DEPB rate amendments update export incentive rates and value caps for specified engineering and chemical products.
Correction and amendment to the Schedule of DEPB rates revises DEPB entitlement rates and value caps for specified exports in Engineering Product Code 61 and Chemicals Product Code 62, and corrects the effective commencement date for the DEPB rate on brass agricultural sprinklers as shown in Annexure II of a prior public notice.

Investment valuation norms: mutual funds must supply daily debt security transaction data to standardise valuation across the industry.
SEBI requires all registered mutual funds to provide daily transaction-level data for specified debt instruments to an AMFI recommended agency in a prescribed format capturing transaction date, security name and type, coupon, staggered maturity/redemption dates and values, ratings, put/call option details, interest payment dates, volume, clean price and annualised yield, to enable daily matrix generation and improve valuation uniformity; issued under Regulation 77 and effective immediately.

Replenishment procurement deadline extended under EXIM policy, final extension permitting nominated-agency supplies for pre-policy exports.
The Director General of Foreign Trade has exercised powers under paragraph 2.4 to permit exporters who effected exports on or before 31.3.2002 under para 8.37 of the EXIM Policy 1997-2002 to obtain replenishment of gold, silver and platinum from nominated agencies by 31st March, 2003; this is the last and final extension and no further extensions will be considered.

Deemed credit availability affirmed with new duty rates; credit computed on actual duty paid and AED credit usable for Cenvat.
Deemed credit may be availed alongside revised excise rates, with the deemed credit percentage applied to the duty rate actually paid under the new notification. Deemed credit rates were not reduced despite yarn duty cuts. Additionally, credit of additional duty (GSI) accrued prior to the budget change may be used for payment of CENVAT duty as well as for AED(GSI), reflecting amendments to CENVAT rules and the altered revenue-distribution regime.

Supplementary DEPB filing procedure: single consolidated application and single option selection required; declare manual corrections and comply with fee rules.
Procedure mandates a single consolidated application for all supplementary DEPB claims, selection of exactly one option, and itemised disclosure in the covering letter of any manual corrections made after issuance of the original DEPBs. The system will handle port-wise and transferability allocation when the proper option is chosen. Fee remittance requirements for lower-value claims are reiterated and multiple applications will be returned without processing.

HS classification of Mefloquine HCl affirmed, designating it under chemical preparations and permitting its free import.
The Directorate General of Foreign Trade, after consultation with the Department of Chemicals and Petrochemicals and considering the molecular structure, determined that Mefloquine HCl is classifiable under HS Code 29333990 and is freely importable under the policy entry applicable to that classification, issued with DGFT approval.

Brand Rate decentralisation: jurisdictional Central Excise units now process and issue brand-rate drawback approvals locally.
The Ministry delegates fixation of Brand Rate of drawback under Rule 6 and Rule 7 to jurisdictional Central Excise Commissionerates; exporters must file under the Normal Scheme at the Commissionerate HQ, which will operate a dedicated Brand Rate Unit to acknowledge, verify (within 15 days), compute and approve Brand Rates (approval tiers based on drawback amount) and issue Brand Rate letters to exporters and the Customs port, with Brand Rates to be fixed within ten days of verification and subject to Value Addition and other Drawback Rules conditions.

Service tax scope for authorised service stations limited to authorised vehicle repairs; separately invoiced consumables excluded.
Service tax applies only to services by an Authorised Service Station for motor cars or two wheeled vehicles it is authorised to service. Separately invoiced consumables sold to the customer (engine oil, gear oil, coolants) are excluded from the value of taxable service, whereas materials that are intrinsic and not separately identifiable (such as paints used in repairs) are includible. Pre sale dealer activities, including treatments performed at sale, are not services of the authorised service station and fall outside its service tax liability.

Service tax on authorised service stations: liability limited to services for vehicles within the station's authorisation; consumables rules clarified.
Liability for service tax is limited to services by an Authorised Service Station for vehicles for which it is authorised; services to other vehicles are outside the taxable scope. Separately charged consumables (engine oil, gear oil, coolants) are treated as sales and excluded from the value of taxable service, whereas items integral and not separately identifiable (such as body paints) are includible. Pre sale dealer activities at the time of sale are not services of an authorised service station and are outside this levy.

Executive director financial powers mandated; broker directors barred from signing cheques or operating exchange bank accounts.
Exchanges must vest adequate financial authority in Executive Directors, with the Governing Board fixing cheque signing limits for executives and higher value authorizations reserved to authorized office bearers. Because brokers are barred from office bearer positions and broker directors cannot sign cheques, exchanges must expressly provide in their rules that no broker director may sign cheques or operate any bank accounts on behalf of the exchange.

