Valuation of unlisted equity shares: mandated discounted net worth and capitalised earnings method, plus due diligence and reporting.
Unlisted equity shares must be valued in good faith by taking the lower of two net worth-per-share measures (basic and diluted for warrants/options) and a capitalised-earnings value based on 25% of industry average P/E applied to audited EPS; the mean of these two values is then discounted by 15% for illiquidity. Valuation relies on audited accounts, is zero where accounts are over nine months old or net worth is negative, treats negative EPS as zero, requires an independent valuer if a security exceeds 5% of scheme assets, permits trustee-approved additional markdowns, and bars purchases above the methodology-derived price except for compliant IPO/firm allotments.

Anti-dumping duty on mild steel plates to be calculated on general duty rate, excluding concessional exemptions.
Levy of anti-dumping duty on mild steel plates is computed as the difference between the notified reference amount and the landed value, which is the assessable value under the Customs Act excluding certain customs duties. A query whether landed value should reflect the general rate of duty or concessional exemptions was resolved by treating the duty for general-purpose use as the basis; concessional exemptions were not considered in the original anti-dumping calculation, and provisional assessments may be finalised on individual merits.

Cenvat credit admissibility limited to inputs and capital goods used within the factory; narrow exceptions for job work apply.
Admissibility of CENVAT credit is confined to inputs and capital goods used within the manufacturer's factory premises under the Cenvat Credit Rules, 2001; limited exceptions are recognised for inputs used by a job worker in manufacture of intermediate products and for capital goods sent to a job worker's premises.

Delay in transfer of shares triggers company liability to compensate for opportunity losses and provide accrued benefits.
Companies must compensate aggrieved transferees for opportunity losses when transfers are not effected or valid objections are not communicated within the stipulated one month, and must provide all benefits that accrued during the intervening period (bonus, rights, dividend). Exchanges must amend Bye Laws to provide an arbitration mechanism to determine compensation for such delays.

Judicial jurisdiction allocation ensures uniform departmental legal positions in appellate proceedings and coordinates High Court and Supreme Court appeal monitoring.
Judicial Commissioners will head geographically organised zones, maintain a databank of questions of law to ensure uniform Departmental stances, monitor work after appeals are filed, ensure official presence at hearings to take instructions, coordinate briefing of Departmental counsel, circulate High Court orders within the zone, mark SLP proposals for databank creation, and refer interzonal contradictions to the Board; the Delhi Judicial Commissioner will administratively control the Supreme Court Cell and monitor Supreme Court SLP activities.

Advance License and export relief schemes revised to change duty free import rules, EO verification and scrip issuance procedures.
Changes to the Advance License, DFRC, DEPB and EPCG schemes modify eligibility, procedural mechanics and verification responsibilities under Exim Policy 2002-07. Advance Licences permit duty free import of inputs (including fuel and mandatory spares), discontinue annual licences and DEEC books, and differentiate pre export and post export licence documentation and Customs verification. DFRC removes routine technical co relation except for specified items; DEPB scrips are post export and may include excise and SAD elements; EPCG introduces block wise EO periods with extension mechanisms and alternative EO fulfilment routes. DGFT EO Discharge Certificates generally support bond/BG redemption subject to Customs' verification in doubtful or investigative cases.

Export-import compliance: revised security, documentation and DEPB validity rules alter licence and guarantee obligations under the Handbook.
Amendments to the Handbook of Procedures (Vol.1) revise applicability, security and documentation requirements: DEPB exclusion from paragraph 2.12.2; duplicate DEPB validity matching original balance where loss unrelated to Customs or Licensing Authorities; revised bond/guarantee and legal undertaking obligations for Status Holders/PSUs, manufacturer and merchant exporters; free import of second-hand capital goods up to ten years for actual users; enhanced recordkeeping for licence-wise consumption; and multiple corrections to application forms, appendix formats and FOB treatment for DEPB computation.

DEPB schedule amendments update export entitlement rates and value caps, correcting, deleting and adding product entries accordingly.
Amendments to the Schedule of Duty Entitlement Passbook (DEPB) rates effect corrections, deletions and additions across product groups under authority of the Export and Import Policy and Handbook. The notice revises DEPB rates and, where applicable, value caps for multiple chemical products (Product Code 62), corrects a typographical product name without changing other parameters, deletes specified Chemical-group entries, adds a Polyester Film entry to the Plastic group (Product Code 63), and inserts several new Chemical-group DEPB entries with stated rates and, in some cases, capped entitlement values.

Input-output norms modification updates permitted inputs and imposes actual-user restrictions on textile import licences.
The Director General of Foreign Trade amends the Handbook of Procedures, Vol.2, by correcting, substituting and adding entries in the Statement of Standard Input Output Norms across chemicals, engineering, food, sports, textiles and miscellaneous products; inserts new entries A-2976 to A-2980, I-35 to I-38 and K147 to K152 with detailed permitted input items and quantities; and amends textile general notes to impose an "Actual User" licence condition restricting transfer and requiring use for further export production.

