Interest on delayed tax payments accrues from date of default and must be calculated and included in the assessment notice.
A dealer in default must pay simple interest from the date of default, computed daily at the notified annual rate; further tax assessed is due on the same date the net tax was due, and interest on that further tax must be calculated for the period of default and included by the Commissioner in the assessment notice. Provisions for delayed payment and interest under the DVAT law apply to Central Sales Tax liabilities, so non submission of declaration forms can attract the same interest treatment.

Special Currency Basket revision: Rupee value adjusted; authorised banks to apply FEMA directions and notify constituents.
The Reserve Bank revised the Rupee valuation of the Special Currency Basket and instructed Category I Authorised Dealer banks to apply the new value in dealings under the Deferred Payment Protocols with the erstwhile USSR, requiring banks to notify their constituents; the directions are issued under the Foreign Exchange Management Act (FEMA) and without prejudice to other legal permissions.

Transfer timeline reduction for equity and debt securities mandates expedited registration and compensation for delays in transfers.
The circular prescribes a 15-day timeline for registering transfers of equity shares and extends the same timeline to debt securities, directs recognized stock exchanges to amend relevant clauses of equity, SME equity and debt securities listing agreements to incorporate the 15-day transfer provision and compensation for opportunity losses caused by delay, directs SEBI-registered registrars and share transfer agents to adhere to these timelines, and modifies prior SEBI circulars relating to transfer timelines; it comes into effect on October 1, 2012.

Regulatory reporting obligations for registrars and share transfer agents now require half yearly compliance reports and board reviewed corrective actions.
Registrars to an Issue and Share Transfer Agents must submit revised half yearly electronic compliance reports detailing regulatory compliance status, investor grievance redressal, and any changes in status; Boards must review the reports and record deficiencies and corrective measures; Compliance Officers must send the reports to SEBI within three months of each half year.

Served From India Scheme import eligibility clarified: professional equipment vehicles permitted for service providers; personal vehicles excluded from SFIS scrips.
Vehicles structurally pre-designed and pre-fitted for specific professional uses-including Ambulances, Sewage Disposal Trucks, Refuse Disposal Vehicles and off-highway Dumpers-may be imported against SFIS scrips as they cannot reasonably be repurposed for general or personal use; personal vehicles such as motor cars, SUVs and MUVs remain excluded, and no change is made to Notification No. 91/2009-Customs or other aspects of para (4) of Circular No. 38/2010-Customs.

Verification of genuineness of duty credit scrips continues before registration despite EDI system not being operational.
Verification of genuineness of duty credit scrips under Chapter 3 of the FTP shall continue to be done prior to registration because online EDI transmission of validated scrips is not operational. Field formations must verify issuing authority signatures, cross-check scrip particulars against the Regional Authority's official website, retain printouts or obtain written confirmation where online records are absent, and may carry out random verification of shipping bills. Quarterly reports on verification outcomes and discrepancies must be forwarded to the Board.

Buyback of FCCBs permitted under approval route with discount requirement and reporting and compliance obligations.
Continuation of the scheme permitting buyback of Foreign Currency Convertible Bonds (FCCBs) under the approval route, subject to a minimum discount on accreted value and compliance with foreign currency borrowing rules where applicable; other terms of the earlier circular remain applicable and the facility is time-bound. Post-buyback compliance requires submission of the ECB-2 return and a detailed report through the designated Category-I Authorised Dealer bank specifying outstanding FCCB amounts, accreted value bought back, buyback rates, amounts and sources of funds.

Focus Market Scheme documentation requirements: specific export proofs and declarations required to validate incentive claims.
Checklist prescribes documentary and procedural requirements for claiming Focus Market Scheme benefits: signed covering letter and ANF 3C, proprietor/authorized signatory declarations, original or certified Shipping Bills, bank realisation certificate/FIRC, self certified RCMC, bills of lading, and specified proof of landing in the focus market (import bill of entry, delivery order, arrival notice, carrier tracking report, rail/lorry receipts, or other satisfactory evidence). Additional situational documents (RBI permissions, BG/LUT, third party disclaimers, proof of tax non availment) are required where relevant, and each application must comply with applicant categorisation and filing limits.

