Special Currency Basket value revised; authorised dealer banks must apply the new rupee valuation under FEMA directions.
The Reserve Bank directed a revision of the Special Currency Basket rupee valuation to be applied to transactions under the Deferred Payment Protocols with the erstwhile USSR, instructing Authorised Dealer Category I banks to implement the revised valuation from the stated effective date and to notify their constituents; the directions are issued under FEMA and without prejudice to other statutory permissions.

Line of Credit conditions require majority India sourcing for project imports and specified disbursement timelines.
Exim Bank's LOC to the Government of Seychelles finances eligible imports from India subject to Foreign Trade Policy eligibility, a requirement that at least 75 percent of contract value be supplied from India (with limited relaxations for civil construction), prescribed disbursement timelines for project and supply contracts, declaration of shipments on GR/SDF forms, prohibition on payable agency commission under the LOC with limited remittance options, and issuance of directions to AD Category I banks under FEMA.

Uncommunicated intimation under section 143(1) void unless communicated; revenue must prove service and reassessment cannot proceed.
Uncommunicated intimations under section 143(1) for returns processed before 31 March 2010 are to be considered invalid where there was no dispatch or communication to the assessee; the revenue must prove that any such intimation was sent and served. Assessing Officers must distinguish fraudulent claims from technical rejections not communicated to the assessee, and must undertake an expeditious exercise to identify and regularise pre-31 March 2010 intimations, applying these principles when disposing of rectification applications and in recovery or set-off proceedings.

Rectification under section 154: standardized online receipt, registration and timely disposal to ensure transparent rectification processing.
All rectification applications must be acknowledged on receipt, entered the Online Rectification Register, and processed through ITD applications. Offices with ASK or ASK software shall issue system-generated acknowledgement numbers and transmit them to the Assessing Officer; where ASK is unavailable, the receiving Assessing Officer must diarize and acknowledge applications immediately. Disposal requires issuance of a speaking order, tracking in ASK when relevant, adherence to statutory and Charter timeframes, and prompt communication of the order to the taxpayer. For e-filed matters, the Central Processing Centre will act or transfer cases to Assessing Officers and ensure entries and disposal within prescribed timelines.

Arbitration facility expansion requires stock exchanges to establish investor service centres, improving local investor access to arbitration.
Stock exchanges with nation-wide terminals must establish investor service centres providing an arbitration facility (including appellate arbitration) at designated locations, with specified deadlines for initial and subsequent centres. Exchanges must amend bye-laws, notify members, publish the provisions on their websites, and report implementation in monthly development reports; regulatory inspections will verify compliance. The directive is effective immediately under the regulator's statutory powers to protect investors and regulate the securities market.

Place of arbitration: venue tied to client's KYC address, with nationwide exchanges providing specified arbitration centres.
Arbitration venue rules require exchanges with nationwide terminals to provide arbitration and appellate arbitration at specified centres and to conduct proceedings at the centre nearest the Client's KYC address; other exchanges must provide arbitration at their location. Challenges to appellate panel decisions under the Arbitration and Conciliation Act must be filed in the competent court nearest the Client's KYC address. Exchanges must amend bye-laws, notify members, report implementation to SEBI, and are subject to SEBI inspection.

Verification of duty credit scrips via DGFT website enables electronic checks to speed customs clearance and reduce delays.
Verification of Chapter 3 duty credit scrips and EODCs is to be conducted via the DGFT Mumbai zonal office website, where details of EODCs issued by Western Zone offices and authorizations and duty credit scrips issued by Mumbai are posted, enabling direct electronic verification to reduce time, transaction cost, and delays in customs clearance and bond cancellation.

Voluntary compliance scheme: form, payment and acknowledgement procedures prescribed, officials designated to process declarations under service tax administration.
Notification prescribes the form and manner of declaration, acknowledgement, manner of payment of tax dues and form of issuing acknowledgement of discharge of tax dues under the Service Tax Voluntary Compliance Encouragement Scheme, 2013, and designates Deputy Commissioners/Assistant Commissioners of Service Tax divisions as the authorities to receive declarations and issue acknowledgements pursuant to Finance Act provisions.

Foreign direct investment in multi brand retail now permitted in Karnataka under government approval route, effective immediately.
The press note amends paragraph 6.2.16.5 of the Consolidated FDI Policy to add Karnataka to the list of States and Union Territories that have conveyed consent to implement the multi brand retail FDI policy; implementation remains subject to the government approval route and the amendment takes immediate effect.

Authorised courier clearance: online real-time publication of customs queries enables AWB-based tracking and facilitation of consignment assessment.
Authorisation is given to a specified list of courier firms to clear consignments at the international airport. Customs will publish, in real time, queries raised during assessment on its website; users may enter an AWB number to view any query. Absence of information indicates no query. The online data is informational only and replies must be submitted through the authorised courier that filed the bill of entry.