Preferential Nepal imports follow annual quotas, designated land customs stations, and regulated agencies for vegetable fats
Preferential import of vegetable fats, acrylic yarn, specified copper products, and zinc oxide from Nepal is permitted at prescribed customs-duty rates and within annual quantity limits. The quota period runs from 6 March to 5 March, with unused quota generally lapsing without carry-forward. Imports must pass through designated Land Customs Stations. A special extension applied to the 2003-2004 vegetable-fats quota until 5 December 2004. From 23 October 2003, the State Trading Corporation and its appointed associates were designated to import vegetable fats, with responsibility for distribution and monitoring, alongside the Central Warehousing Corporation.

Overseas direct investment branch designation permits authorised dealers to centralise foreign exchange transactions for such investments.
Authorised dealers may designate selected branches to undertake foreign exchange transactions relating to Indian direct investment in overseas joint ventures or wholly owned subsidiaries; a list of such branches must be forwarded to the Reserve Bank's Exchange Control Department, Overseas Investment Division, for record, and authorised dealers should notify their constituents of the arrangement. The directions are issued under the statutory powers conferred by the foreign exchange law.

Nostro account 'Tom' funding: extended application submission time under foreign exchange controls permits later filing before value date.
Authorised dealers may book transactions in their ACU Dollar (Nostro) accounts on a 'Tom' settlement basis by submitting applications to the Department of External Investments and Operations at the Central Office in Mumbai; the submission deadline for such applications is extended to 4 p.m. on the business day preceding the value date, replacing the earlier 3 p.m. requirement.

Mandap Keeper classification excludes art gallery exhibition rentals, so such lettings are not taxable as mandap services.
The Board concluded that exhibitions of art and artifacts are not covered by the Mandap Keeper definition and that renting premises by art galleries for such exhibitions does not attract service tax under the Mandap Keeper category; administrative guidance previously treated banquet and performance lettings as mandap services, but art exhibition rentals fall outside those categories.

Crystallisation of foreign exchange liability allows banks to convert ECB guarantee obligations into rupees after application.
Authorised dealers may convert foreign exchange liabilities arising from guarantees or letters of comfort for External Commercial Borrowings into Rupees in select cases where circumstances warrant; they must apply to the Chief General Manager, Exchange Control Department, External Commercial Borrowings Division, Reserve Bank of India, providing full particulars including borrower name, amount, maturity, circumstances of invocation, date of default, impact on overseas branch liabilities and other relevant factors.

Cross border bank investment limits increased, allowing greater overseas investments and borrowings subject to ratings, board approval and ALM discipline.
Banks may invest in overseas money market and debt instruments up to twenty five per cent of unimpaired Tier I capital or the equivalent baseline amount, and may place undeployed FCNR(B) funds in long term fixed income securities provided instruments meet prescribed credit ratings, board approved type/maturity and overall caps, maturities do not exceed underlying FCNR(B) deposit maturities, and all investments comply with gap discipline and risk management/ALM guidelines; borrowings from head offices and overseas correspondents are permitted to the same revised ceiling.

Annual Statistical Report requirement: mutual funds must file revised ASR in prescribed simplified format and report unitholding pattern.
Revises the filing requirement for the Annual Statistical Report (ASR), simplifying its format and requiring mutual funds to submit an annual ASR for the entire mutual fund in the enclosed revised format. The ASR must record the unitholding pattern as on the financial year-end by investor categories (Individuals; NRIs/OCBs; FIIs; Corporates/Institutions/Others) showing number of investors and net asset value, and must not be submitted scheme-wise.

Public Financial Institution designation for NABARD prompts Companies Act reporting and employee disclosure revisions in directors' reports.
Declaration of NABARD as a Public Financial Institution under section 4A of the Companies Act, 1956 gives NABARD that regulatory classification. Separately, revision of limits under section 217(2A) read with the Companies (Particulars of Employees) Rules, 1975 changes which employees must be disclosed in the Statement attached to the Board's report; this revision applies to directors' reports annexed to balance sheets for financial years whose accounts close on or after the notification date.

Import currency release through post permitted subject to prescribed conditions and enhanced regulatory limits under FEMA guidance
Customs may release imported Indian and foreign currency received via post subject to the conditions in Board's Circular 22/99-Cus; the clearance threshold has been raised following liberalisation under the Foreign Exchange Management Act and review by monetary authorities, and implementation requires issuance of Public Notices and reporting of difficulties to the Board.

Storage services: renting tank storage isn't clearing and forwarding service, but may become taxable under storage and warehousing.
Providing storage tanks for liquid cargo and charging rent solely for storage does not constitute services of clearing and forwarding agents under Section 65: these storage providers do not handle customs formalities, do not act in a principal agent relationship, do not arrange despatch or transport, and are remunerated by rental rather than commission. However, proposed amendments in the Finance Bill, 2002 would render storage and warehousing services for goods including liquids and gases liable to service tax when brought into force.

Refund of excess fees: brokers' refund requests must be routed through exchanges with certified turnover and fee computations.
The circular requires Exchanges to process refund requests only when a member has paid excess fees and interest, and to forward member refund applications only if accompanied by an Exchange certified turnover statement in the specified Annex C format (hard and soft copy) and a completed fee liability computation; incomplete submissions will be returned for resubmission.