Indemnity obligation for striking off allows directors to request name removal while undertaking to settle and indemnify against lawful claims.
The corrigendum supplies a standardized Indemnity Bond requiring directors of a defunct company to swear an affidavit that the company has no assets or liabilities, is not and will not carry on business, and to request the Registrar to strike the company's name; directors jointly and severally undertake to pay and settle all lawful claims, indemnify persons for losses arising from striking off, and discharge liabilities that may surface after removal, with signature, witnesses and Registrar acceptance as the procedural formality.

Bond acceptance flexibility: permits bonds with designated Deputy/Assistant Commissioner or Maritime Commissioner, enabling exports irrespective of port jurisdiction.
Permits merchant exporters to execute export bonds with a designated Deputy/Assistant Commissioner of Central Excise (Export), with the Deputy/Assistant Commissioner having jurisdiction over the factory, or with the Maritime Commissioner, and authorises Commissioners to designate Maritime Commissioners as Deputy/Assistant Commissioner of Central Excise (Export) to place them on parity for bond acceptance.

Simplified Export Procedure extended to readymade garment exporters; relaxed registration and record formalities to avoid export disruption.
Simplified export clearance is extended to readymade garment manufacturers primarily exporting their production, permitting invoice-based export removals and simplified quantity/value records where clearances of rejects and waste for home consumption on payment of duty remain within a prescribed ceiling relative to export turnover. Penal action for clearances pending registration is suspended temporarily and interim formalities like stock declaration and mandatory record-keeping are relaxed to prevent disruption of exports; the Central Excise Manual is modified accordingly.

Debenture conversion rules amended; Companies Act provisions activated and notifications circulated for immediate administrative compliance.
The Government circulated three Gazette notifications: a corporate name change to IFCI Venture Capital Funds Ltd.; declaration of the effective date for specified provisions of the Companies (Second Amendment) Act, 2002; and the Public Companies (Terms of Issue of Debentures and Raising of Loans with Option to Convert such Debentures or Loans into Shares) Amendment Rules, 2003, which amend regulation of convertible debentures and loans. The circular forwards these notifications to all Regional Directors and Registrars of Companies and requires acknowledgement of receipt.

Waiver of interest may apply when re exported capital goods are defective and unfit for installation or use.
Requests for waiver of interest in cases of re export of capital goods may be considered favourably where, on clearance, those goods are found defective or sub standard and therefore would not be installed, commissioned or used; Chief Commissioners are to consider and decide such requests in light of Board guidance relating to extension of warehousing periods and re export permissions.

Administrative control over export units assigned to customs in ports; cost recovery or MOT option governs officer services.
Administrative control over EOUs, EHTP and STP units in port-city territories is vested with the Commissioner of Customs, while units elsewhere remain under the jurisdictional Commissioner of Central Excise; Bangalore Customs is excepted. Special Economic Zones are under the jurisdictional Commissioner of Customs. EOUs/EHTP/STP units may choose between cost recovery charges or paying Merchant Over Time (MOT); units opting out must notify within the prescribed period and will pay MOT even for work during office hours. Officers in cost-recovery posts will continue until promoted to permanent cadre posts, and units must bear charges while those posts exist.

Forward contract booking based on past performance permitted; higher limits available on application for proven corporates.
Authorised dealers may offer forward contracts based on a three year average of past import/export performance, subject to a cap on outstanding forwards relative to eligible limits; Reserve Bank may permit higher deliverable limits on application for large corporates without documentary evidence, upon submission through an authorised dealer of authenticated turnover, overdue realisations/payments and existing limits.

Mutual fund foreign investment limits: overseas listed equity permitted with qualifying Indian holdings, subject to industry and fund caps.
Mutual funds may invest in equity of listed overseas companies that hold at least ten percent shareholding in an Indian listed company; industry and fund level caps constrain aggregate and individual exposures, while existing minimum and maximum fund thresholds remain operative. Investments must comply with SEBI (Mutual Funds) Regulations and prior SEBI guidance covering due diligence, disclosure, existing schemes, trustee reporting, performance review, and reporting to SEBI. Funds with prior exchange control approvals may seek enhancements; others must apply to SEBI per the referenced procedural circular.

Duty free entitlement permits hotels duty free import of specified equipment and consumables, excluding agricultural and dairy products.
The circular corrects paragraph headings to read Duty Free Entitlement Credit Certificate to Service Provider and Export Promotion Capital Goods (EPCG) Scheme, and revises paragraph 2.2 to state that hotels are entitled to duty free import of spares, office equipment, furniture, professional equipment and consumables, excluding agricultural and dairy products, linked to their average foreign exchange earnings during the preceding three years.

Foreign exchange risk management: RBI permits specified hedging and derivative dealings under exposure verification and reporting obligations.
Consolidates RBI directions under FEMA permitting authorised dealers to enter forward contracts and specified derivatives with residents, FIIs, NRIs and overseas parties subject to documentary verification, RBI conditions on cancellation/rebooking, board-approved risk policies, and prior approvals where required. Authorised dealers and banks may hedge asset-liability mismatches using interest rate/currency swaps, forward rate agreements and options subject to matching of value and maturity, marking-to-market, and approved limits. Detailed reporting and exposure-limit methodologies for net open positions, nostro/vostro balances and cross-currency derivatives are mandated to Reserve Bank.

