Advance Import General Manifest filing: commencement deferred; software changes and stakeholder training required before implementation.
Advance Import General Manifest (IGM) filing under the Customs Act is to be implemented pursuant to prior Board instructions, with the commencement of the new IGM regime deferred to a later notified date. The department's systems unit must make software changes, prepare procedural guidance, and ensure ICES systems managers provide stakeholder training before implementation.

Import conditions for textile articles amended to classify specified industrial textile consignments not in direct contact with the human body.
The Directorate General of Foreign Trade amended paragraph 2(2) of Policy Circular No.1 to specify that import consignments of industrial products - namely transmission belts/pressure belts and lining material for manufacture of luggage goods - qualify as industrial textile consignments when they do not come into direct contact with the human body, with other provisions of the earlier circular remaining unchanged.

Depreciation on capital goods for export-oriented units: proportional straight-line allowance until duty payment required, regardless of full-year accounting.
Depreciation for capital goods supplied to EOUs, EHTP and STP units is allowable from commercial production (or from date put to use) until payment of duty, calculated by the straight line method and prorated for part years or months; the allowance may be granted up to full value and formations must apply this uniformly and publicize the clarification.

Grant of rupee loans to NRIs allowed with board-approved policies; repayment via NRE/FCNR/NRO or inward remittances.
Authorised Dealers may grant rupee loans to NRIs against acceptable security under bank board-approved policy, with loan quantum, interest rate and margins decided by the Authorised Dealer per banking directives; repayments may be made from NRE/FCNR/NRO accounts or inward remittances. Proceeds must not be used for prohibited activities including chit funds, nidhi companies, agricultural/plantation activities, real estate business or farm houses, trading in transferable development rights, or capital market investments including margin trading and derivatives.

Export profits from on site software development deemed export income, with clarificatory retrospective application of the provision.
The Explanation to section 80HHE treats profits and gains from on site development of computer software (including services for development) performed outside India as deemed profits from export of computer software outside India; although inserted with effect from 01 04 2001, the Board considers the Explanation clarificatory and to have effect from the date on which section 80HHE originally came into force, thereby applying the deeming rule from that earlier commencement date.

Post-audit of brand rate fixation: DGEP to receive related documents for post-audit alongside internal audit.
The Directorate General of Export Promotion has been assigned post-audit functions for fixation of brand rates; one set of documents relating to fixation of brand rates must be provided to that directorate for post-audit in addition to the Internal Audit Department of the Central Excise field formations, and standing orders should be issued to staff to that effect.

Export liberalisation: authorised dealers may approve caution-listed exporters' forms upon advance payment or irrevocable letter of credit.
Authorised Dealers may approve GR, PP, SDF and Softex forms of caution-listed exporters if the exporter produces evidence of an advance payment or a valid irrevocable letter of credit covering the full export value; approval is permissible for usance bills where the letter of credit permits such drawings and the usance bills mature within six months from shipment.

Notification under section 620A: four companies declared Nidhis and circulated for administrative action and acknowledgement.
Notification published as G.S.R. 91(E) dated 03.02.2004 declares four companies to be Nidhis. The Department of Company Affairs issued Circular No. 02/2004 dated 11.02.2004 to circulate that Notification to all Regional Directors and Registrars of Companies for information, necessary administrative action, and acknowledgement of receipt.

Withdrawal of transfer cum demat facility announced, depositories directed to amend rules, notify participants and report implementation.
Depositories are instructed to amend their bye-laws, rules and regulations immediately to give effect to the withdrawal of the transfer-cum-demat facility; to notify and disseminate the change to their Depository Participants; and to communicate implementation status to the regulator, on the basis that pervasive dematerialised trading has rendered the facility redundant.

Income-tax Clearance Certificate requirement abolished; tenders and registrations no longer need it and PAN must be quoted.
The Department has abolished the requirement to furnish an Income-tax Clearance Certificate for filing tenders, obtaining commercial contracts, and for registration or renewal of contractor registrations and licences; ITCCs will not be issued for these purposes, and tenderers must quote their Permanent Account Number (PAN). All earlier circulars on this requirement are withdrawn.

DEPB rate revision: adjusted export credit entitlements with eligibility rules, value cap application, and composite-product requirements.
Notification revising the schedule of DEPB rates and publishing an annexed product-by-product schedule fixing DEPB credit rates and, where applicable, value caps. The rate or value cap in force on the Customs "let export" order governs entitlement, and the DEPB is applied on the lower of FOB value or the value cap. The notice sets out eligibility exclusions (bonded warehouses, Advance Licences, EOUs, FTZ/EPZ/SEZ/EHTP, goods of foreign origin, specified EXIM Policy exports), CKD/SKD/CBU and composite-product rules, declaration and verification requirements, and coverage across multiple product groups in the annex.

