Transitional export ban: exports under transitional arrangements prohibited; procedural facilities under Para 9.12 remain available.
Exports of non-basmati rice under transitional arrangements of the Foreign Trade Policy, 2004-09 are prohibited with effect from the issuance of Notification No.77; no exports premised on those transitional entitlements are allowed. Facilities and concessions provided in the Hand Book of Procedures, Vol. I, notably under Para 9.12, remain applicable and may be utilised despite the ban on transitional-arrangement exports.

Import restriction on Nitrile Rubber: NBR allowed only where exports declare NBR; SIONs for decorative laminates updated.
The Public Notice restricts import of Nitrile Rubber unless exports expressly identify NBR or the exporter declares use of NBR, and amends SIONs H301 and H302 to prescribe input quantities per 1 sq. m x 1.00 mm (avg. wt. 1.45 kg 2.5%), specifies which inputs remain fixed regardless of thickness, provides an adjustment formula (Allowed = AxB/C) for variations in thickness or weight, and limits application of these norms to decorative laminates of 0.5 mm-1.5 mm thickness.

Permitted imports under Target Plus Scheme clarified; duty credit scrips may be endorsed for specified goods subject to exclusions.
Regional Authorities may endorse duty credit scrips under the Target Plus Scheme upon an applicant's letterhead request. Endorsements are limited to items freely importable under the ITC (HS) and subject to the scheme's nexus requirement: inputs with nexus to exports; capital goods and spares with nexus; office and professional equipment; office furniture; and agricultural products within Chapters 1-24 except specified excluded high duty items. Edible oils under Chapter 15 are permitted only through designated trading corporations.

Interest on delayed refunds: claimants must file within the prescribed filing period from Public Notice issuance.
Claims for interest on delayed deemed export refunds must be filed in the prescribed Aayat Niryat form within a 90-day period: for cases approved on or after 1 April 2007 up to 29 April 2008, the 90 days run from 29 April 2008 (date of the Public Notice); for fresh cases the 90 days run from the date of issue of the refund cheque.

Import ceiling for sandalwood established, limiting annual imports under updated DGFT policy circular and licensing controls.
The circular directs licensing and customs authorities to treat the annual import limit for sandalwood, as referenced in Para 2 of Policy Circular No. 23 (RE-2007)/2004-09, as set at 4795 Metric Tonnes; it is issued with the approval of the competent authority for implementation by all licensing and customs authorities under DGFT policy.

Dispute resolution scheme: partial payment option grants amnesty and conclusive settlement for eligible service tax disputes.
The Scheme permits eligible declarants to obtain full and final settlement of specified service tax arrears by making a prescribed declaration before a designated officer, having the declaration verified, receiving a determination order of the amount payable, paying that amount within thirty days and producing evidence of withdrawal of any pending court petitions; orders under the Scheme are conclusive and payments are non refundable. Calculation rules set compounding where unpaid tax is resolved by paying half the tax arrear (with education cess pro rata) and where only interest or penalty remain by paying a fraction of unpaid interest and of the penalty, with the penalty for computation capped at the tax amount if it exceeds the tax.

Valuation of second-hand machinery: Chartered Engineer certificates accepted when Load Port Certificate unavailable; designated valuers listed.
Where importers cannot produce a proper Load Port Certificate, Customs officers shall accept Chartered Engineer (CE) certificates for valuation of second-hand machinery; the Commissioner notifies designated Chartered Engineers authorised to issue such CE certificates and directs Trade Associations, Chambers of Commerce, Regional Advisory Committees and Customs House Agents' Associations to publicize the practice and the list of designated valuers.

Special currency basket valuation revised, affecting rupee conversion rate and AD Category I bank reporting obligations under FEMA.
Revision of the rupee valuation of the special currency basket under the Deferred Payment Protocols is notified, fixing the rupee value at Rs.60.5828 effective May 13, 2008, and AD Category I banks are directed to inform constituents. The circular is issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 and is without prejudice to other statutory permissions.

Realisation and repatriation of export proceeds: period extended with review and forthcoming FEMA amendment, banks to notify.
Extension of the period for realisation and repatriation of export proceeds for goods and software, subject to one year review and forthcoming amendment to the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000. Existing provisions for units in Special Economic Zones and exports to permitted warehouses outside India remain unchanged. Authorised Dealer Category I banks are directed to notify their constituents; the circular is issued under the Foreign Exchange Management Act.