Market Linked Focus Product Scheme documentation checklist ensures complete export applications and compliance with FTP/HBP requirements.
MLFPS applications require ANF 3C and a standardized checklist of documents and notes per FTP 2009-14 and HBP Vol. I. Core submissions include a signed covering letter and ANF 3C, declarations by authorised signatory, original or self attested shipping bills, original bank realization certificate/FIRC or specified alternatives, valid RCMC, bills of lading, and documentary proof of landing in the Focus Market. Applications are limited to fifty shipping bills, must be filed port wise and year wise, exclude ineligible exports, and may incur late cuts; additional documentation is prescribed for third party exports, EOUs/EHTP/BTP, direct negotiation and absence of BRC. Counter assistance is available for pre submission verification.

VKGUY documentation requirements: mandatory submission and verification steps to ensure eligibility and admissibility of export benefit claims.
Checklist prescribes documentary and procedural requirements for claiming VKGUY benefits, including a signed covering letter and ANF 3C, declaration excluding ineligible exports, original or self attested Shipping Bills and Bank Realisation Certificate/FIRC or permitted alternatives, valid RCMC, and scenario specific additional documents (linking declaration for FIRC, RBI permission for direct negotiation by non status holders, BG/LUT where no BRC, third party disclaimers, and proof of non availment of direct tax exemption for EOU/EHTP/BTP). It mandates separate applications per licensing year, limits shipping bills per application, and provides Counter Assistance for pre submission verification.

Focus Product Scheme documentation requirements: submit ANF 3C, shipping bills, bank realisation and required declarations to secure benefits.
Focus Product Scheme requires exporters to file ANF-3C with a signed covering letter and declaration, original or certified Shipping Bills and bank realisation evidence or FIRC, and valid RCMC; separate port-wise applications and licensing year filings are required. Additional documents are mandated for FIRC particulars, direct negotiation permissions, BG/LUT compliance, third party export disclaimers, and EOU/EHTP/BTP tax non availment proof. Applications are limited in shipping bill count, must use applicable rates when rates change, and face late cut penalties for delays. Counter assistance is available for pre submission checks to avoid deficiencies.

Import Export Code documentation requirements: checklist mandates specified documents and offers free counter assistance to expedite complete applications.
Import Export Code applications require submission of a covering letter, fully signed ANF 2A, application fee demand draft, original/self-certified bank certificate with applicant photograph, self-certified PAN copy, passport photographs, stamped self-addressed envelopes, and the Part D declaration. Additional documents apply where relevant: RBI approval for non-resident repatriation, ROC filings for director changes, and board resolutions or equivalent authorisations naming the authorised signatory. Applicants must follow the checklist to prevent deficiency notices; free counter assistance is available to verify application completeness before processing.

Banks must apply risk based KYC/AML/CFT controls, report CTRs/STRs, preserve records and screen for sanctions.
Banks must maintain a board approved KYC/AML/CFT programme applying a risk based approach: adopt Customer Acceptance Policy, Customer Identification Procedures, ongoing transaction monitoring and record preservation; apply enhanced due diligence for higher risk customers (including PEPs, trusts, non face to face and non resident clients); file timely CTRs, STRs and CCRs to FIU IND; appoint a Principal Officer for monitoring and liaison; ensure wire transfers carry full originator information; screen and freeze accounts per UAPA/UN designated lists and preserve records for ten years.

Service Tax accounting code consolidated into single Minor Head; new sub heads for collections, receipts, refunds, penalties.
All Service Tax collections are to be accounted under a consolidated Minor Head under Major Head 0044 with prescribed sub heads for Tax Collection, Other Receipts (for interest etc.), Deduct Refunds (for departmental refund adjustment) and Penalties; education cesses are to be booked to specified separate heads. Service specific minor heads may operate for past periods during the transitional window, after which arrears will be accounted under the new consolidated code.