Shortened settlement cycle requires strict trade confirmation and pay-in/pay-out deadlines to streamline market settlements.
Implementation of T+2 rolling settlement shortens the settlement cycle effective April 1, 2003 and prescribes firm deadlines: trade confirmations on T+1, processing and downloading of obligation files on T+1, pay-in of securities and funds by mid-morning on T+2, and pay-out by early afternoon on T+2. Depository Participants must accept and execute pay-in instructions within specified cut-offs; depositories must download pay-in files to clearing entities and complete pay-outs by the stated deadlines. Instructions require an execution date and will fail if account balances are insufficient at the pay-in deadline.

Rolling settlement cycle shortened to two-day settlement, requiring custodians to confirm trades and meet strict pay-in/pay-out timelines.
Implementation of T+2 rolling settlement effective April 1, 2003 shortens the settlement cycle and prescribes custodian duties: confirmations of trades by custodians by 11:00 a.m. on T+1 (exception window until 1:00 p.m. for late confirmations), issuance of physical instructions to DPs by 4:00 p.m. and electronic instructions by 6:00 p.m. on T+1, pay-in to be completed before 10:30 a.m. on T+2, and pay-out of securities and funds by 1:30 p.m. on T+2.

Export quota release for onions authorises additional allocation from unutilised quota under export policy, subject to existing conditions.
An additional export quota for onions is authorised under the Export & Import Policy, allocated to specified marketing agencies and reallocated from the unutilised quota of a national cooperative federation; the release is subject to the general conditions set out in a prior notification and effected as a public interest measure.

Standard Input Output Norms amended - updates to input entitlements and new SION entries under trade policy changes.
The Director General of Foreign Trade, exercising delegated powers under the export-import policy, amends the Standard Input Output Norms in Handbook of Procedures, Vol.2 by substituting, correcting and adding SION entries. The Notice revises export and import item descriptions, replaces specific input entitlement tables, introduces alternative import items and establishes quantitative input allowances, net to net provisions and CIF/FOB linked consumable caps. Annexures A-E set out the detailed operative substitutions and new entries across chemicals, engineering, plastics and sports goods.

Line of Credit facility for export financing to a foreign borrower with designated eligible goods, deadlines and commission controls.
The Reserve Bank notifies that Export Import Bank has provided a line of credit to the Seychelles Marketing Board to finance exports of listed eligible goods, initial spares and related services to buyers in the borrower's country. The circular sets terminal dates for opening letters of credit and utilisation, requires GR/SDF declaration of shipments, restricts agency commission subject to limited approval and invoiced deduction in the borrower's country, directs authorised dealers to inform exporters, and cites the Foreign Exchange Management Act, 1999 as the legal basis.

Line of credit for Indian capital goods exports to Cambodia, financing the bulk via letters of credit with importer contribution.
A Government of India line of credit to the Royal Government of Cambodia finances imports of Indian capital goods, spare parts and related project and consultancy services on an f.o.b. basis covering the financed portion of approved contracts. Disbursements are made under letters of credit opened by Cambodian banks and advised to the State Bank of India; each letter of credit must contain a reimbursement clause and be supported by a negotiating bank's certificate confirming receipt of the importer's direct payment. Contracts and letters of credit must be established and drawn within prescribed timelines; shipments must be declared on specified export forms. Agency commission is restricted and prior approval is required for exceptions.

Assessable value: freight and transit insurance included only up to the contractual place of removal.
Inclusion of freight and insurance in the excise assessable value is determined by the contractual place of removal and terms of sale: charges up to the point where title passes (factory gate or depot as the agreed place of sale) are includible; charges for delivery beyond that point are not; transit insurance does not alone determine ownership.

Protective demands must be raised pending Board direction, with escalation to PAC for resolution and timely audit examination.
Protective demands must be raised or continued whenever an audit objection concerns an issue covered by Board instructions, pending written Board directions to the contrary; such matters are to be referred to the PAC section for resolution with the C&AG. For objections at initial stages the Commissioner should first approach the Principal Accountant General and, if unresolved, escalate to the PAC section while continuing to raise protective demands. Audit objections should, where practicable, be examined and completed within two months of receipt at the range or divisional office to protect revenue.

Import of goods: authorised dealers may open stand-by letters of credit for EXIM-permissible imports under industry guidelines.
Authorised dealers may open stand-by Letters of Credit on behalf of importer constituents for import into India of any goods permissible under the EXIM Policy, subject to adherence to detailed operational guidelines issued by the industry association; authorised dealers must notify concerned constituents and act under the Exchange Control directions issued under statutory powers.

Examination norms for EOU and SEZ exports clarified: EPCG/DEEC norms apply; sealed consignments follow stricter norms.
Exports by EOUs and SEZ units are to follow the examination norms applicable to EPCG/DEEC schemes (para 2.1(D)); if an export consignment is sealed by Customs or Central Excise, para 2.1(A) norms apply; para 2.1(B) norms for free shipping bills apply only to exports not under any export promotion scheme. Administrative notification by Public Notices/Standing Orders is required and implementation difficulties are to be reported to the Board.