Write-off of export bills allowed for claims settled by IRDA registered insurers, with deletion from XOS and FX non recognition.
Permits write-off of outstanding export bills by Authorised Dealer Category I banks where claims are settled by IRDA registered insurance companies (in addition to ECGC), on exporter application with documentary proof of settlement and surrender of incentives; such bills shall be deleted from the XOS statement and the previous 10% ceiling does not apply; clarifies rupee settled claims are not export realisation in foreign exchange and must not be credited to Exchange Earners' Foreign Currency Accounts.

Overseas investment liberalisation permits excess energy and natural resources investment subject to prior Reserve Bank approval.
Indian companies may invest beyond 400% of last audited net worth in energy and natural resources, subject to prior Reserve Bank approval for amounts in excess of 400%. AD Category I banks must refer such cases to the Reserve Bank under established procedures. Investments in overseas unincorporated oil entities require competent authority approval, certified board resolutions and ODI reporting including Annual Performance Reports; investments above 400% of net worth need Reserve Bank prior approval. Capitalization of export proceeds requires Reserve Bank approval only where realization exceeds the prescribed period.

Commodity hedging permissions allow domestic refiners to hedge purchases and anticipated imports subject to compliance and authorised bank oversight.
Permits domestic crude oil refiners to hedge price risk on domestic crude purchases and product sales via underlying contracts linked to international exchanges, and to hedge anticipated imports up to prescribed volume limits based on past imports; hedges must be routed through Authorised Dealer Category - I banks, regularised by import orders where applicable, and subject to Board approved derivatives policies, explicit OTC approval, mark to market rules, permitted counterparties, half yearly Board reports of OTC transactions, and suitability checks under the Comprehensive Guidelines on Derivatives. Applications beyond delegated authority go to the Reserve Bank.

Automatic extension of export obligation when export ban imposed; extension equals ban duration and no composition fee.
Where a ban or restriction is imposed on export of any product, the export obligation period for EPCG authorizations issued prior to the imposition is automatically extended for a period equal to the duration of the ban or restriction; no composition fee shall be payable and the exporter shall not be required to fulfill the average export obligation for the ban/restriction period.

Regional jurisdiction update clarifies which offices administer foreign trade procedures and provides updated contact information.
Amendments revise the territorial jurisdictions and contact particulars for two regional offices administering foreign trade procedures: the Cuttack office is confirmed as responsible for Orissa with updated location and contact details; the Cochin office is assigned Kerala (with specified district exceptions) and Lakshadweep, with updated location and contact information.

Withdrawal of DEPB schedule amendments: prior changes annulled and previous rates restored under foreign trade policy authority.
The Director General of Foreign Trade, under powers in the Foreign Trade Policy and Handbook of Procedures, withdraws amendments made to the Schedule of DEPB Rates by an earlier public notice; the withdrawal is effective retrospectively to the earlier notice's effective date and is issued in the public interest.

Waiver of physical verification allows eligible high-export-turnover units with clean track records to obtain rewarehousing certificates.
The Board permits waiver of physical verification for issuing rewarehousing certificates to EOU/EHTP/STP/BTP units that meet export turnover eligibility and possess a clean track record as determined by the jurisdictional Commissioner; such units must follow the Board's prescribed procedure for self bonding and warehousing of imported or indigenously procured duty free goods.

External Commercial Borrowings liberalisation permits hotels hospitals and software firms approval route borrowing for import of capital goods.
External Commercial Borrowings for the services sector are permitted for hotels, hospitals and software companies to finance import of capital goods under the Approval Route while all other ECB policy conditions remain unchanged; existing trade credit provisions for imports of capital goods continue, the amendment is effective immediately and regulatory amendments will follow, with Authorised Dealer Category I banks required to notify constituents and the measure issued under the statutory foreign exchange powers.

DEPB benefit restored for certain chemical product codes; cement exports now eligible under the miscellaneous schedule.
The Schedule of DEPB Rates is amended to restore two serial entries in the Chemicals product group (Product Code 62) and to make exports of cement eligible for DEPB benefit under the Miscellaneous Product Group, effective immediately; the modifications are made under the Foreign Trade Policy and Handbook of Procedures and a later public notice re-imposed a restriction effective from the same date.

Export ban extension: advance authorisations' export obligations automatically extended for ban duration without composition fee.
Where a ban or restriction is imposed on export of any product, the export obligation period for advance authorisations issued prior to the ban is automatically extended for a period equal to the duration of the ban, and such extension is granted without payment of any composition fee.

Time limit for representations: project-supply Norms Committee decisions may be challenged within one year of communication.
For project supplies the period to file representations against a Norms Committee decision is one year from the date of communication of the decision, inserted into paragraph 4.7.5 of the Handbook of Procedures (Vol. I) under powers of paragraph 2.4 of the Foreign Trade Policy.