Line of Credit conditions require Indian-origin content and set utilisation, documentation, and commission payment rules.
Exim Bank's Line of Credit to the Government of Senegal finances Indian exports provided at least 85 percent of credit funds purchases of eligible Indian-origin goods. Terminal utilisation periods differ for project exports and other supply contracts. Shipments must be declared on GR/SDF forms. Agency commission is not payable from LOC funds; exporters may use their own resources or EEFC balances for commission payments in free foreign exchange after full realisation, subject to AD Category I bank compliance. Directions are issued under FEMA and do not replace other required approvals.

Exchange-traded corporate bond trading platforms authorized to enable order-driven and anonymous matching, with clearing, settlement and reporting requirements.
SEBI authorizes exchanges to implement an order driven trade matching platform for listed corporate debt, preserving OTC features, requiring transactions through SEBI-registered brokers, allowing parallel OTC trades with reporting, permitting bilateral or exchange clearing and settlement, aligning shut periods with government securities, mandating Actual/Actual day count for new issues, and enabling eventual migration to anonymous order matching with multilateral netting and margining while imposing listing agreement amendments for electronic payments and disclosure of material modifications.

Tax sought to be evaded: compute compounding fee on the tax difference between assessed income and original return income.
Computation of the tax sought to be evaded for compounding is the tax on the difference between tax on income determined in assessment and tax on income shown in the original regular return; where no regular return exists, that tax is treated as nil. The explanation requires using the maximum marginal rate for certain assessment types and the statutory tax basis for specified reassessment provisions, and applies to pending and subsequent compounding petitions from the effective date.

Territorial jurisdiction update: new Raipur licensing office added and transitional filing with prior authority permitted until March deadline.
Appendix I is amended to update the Joint Director General contact details at Bhopal and to add Sl. No. 19A establishing a Deputy Director General office in Raipur with territorial jurisdiction over the State of Chhattisgarh. Exporters/importers in Chhattisgarh may elect to file applications with the earlier Licensing Authority at Bhopal until 31 March 2007. The amendment takes effect from 27 February 2007.

Territorial jurisdiction amendments redefine field office and SEZ unit coverage under the Handbook of Procedures for trade administration.
Amendments to Appendix-I of the Handbook of Procedures (Vol. I) revise territorial jurisdiction allocations: Serial No. 18 designates the Joint Director General of Foreign Trade office at Rajkot to cover Saurashtra (excluding Kutch) and Diu; Serial No. 35 designates Kandla SEZ administration jurisdiction to include Kutch District, units in Kandla and Surat SEZs, and approved EOUs/SEZs located in Gujarat, superseding an earlier public notice.

Electronic transmission of DEPB licences now replaces manual verification; DEPB number must be quoted on the bill of entry.
DEPB licences issued by DGFT on or after the effective date will be received online by Customs at ICD Bangalore and subjected to prescribed online validation checks; validated DEPBs will be available for use and listed on the portal. Temporarily, importers must present hard copies of DEPBs to the designated officer prior to utilisation. For online DEPBs the DEPB number must be quoted on the bill of entry for duty payment, while DEPBs issued earlier continue under the existing manual verification procedure.

Current Account Transaction rules amended under FEMA; authorised dealer banks must notify constituents and comply with revised provisions.
Government notification G.S.R. 512(E) dated July 28, 2005 amends the Current Account Transaction Rules under FEMA, 1999; AD Category I banks are instructed to inform constituents and customers of the amended provisions and to implement them. The circular's directions are issued under the statutory powers of FEMA and operate subject to any permissions or approvals required under other laws.

Refund of export proceeds permitted where goods are re imported for poor quality, subject to bank due diligence and conditions.
Refund of export proceeds is permitted where goods exported from India are being re imported on account of poor quality; AD Category I banks that realised the proceeds may consider requests provided they exercise due diligence on the exporter, verify bonafides, obtain a certificate confirming no incentives were availed or that proportionate incentives were surrendered, secure an undertaking that goods will be re imported within three months of remittance, and ensure compliance with normal import procedures.

Line of Credit for export finance mandates predominant sourcing from India and regulatory compliance under FEMA.
A Line of Credit of USD 7.50 million from Export-Import Bank of India to the Government of Jamaica finances purchase of water pumps by the National Water Commission, requiring at least 85% procurement from India. The credit is effective from March 2, 2007; Letters of Credit must be opened by March 1, 2009, and disbursements completed by January 18, 2013. Shipments must be declared on GR/SDF forms. No agency commission is payable under the LOC, though exporters may use own resources or EEFC balances for commission payment subject to AD Category-I bank compliance. Directions are issued under FEMA and do not obviate other statutory approvals.

