clarified: restriction applies only to procurements under para 7.2(a), preserving capital goods supplies.
Trade notices restricting misuse of advance licences for deemed exports apply only to procurements of the type in para 7.2(a) of Appendix 14 I, Handbook of Procedures Vol I. Supplies of capital goods, raw materials for making capital goods for use within the unit, and items specified in sub paras (d), (e) and (f) of para 7.2 remain eligible under the existing policy and are not affected by Trade Notice No.11.

Lock-in transfer of securities: transfers allowed among locked-in holders and promoters subject to continued lock-in and takeover compliance.
Amendments permit inter-se transfers of locked-in securities among similarly locked-in holders and among promoters or to new promoters/persons in control, subject to continuation of lock-in for the remaining period and compliance with substantial acquisition and takeover regulations. The draft and final offer documents must be board-approved and signed by all directors, CEO and CFO certifying accuracy of disclosures. Offer documents must disclose specified financial metrics (three-year EPS, P/E, return on net worth, NAV before and after issue) and compare them with industry averages and peer group, with projected earnings prohibited as justification for issue price.

Buy-back of securities rules circulated; recipients directed to take necessary steps, implement changes and acknowledge receipt promptly.
The Department transmitted Notification G.S.R. 348(E) dated 23.04.2003 - The Private Limited Company and Unlisted Public Limited Company (Buy-back of Securities) Amendment Rules, 2003 - directing Regional Directors and Registrars of Companies to note the amendment, take necessary action to implement the rules, and acknowledge receipt.