Special currency basket valuation revised, affecting deferred payment contracts under India-USSR protocols and effective from the announced revision.
DGFT public notice records a Reserve Bank of India revision of the Indian Rupee value of the Special Currency Basket, to be applied to deferred payment contracts concluded under the Deferred Payments Protocols dated 30 April 1981 and 23 December 1985; the revision takes effect from the date stated in the notice and governs valuation for settlement and accounting of those contracts.

Self-assessment customs clearance: importer/exporter declarations accepted by EDI with duty computed and subject to post-clearance audit.
The Accelerated Clearance Scheme (ACS) permits eligible importers and exporters to self-assess classification, claim exemptions and declare values with duty calculated by the EDI system and no routine physical examination; participation requires prior application, acceptance of post-clearance audit, record retention, and is subject to exclusions for specified goods and to risk-based physical checks or enforcement intelligence.

Certification and registration requirement extended for mutual fund intermediaries; funds must monitor and report compliance promptly.
Intermediaries distributing mutual fund units must pass the prescribed certification examination and be registered with AMFI within the extended compliance period. AMFI must organise a nationwide examination drive. Mutual funds shall ensure intermediary compliance, record progress in AMC and trustee board meetings, and submit detailed reports to SEBI, including the position as on the prior reference date and quarterly updates with Compliance Test Reports, under Regulation 77 of the SEBI (Mutual Funds) Regulations, 1996.

Deemed export benefits to project supplies remain available for contracts issued before suspension, within contracted delivery schedules.
Entitlement to deemed export benefits is continued for Turbine and Motor Generator Set supplies to the Sardar Sarovar project where contracts or Letters of Intent issued prior to the OECF suspension date are concerned; benefits apply during the contracted delivery period including authorised extensions, while completed contracts as of the Public Notice date are not eligible for Advance Licence for deemed export unless an application for such licence was filed before supplies were effected.

Exemption from SAD on DTA clearances by EOU/SEZ units permitted where VAT is applicable.
Consolidation effective 1-4-2003 replaces multiple notifications with a streamlined set aligning EOU/EHTP/STP/SEZ relief to the revised Exim Policy: central provisions cover duty free import/procurement, duty-free indigenous procurement, concessional DTA clearance and exemption from excise and additional duties; key changes include SAD exemption on DTA clearances (subject to VAT not being exempt), replacement of Export Performance by positive NFE, proportionate recovery of duty on NFE shortfall, permission for import/export by post and personal baggage, expanded duty-free items for contract farming and consumables, job-work allowance for gem and jewellery units, and rules allowing up to 100% depreciation for capital goods cleared to DTA.

Revised Customs Classification Codes require import DTRs to be transmitted using new codes to ensure consistent data processing.
Field formations must transmit all import DTRs-EDI, non EDI and manual-using the revised 8 digit Customs Classification Codes adopted from 1 February 2003; reporting with both old and new codes will disrupt centralised data processing and prevent timely adoption of the new classification. Issue instructions to all formations, send an immediate compliance report to the Board, and acknowledge receipt.

Concessional import duty eligibility extends to imports by third parties when goods are delivered to eligible institutions.
The Board clarifies that the concessional customs duty under Notification 51/96-Cus. must be allowed where goods are imported for delivery to an institution specified in the notification, even if the importer is not one of the entities listed, and directs issuance of a public notice to inform trade.

Central Excise valuation parity for demo cars requires the same duty as normal dealer supplies.
Demo Cars supplied by manufacturers to dealers must be assessed and charged the same central excise duty as similar normal passenger cars; contractual arrangements or reduced consideration for demo cars do not permit a different taxable value because demo cars are manufactured like other passenger cars.

Central excise exemption and textile rule revisions restrict threshold calculations and defer penal duty measures pending payment.
Amendments revise exemption scope and threshold calculations by excluding exempted clearances and export-zone clearances from specified thresholds, delay penal action for non-payment of assessed duty until one month after the due date, and implement textile-specific measures: expanded concessional import coverage, job-work extension to Chapter 63, conditional input credit for stock upon timely declaration, single-registration allowance within a Commissionerate for Chapters 50-63, consignor endorsement rules, factory-use exemption for printed frames, specified duty rates on certain embroidered fabrics, and a valuation rule applying section 4 when MRP is not declared.

Removal of time limit for export proceeds realisation empowers SEZ units to repatriate export value subject to procedural compliance.
SEZ units may repatriate export proceeds without any prescribed time limit while complying with GR/PP/SOFTEX procedures. They may undertake job work abroad with processing charges loaded into export price and ensured realisation arrangements. Gem and jewellery units and EOUs may accept specified precious metals as payment if contractually provided and values shown in export forms. Bilateral netting of export receivables against import payments is permitted subject to documentation, separate reporting, exclusion of ACU transactions, and submission of supporting documents. Equity issuance to non residents against import of capital goods is allowed with valuation committee verification and FC GPR reporting.