Line of Credit to a foreign government sets project finance allocations, utilisation windows, documentation and commission limits.
A Line of Credit by Exim Bank to Guinea Bissau finances sectoral projects with specified allocations, effective March 2007, and prescribes utilisation windows of 48 months after project completion for project exports and 72 months for other supply contracts. Shipments must be declared on GR/SDF forms. Agency commission is not payable from the credit, though exporters may pay from own resources or EEFC balances after realisation, subject to remittance rules; Category I Authorised Dealer banks must inform exporters and permit compliant remittances.

MSME definition revised: banks must adopt investment based classifications and update lending, reporting and payment remedies.
The circular enacts the MSMED Act revisions by prescribing new investment-based thresholds for manufacturing and service enterprises, clarifying that lending to medium enterprises is excluded from the priority sector, requiring banks to implement the revised definitions immediately, replace earlier Master Circular provisions with the annexed text, compile and submit prescribed quarterly category-wise data, adopt comprehensive MSME lending policies, and apply strengthened delayed-payment remedies including compound interest and referral to facilitation councils for disputes.

Service tax abatement for tour operators extended retroactively, limiting taxable portion of gross receipts for passenger transport services.
Central Government, via Notification No. 15/2007 under Section 11C, exempted levy of service tax on 60% of the gross amount charged for taxable services by tour operators operating under a contract carriage permit for intercity passenger transport (excluding package tours) for the period 1-4-2000 to 4-2-2004, extending the benefit of the 60% abatement retrospectively in response to representations that operators had been taxed on 100% of gross receipts.

Reconstitution of advisory and grievance committees mandates inclusive representation for newly taxable services and wide publicity.
Reconstitution of the Regional Advisory Committee and Public Grievance Committee is directed to hold regular meetings with the Commissioner of Service Tax, Delhi to secure proper representation from all service categories following introduction of new taxable services, and requires wide publicity and notification to specified administrative and industry addressees for implementation.

Service tax return revision introduces e-filing compatibility and new entries for self-adjustment, large taxpayers, and premises code.
The ST-3 Service Tax return has been revised for automation and e filing, with detailed filling instructions and incorporation of recent legal and procedural changes. The form adds a dedicated entry for self adjustment of excess tax paid, separate fields for Large Taxpayer Unit information, distinct computation entries per taxable service with a consolidated payment schedule, and a new premises code to facilitate jurisdictional identification; entries for an education cess will apply after enactment of the Finance Bill.

Rebate on exported goods: manufacturers outside notified areas can claim rebate where duty paid using CENVAT credit is not refunded.
Manufacturers located outside notified special areas may utilise CENVAT credit on inputs sourced from those areas to pay excise duty on goods cleared for export and are eligible to claim rebate under rule 18, because they actually pay the duty and do not receive refund of that portion; the Board's prior clarification excluding refunded duty from the term "duty paid" does not apply to such manufacturers.

Dematerialisation requirement ensures shift to rolling settlement when non-promoter holdings are dematerialised and certified by registrar.
Shifting securities from the Trade-for-Trade Segment to Rolling Settlement requires both depository connectivity and that at least 50% of non-promoter holdings be dematerialised. The issuer must submit a certificate from its Registrar and Transfer Agent, or from a practising company secretary/chartered accountant if no separate RTA exists. Stock exchanges must ensure there are no other grounds for continuation in Trade-for-Trade before shifting and report the action taken in the prescribed development report.

Mandatory e-payment of service tax for large taxpayers requires using designated banks authorised to accept online payments.
E-payment of service tax is mandated for assessees meeting the large taxpayer threshold, with Cenvat utilization included for that calculation. Prerequisites, the procedure for electronic payment, and modes of receipt are provided in annexures. A list of twenty-six banks is published authorizing them to collect Central Excise duties and service tax via internet banking for specified commissionerates, with most banks authorised for all commissionerates and several authorised only for selected commissionerates.

Secondary and Higher Education cess collection: require separate challan entries and note account code pending allocation.
A new Secondary and Higher Education Cess was introduced but the head of account is not yet opened; pending its finalisation, amounts collected manually must be shown separately on challans as Education Cess and Secondary and Higher Education Cess, and the Secondary and Higher Education Cess entry should state that the account code is yet to be allotted.

Definition of place of import proposed as where goods reach Indian land mass or where they are consumed before arrival.
Proposes defining the Place of Import as the location where imported goods reach the land mass of India, or, if consumed before reaching the land mass, the place of consumption, to address the absence of a definition in the proposed New Section of the Customs Act and reduce future disputes.

E-payment of customs duties enables electronic payment and automatic registration for customs examination via ICEGATE gateway.
Electronic payment of customs duties at ACC Bangalore is enabled through the Customs E-Payment Gateway on ICEGATE: registered users view unpaid challans on ICEGATE while unregistered users may retrieve challans via importer IE Code, select a designated bank, complete internet banking payment, obtain a cyber receipt, and return to ICEGATE to finalise; ICES receives payment particulars and automatically advances the Bill of Entry to examination without physical proof of payment. A VERIFY option allows completion of interrupted transactions on the date of payment.