Renewal of portfolio manager registration requires timely filing; absence of a complete renewal by expiry mandates cessation and client transfer or withdrawal.
A portfolio manager must hold a valid Certificate of Registration and apply for renewal three months before expiry; absent a complete renewal application by expiry the manager shall cease to be a portfolio manager, stop portfolio management activities, and either transfer client business to another registered portfolio manager or allow each client to withdraw securities and funds without additional cost. Applications after expiry are treated as fresh registrations; incomplete applications are treated as no application. If timely renewal is filed and SEBI has not advised otherwise, the manager may continue pending decision; refusal or SEBI direction requires cessation and client transfer/withdrawal obligations. Voluntary surrender requires one month's client notice.

Public Notice applicability clarified: processing time-barred TED refund claims, and no reopening of already granted benefits.
Applications filed after six months from the end of the option period but now within twelve months from the end of the originally exercised option period must be processed under the amended para 8.3.1(ii) of HBP Volume I. Cases where benefit was already granted with applicable late cut on or before 23.8.2007 shall not be reopened and requests for enhancement of those granted benefits will not be entertained.

Service tax circular withdrawal: obsolete guidance rescinded and valuation governed strictly by Determination of Value Rules.
A review of long standing service tax circulars resulted in the immediate withdrawal of a specified list of circulars that are obsolete or anachronistic. Portions of other circulars inconsistent with the Service Tax (Determination of Value) Rules, 2006 have already been withdrawn, and valuation of taxable services must be determined under those Rules read with section 67 of the Finance Act, 1994; remaining portions are under Board examination.

ACU Dollar account statement requirement: Category-I authorised banks must issue transaction and monthly statements under FEMA directions.
Authorised Dealer Category-I banks must issue ACU Dollar account statements to foreign counterparties when transactions occur and on a monthly basis, pursuant to the Memorandum of Procedure for channelling transactions through the Asian Clearing Union, to align with international best practices and avoid reconciliation problems; directions are issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act and without prejudice to other required permissions.

Electronic Reporting Requirement: Banks must submit revised NRD-CSR and Stat5/Stat8 returns monthly in prescribed electronic and hardcopy formats.
Adoption of NRD-CSR Version 3.0 requires banks to use the upgraded software and revised Stat 5 and Stat 8 formats to capture changes in international banking statistics, added currencies and expanded maturity buckets; monthly submissions must include a soft copy of Stat 5/Stat 8 in Excel and a hard copy to RBI (or regional offices for certain banks), with NRD-CSR data reported in the prescribed ASCII layout using the specified scheme, maturity, currency and record-type codes to ensure a single, consistent submission per data set.

Service tax exemption for resident welfare associations depends on membership being residents and a per-member monthly cap.
Exemption applies to resident welfare associations registered as co-operative societies that provide specified taxable services to their members, provided membership is limited solely to residents of the complex or locality and the association's receipts from any individual member for those services do not exceed the notification's per-member monthly cap.

Reporting obligations for authorised dealer banks require annual branch data submission and head office certification under FEMA provisions.
AD Category I banks must submit and update lists of branches authorised to deal in foreign exchange and report categorisation changes to the Reserve Bank using Proformae I/II via the RBIMOF application, email a soft copy to DESACS, confirm accuracy of publicly posted branch directories within one month if discrepancies arise, and have the head office furnish an annual certificate and summary confirming completeness and correctness of category-wise branch information to the Foreign Exchange Department by the prescribed annual deadline; these directions are issued under the Foreign Exchange Management Act.

Overseas investment ceiling for SEBI-registered mutual funds increased; investments subject to SEBI terms and RBI reporting.
The aggregate ceiling for overseas investment by mutual funds registered with SEBI has been increased with immediate effect; investments must comply with the terms and operational guidelines issued by SEBI and continue to be subject to monthly statistical reporting to the Reserve Bank. Authorised Dealer Category I banks are directed to inform constituents, and the directions are issued under FEMA sections 10(4) and 11(1), without prejudice to other legal permissions.

Forward contract booking limits for importers and exporters widened; excess hedges must be deliverable and non cancellable under regulatory rules.
Authorised Dealer Category I banks may allow importers and exporters to book forward contracts on declaration of exposure and past performance (computed as the higher of the three year average or the prior year's turnover), with eligible limits computed separately for imports and exports. Forward contracts booked beyond the eligible limit up to a regulatory threshold must be on a deliverable basis and cannot be cancelled; aggregate bookings during the year and outstanding at any time should not exceed the eligible limit and reporting requirements continue to apply.

Liberalised Remittance Scheme annual limit increased; remittances restricted to permissible current or capital account transactions.
Authorised Dealer Category I banks are directed to permit remittances by resident individuals up to the revised annual limit for any permitted current or capital account transaction or combination thereof, subject to a modified Application cum Declaration. Remittances are allowed only for permissible current or capital account transactions; transactions not permissible under FEMA and margin or margin-call payments to overseas exchanges or counterparties are excluded. Banks must not extend credit to residents to facilitate remittances, and prior Scheme conditions continue to apply while amendments to FEMA regulations are notified.