Additional Duty refund: single monthly claim required; duplicate monthly refund filings in a month are disallowed under CBEC guidance.
Importers must present a single refund claim per month for Additional Duty levied under the Customs Tariff Act regardless of the number of Bills of Entry processed, and trade must comply with the CBEC Circular limiting refund filings to one claim per importer per month.

Special currency basket valuation revised under FEMA; authorised dealer banks must implement the updated rupee valuation for deferred payment protocols.
The circular notifies a revision in the rupee valuation of the Special Currency Basket for Deferred Payment Protocols, effective from June 13, 2013, replacing the earlier value effective June 5, 2013, and directs Authorised Dealer Category I banks to inform their constituents; the directions are issued under FEMA sections 10(4) and 11(1) without prejudice to other legal permissions.

Contracted exposure documentation shifted to annual auditor certification while preserving client undertaking against duplicate use.
AD Category I banks may replace quarterly statutory-auditor certificates with a single annual certificate confirming that, at any time during the year, contracts outstanding with all AD Category I banks did not exceed the value of the underlying exposures; banks must still obtain an undertaking from clients that the contracted exposure has not been used for derivatives with any other AD bank.

Total foreign investment calculation rules redefine ownership and control consequences, triggering approval requirements in capped sectors.
Guidelines define total foreign investment by aggregating direct and indirect foreign investment across multilayered Indian company structures, specify ownership (>50% beneficial ownership) and control (majority director appointment) thresholds, treat direct investment as non-resident investment and indirect investment as the foreign-held interest of investing Indian companies (with a 100% subsidiary exception), require government approval in capped sectors for establishment or transfer of ownership/control to non-residents, and impose downstream investment compliance, notification and auditor certification obligations.

Cadre restructuring corrigendum: corrected officer names for Sub committee on restructuring of directorates, formalizing implementation process.
Correction to the cadre restructuring implementation: a corrigendum amends Paragraph 4 of the prior office order by rectifying the names of two officers to Smt. Lekha Kumar (87001) and Ms Suniti Srivastava (89012), issued by the HRD Directorate with approval of the competent authority and circulated to the officers and web manager for upload.

Cadre restructuring implementation convenes committees to define terms of reference, plan rollout, and align administrative revenue strategies.
Implementation of the Cadre Restructuring will be advanced via a convened meeting of Cadre Controlling Authorities, Core Committee members and Sub Committee members to familiarise participants with the proposals, define the terms of reference and responsibilities, present the implementation plan, discuss project issues and timelines, and review strategies to align administrative actions with revenue objectives.

Sealed transport requirement for transit motor vehicles: self-powered clearance permitted for previously landed vehicles, sealed conveyance mandatory thereafter.
Vehicles landed before the specified cutoff were authorized to proceed to Nepal under their own power in relaxation of the Protocol provision, effective immediately. Vehicles landing after the cutoff must be transported only in sealed conveyances-railway wagons, marine containers, pilfer-proof container trucks, or other trucks capable of being sealed-to prevent visible tampering, with the choice of sealed mode at the importer's option.

Audit report filing requirement: large dealers must submit Form AR-I and face scheduled audit assignment after the filing deadline.
A statutory audit filing regime requires registered dealers meeting the specified gross turnover threshold to furnish an audit report in Form AR-I within the prescribed post-year-end period. The requirement applies to dealers whose turnover exceeded the threshold in the relevant year or any subsequent year, excludes dealers dealing exclusively in First Schedule commodities and wholly export dealers, and must be filed in duplicate within the time limit set by the notification.

Cadre restructuring expands assessment capacity and regrades senior tax posts to strengthen tax administration and advocacy.
The Cadre Restructuring creates 20,751 additional posts, increases Assessment Units by 1,080, and adds one Assessing Officer per Range, while establishing 114 Special Ranges and reserves for deployment. Senior posts are re graded into Apex and HAG+ scales with re designations; Directorates will be reorganised functionally and merged cadres instituted (except EDP). Appellate and advocacy capacity is expanded with dedicated CIT(Appeals) posts and litigation support; specialist and support cadres (EDP, OL, PS, AO, ITO) are substantially augmented. Implementation is to be phased under CBDT committees with regional implementation structures and standardized data collection.

Infrastructure requirements for cadre restructuring to assess gaps and recommend interim and long term office arrangements.
A Sub-committee on Infrastructure Requirements is constituted to assess existing infrastructure and gaps arising from the creation of additional posts and units, recommend interim and long term arrangements aligned with location and phasing of posts and offices, identify supporting office infrastructure, and prepare an implementation plan with schedule and financial implications. The Sub-committee may form Working Groups, coordinate with CCIT CCA/DGIT regions, obtain stakeholder inputs, co opt specialists, use electronic communications, and will be supported by the Directorate of HRD as its Secretariat. Interim and periodic reports must be submitted to the Core Committee for submission to the Board.