Type Approval Certificate recognition: specifies international agencies authorised to issue vehicle import conformity certificates under DGFT circular.
Catalogue of international agencies authorised to issue Type Approval Certificates/Certificates of Conformity for vehicle imports, published by DGFT Circular No. 26 dated 9 February 2004. The circular lists accredited test agencies by ECE symbol and country, with contact details, and serves as the administrative recognition list for agencies whose type approval certifications are to be accepted for import compliance.

Recognition of foreign credit ratings allows bank guarantees rated by reputed foreign agencies to qualify as member liquid assets.
SEBI permits bank guarantees from banks rated by reputed foreign credit rating agencies to qualify as member liquid assets, modifying Clause 4(V)(A)(b) so that exposure limits on the trade guarantee fund and total liquid assets apply where a bank is not rated P1 (or P1+) or equivalent by either a domestic recognised credit rating agency or by a reputed foreign credit rating agency.

Derivatives exposure limits require mutual funds to back positions, set trustee approved limits, and disclose exposures.
Mutual funds may use derivatives solely for hedging or portfolio balancing; positions must not create leverage or short-sale exposures. All long derivative exposure must be backed by cash or equivalents and all short exposure by underlying stock. Boards of Trustees must predefine and approve maximum net derivatives exposure as a percentage of portfolio and per scrip/instrument limits, oversee risk containment, require notional value and gross position calculations (with no netting of reversals), perform worst case analyses, and ensure specified disclosure and regular reporting.

Automatic FDI route for residual activities retained, with regulatory amendments to follow and authorised dealers notified.
Automatic route access for foreign direct investment in residual activities remains available as before; authorised dealers are instructed to inform constituents, and regulatory amendments to the Foreign Exchange Management Regulations will be issued separately under the Foreign Exchange Management Act.

Direct receipt of import bills: RBI liberalises thresholds for authorised dealers to accept supplier sent documents, easing import remittances.
Reserve Bank of India liberalises the direct receipt of import bills/documents by raising the monetary thresholds that permit importers to receive supplier sent documents and for authorised dealers to make remittances against such bills. Eligible categories include wholly owned Indian subsidiaries of foreign companies, recognised trading/export houses, export oriented units, public sector undertakings and limited companies, and certain institutional imports (books, life saving drugs/equipment for hospitals, and reputed research institutions). Authorised dealers may allow direct bills outside these categories at the revised threshold only after satisfactory due diligence and obtaining supplier reports from overseas bankers or reputed credit agencies.

Investor Education and Protection Fund committee constituted to administer the fund; notification circulated to regional directors and registrars.
Constitution of a Committee is announced to administer the Investor Education and Protection Fund. The circular forwards the Gazette Notification constituting the Committee to Regional Directors and Registrars of Companies, directs them to take necessary action under the notification, and requests acknowledgment of receipt for administrative implementation and compliance.

Monthly Cumulative Report format revised to require average AUM, investor counts and Fund of Funds data in monthly filings.
The circular amends the Monthly Cumulative Report format, requiring mutual funds to disclose average assets under management, total number of investors in schemes, and specific Fund of Funds data, and directs submission of the MCR in the revised format commencing with the first applicable monthly report after issuance. The amendment is issued under Regulation 77 and applies to all registered mutual funds and the industry association.

Mill test certificate requirement: prime steel consignments accepted only with manufacturer-issued certification confirming quality and markings.
Consignments of H.R./C.R. steel sheets, coils, plates and tin plate declared as prime or stock lot must be supported by a manufacturer-issued mill test certificate certifying standard, heat number, quality, chemical composition, mechanical properties and related particulars for individual coils/plates/packages; dock officers must compare certificate details with goods markings and may treat consignments as defective if the certificate is not produced, affecting acceptance of the prime/stock lot claim and clearance.

Amendments to Foreign Exchange Management Regulations notify authorised dealers of regulatory changes affecting derivatives, foreign loans, ODI, and property.
Amendments to the Foreign Exchange Management Regulations revise permissions and operational rules for cross border transactions in six areas: risk management and inter bank dealings and derivatives; forward cover for foreign institutional investors; foreign currency borrowing in India to holders of specified foreign currency deposits; liberalised overseas direct investment under the automatic route; acquisition of immovable property outside India by branches/trading offices; and enlargement of booking forward contracts. Authorised dealers are to inform constituents and the directions are issued under statutory authority of the Foreign Exchange Management Act.