Broad nexus requirement: TPS imports must be bona fide inputs used in the manufacture of exported products.
Items imported under the Target Plus Scheme are permitted only if they are inputs required for the manufacture of the exported product and for the own use of the exporter or supporting manufacturer; a product-group broad nexus is required. SION entries are prima facie evidence of inputs, certificates and imported goods are non-transferable, and authorities may require exporters to demonstrate the nexus to the exported product.

Transfer pricing coordination mandated between tax and customs to enable case-level information exchange and joint meetings.
Implementation requires formalised cooperation on transfer pricing via a two-tier structure: bi-monthly regional meetings at four metros with minutes to Director General (International Taxation) and Director General (Valuation), and six-monthly central meetings among senior directors and Chief Commissioners with escalation to Board level when required. Case-specific information exchange on a need-to-know basis is to be coordinated by designated nodal officers in each metro. National training academies will develop joint training and seminar-workshop programmes to familiarise Customs and Income Tax officers with respective transfer pricing and customs valuation treatments.

Dematerialisation threshold for segment shift: securities may move from trade for trade to rolling settlement when non promoter holdings meet the demat requirement.
Securities may be shifted from the Trade for Trade Segment to Rolling Settlement where companies have established connectivity with both depositories and at least 50% of non promoter holdings are dematerialised; certification from the Registrar and Transfer Agent is required, or from a practicing Company Secretary/Chartered Accountant if no separate RTA exists, and no other grounds for continuation in TFTS must exist. Stock exchanges must report actions taken in the Monthly/Quarterly Development Report, Section II item 13.

E-filing format change requires separate reporting of education cess; e-filing blocked pending software update, manual filing required.
The excise return format has been revised to require separate reporting of credit taken and utilisation of secondary and higher education cess. E-filing via the Sermon6i software is temporarily blocked while the software is modified; assessees must file manual returns as per the Board's Instruction No. 11 of Circular No. 794/2004. An offline version of the updated Sermon6i will be released simultaneously with the online modification.

Import quota under Indo Sri Lanka FTA for vanaspati restricted and permitted only via quarterly monthly instalments.
Import controls under the Indo Sri Lanka Free Trade Agreement restrict vegetable fats (vanaspati), including bakery shortening and margarine, to a specified annual quota for 2007-08 allocated in four equal quarterly instalments and spread monthly; such imports remain subject to the procedures and arrangements in Public Notice No. 69(RE 2006)/2004 2009 under paragraph 2.4 of the Foreign Trade Policy, 2004-09.

Overseas venture capital investment: SEBI-registered domestic VCFs can invest offshore in equity instruments with SEBI approval.
Domestic Venture Capital Funds registered with the securities regulator may invest in equity and equity-linked instruments of offshore venture capital undertakings subject to prior approval from that regulator; no separate permission from the central bank is necessary for such registered funds.

Duty-free movement to export-oriented units requires bond-backed removals with specified documentation, verification, and warehousing safeguards.
Procedure prescribes conditions and steps for duty-free removal of excisable goods from factories or registered warehouses to EOU/EHTP/STP/BTP units under Notification No. 22/2003-CE. Eligible user industries must obtain Form C.T.-3 after declaring licence, goods particulars and bond sufficiency. Consignors must file ARE-3 in quadruplicate and invoice; user industries must verify, warehouse, account and obtain bond officer verification. Non-receipt of warehousing certificate invokes reminders and possible recovery of duty; user industries must maintain registers and file monthly E.R.-2 returns.

Re-warehousing waiver for eligible export-oriented units; procedural self-warehousing permitted subject to verification and recordkeeping and random inspections.
Eligible EOU/EHTP/STP/BTP units with prescribed prior year export turnover and a clean track record may self warehouse imported or indigenously procured duty free goods without prior physical verification by the officer. The authorised unit representative must verify particulars against ARE 3/invoice or bill of entry, make entries in the warehousing register, endorse and dispatch prescribed copies to the Superintendent in charge within one working day, and use the prescribed Certificate of Warehousing. Discrepancies must be reported immediately and suspend self warehousing; supervisory countersignature, retention of records and random consignment verifications are mandated.

Registration rejection procedure: require timely DVAT-05, stated reasons, opportunity to respond, and reasoned default assessments.
Officers must submit comments and files timely, issue a clear DVAT-05 listing all deficiencies and allow time to cure, record dispatch or receipt, and when framing default assessments under the statutory default assessment provision provide an opportunity to explain, specify reasons for acceptance or rejection of the dealer's version, and state the basis for assuming turnover in reasoned orders. Officers must complete DVAT-10 scrutiny proformas when required, verify whether returns were filed before issuing default assessments, reference relevant statutory provisions for penalties, issue separate assessment and penalty orders, and include name, designation, ward/unit and departmental stamp on each order.

IPO grading mandatory: issuers must obtain and disclose credit rating grades and rationale across offering documents and ads, and bear costs.
Amendments to SEBI (DIP) Guidelines require that draft offer documents be processed only after satisfactory replies to SEBI queries, regulator comments and receipt of in principle listing approvals; mandate IPO grading by at least one SEBI registered credit rating agency with disclosure of all grades and rationale in prospectus, abridged prospectus and advertisements (cost borne by issuer); permit preferential allotments for companies listed less than six months subject to modified pricing and recomputation; tighten QIP eligibility to one year listing; and exclude pledged securities from promoters' contribution.