Foreign investment in India: rules for FDI and portfolio inflows, routes, sectoral caps, pricing, payment and reporting.
The Master Circular consolidates RBI rules under FEMA governing foreign investment in India: permitted instruments (equity, fully and mandatorily convertible debentures/preference shares), two entry routes (Automatic and Government), investor eligibility, pricing and payment modalities (including conversions of ECBs, royalty/technical fees and import payables into equity), sectoral caps and prohibited activities, and detailed reporting and documentation requirements (FC GPR, FC TRS, KYC, auditor/secretary certificates). It also compiles PIS, FVCI, ADR/GDR/IDR, escrow and account rules, monitoring obligations of AD banks/custodians and annexed sectoral schedules.

Export of Goods and Services regulation consolidated, directing authorised dealer banks to follow unified instructions subject to a temporary sunset.
Export of goods and services is governed by the Foreign Exchange Management Act and Current Account Rules; this Master Circular consolidates existing instructions for Category I Authorised Dealer banks, lists underlying circulars in an appendix, and is issued with a sunset clause after which it will be withdrawn and replaced by an updated master circular.

Advance remittance conditions: banks must obtain guarantees, conduct due diligence and require evidence of import before permitting remittances.
Master Circular directs AD Category I banks to ensure imports comply with Foreign Trade Policy and FEMA, apply KYC/AML, obtain and preserve requisite import documentation (including Exchange Control copies of Bills of Entry), and to follow prescribed time limits and reporting obligations. It prescribes conditions for advance remittances and when guarantees or standby LCs are required, sets sectoral relaxations and documentation substitutes for certain importers, and requires follow up, verification, acknowledgement and retention of import evidence along with specified half yearly and monthly reporting duties.

External commercial borrowings and trade credits framework: routes, eligible parties, cost ceilings, end use limits and reporting requirements.
The Master Circular consolidates RBI rules under FEMA governing External Commercial Borrowings (ECB) and trade credits, delineating two routes-Automatic and Approval-with specified eligible borrowers and recognised lenders, instrument types, amount and maturity thresholds, all in cost ceilings, permitted and prohibited end uses, security and guarantee conditions, mandatory Loan Registration Number before drawdown, AD bank reporting obligations (Form 83, ECB 2), and delegated powers to AD Category I banks for certain post LRN modifications, while reserving other approvals to the Reserve Bank.

Overseas direct investment rules: automatic and approval routes, 400% net worth ceiling, ODI reporting and UIN requirements.
The Master Circular consolidates FEMA Regulation based rules permitting residents to make overseas direct investments in JVs and WOS under the Automatic Route (subject to a 400% of net worth financial commitment ceiling and defined inclusions such as equity, loans and guarantees) or the Approval Route. It prescribes eligible funding sources, sectoral safeguards for financial services, valuation and documentation standards, designated AD bank routing, Form ODI reporting and UIN allotment, APR and disinvestment procedures, rules on guarantees, pledges, hedging, write offs, ESOP treatment, and operational responsibilities of AD Category I banks.

Money changing activities: licensing, net owned funds, branch/franchise approvals, KYC/AML, transaction limits, recordkeeping and reporting requirements.
The Circular prescribes the Reserve Bank's consolidated licensing, expansion and operational requirements for AMCs/FFMCs/ADs: corporate registration and minimum Net Owned Funds; documentation, auditor certification and fit and proper assessments; prior approval for additional branches and franchise arrangements with due diligence, reporting and distance limits; operational rules on purchases/sales, payment modes, encashment certificates, registers (FLM forms) and settlement methods; KYC/AML/CFT policies with risk based customer due diligence, record retention for ten years, CTR/STR reporting to FIU IND; concurrent audit and Reserve Bank inspection powers; and revocation powers for non compliance.