Line of Credit for export finance allows eligible Indian exports to Russia with defined documentation and commission conditions.
A line of credit from Exim Bank to a Russian borrower finances specified Indian exports and related services to buyers in the borrower's country and requires declarations on GR/SDF forms. Letters of credit must be opened and the credit utilised within prescribed terminal dates. No agency commission is payable except, on merit, a capped commission for goods requiring after sales service, payable in the borrower's jurisdiction by deduction from the invoice and reflected in the reimbursable payment calculation.

Delisting process: voluntary and compulsory rules require shareholder approval, transparent book building exit and investor compensation.
The Guidelines govern both voluntary and compulsory delisting to protect investors. Voluntary delisting requires shareholder special resolution, a public announcement, appointment of an independent merchant banker, application to the delisting exchange and adherence to a book building process for exit price with escrow funding and cash settlement. Promoters may accept or reject the discovered price but must restore public shareholding if they decline. Exchanges may compulsorily delist for prolonged suspension or non compliance after prescribed notice and representation procedures, and promoters must compensate holders at fair value determined by arbitration.

Authority clarification: circular confirmed as issued by Central Board of Direct Taxes under section 119, instructing circulation.
The corrigendum clarifies that the name of the Central Board of Direct Taxes was inadvertently omitted from Circular No. 1 of 2003 and confirms that the circular was issued by the Central Board of Direct Taxes under section 119 of the Income-tax Act, 1961; recipients are directed to notify all Commissioners of Income-tax and Assessing Officers in their regions.

Cement quality control requires certified Standard Mark for sale and empowers authorities to inspect and seize nonconforming cement.
The Order requires all cement offered for sale or distribution to conform to the Specified Standard and bear the Standard Mark, mandates licencing by the standards authority before production or within the prescribed period, allows limited exemptions for pending licence grants and for export consignments meeting overseas or buyer specifications, and obliges destruction of nonconforming cement. The Appropriate Authority may demand information and samples, inspect premises and documents, search and seize suspected nonconforming cement under applicable search and seizure procedures, and direct manufacturers and dealers to comply with requirements.

Product Certification Requirement: manufacturers must obtain Standard Mark licence before producing or selling specified electrical goods.
The Order mandates that the listed electrical wires, cables, appliances, protection devices and accessories conform to the Specified Standards and bear the Bureau's Standard Mark before manufacture, storage for sale, sale or distribution. Manufacturers must apply for a Standard Mark licence within forty five days and may commence regular production of items 8-24 only after obtaining a valid licence. Substandard goods must be made unusable and scrapped within three months. The Appropriate Authority may require information, take samples, inspect premises, and seize nonconforming goods, and samples are to be tested in Bureau approved laboratories.

Supplementary DEPB issuance for SAD adjustment permits original licence holders to claim additional export duty credit under revised rates.
Supplementary DEPBs permit original licence holders to claim additional entitlement from factoring SAD into DEPB rates; applications filed manually on the prescribed form with only the TR fee. Applicants may elect separate, consolidated per-port, or computer-split supplementary DEPBs; the option is irrevocable. Licence fee is paid on consolidated supplementary value per Appendix-29; supplementary DEPBs carry the original FOB value, are valid for 12 months, follow original late-cut and actual-user conditions (with possible transferable endorsement on proof of realisation), and must be filed by the prescribed deadline.

Duty Entitlement Passbook Scheme calculation now requires deemed import content plus customs duty and SAD; revised DEPB rates notified.
Director General of Foreign Trade corrects Handbook para to require DEPB duty credit be calculated using the deemed import content per SION together with basic customs duty and SAD on those deemed inputs and by considering value addition; correction effective 01.04.2002. DGFT notifies a consolidated Schedule of DEPB Rates (Annexure I) effective 01.04.2002 except where Annexure II specifies alternate effective periods; general instructions set exclusions, application on date of "let export", use of value cap/FOB lower value, precedence of specific rates, CKD/SKD and composite product treatment, extraneous material tolerance and formulation rules.

Release of Exchange for Private Travel: nomination of regional nodal officers to process large private travel exchange requests.
Nomination of regional nodal officers at Jammu, Srinagar and Nagpur to process applications for the release of exchange for private travel exceeding the authorised dealer limit; authorised dealers must notify their constituents of these contact points. The instructions are issued under statutory powers in the Foreign Exchange Management Act, 1999, to govern routing and processing of private travel exchange applications requiring Reserve Bank involvement.

All Industry Rate drawback permitted pending brand rate fixation to ease exporters' cashflow; differential to be sanctioned later.
Exporters who apply under Rule 7 for fixation of a brand rate may be permitted immediate duty drawback at the All Industry Rate from the Duty Drawback Table pending brand-rate determination, with the differential between the All Industry Rate and the later fixed brand rate to be sanctioned subsequently. Implementation requires public notices and standing orders, and exporter declarations confirming manufacturer/merchant status, non-registration with Central Excise, no Central Excise duty paid on the goods, and no availing of Cenvat.

Duty drawback on composite items: accept exporters' declared constituent weights unless verification is justified by doubt or intelligence.
Where no specific drawback rate exists for a composite article, drawback may be apportioned by net content of constituent materials; as a general policy the Board will accept exporters' declared weights of constituents, and will verify composition only in cases of doubt or adverse intelligence. Exporters claiming All Industry Rates must submit a signed declaration that goods have not borne Central Excise duty, supporting manufacturers (if any) are not excise-registered and have not paid excise, and that Cenvat has not been availed.

Self-declaration of non availment of Cenvat permits certain exporters to secure duty drawback without Central Excise certification.
Manufacturer exporters not registered with Central Excise and merchant exporters whose supporting manufacturers are not registered may furnish a prescribed self declaration that they are not registered and have not availed Cenvat; registered exporters and supporting manufacturers will continue to establish non availment of Cenvat through ARE I and the existing acceptance of ARE I remains unchanged.

Effective commencement of Companies Amendment Act triggers administrative circulation and issuance of Director's Relatives office-or-profit rules.
Notification under companies law transmits Gazette notices effecting commencement of the Companies (Amendment) Act, 2002 and promulgating the Director's Relatives (Office or Place of Profit) Rules, 2003, directing Regional Directors and Registrars of Companies to note, act on, and acknowledge receipt to ensure administrative compliance and dissemination.

Removal of ceiling on EEFC trade loans permits exporters to extend loans overseas subject to reporting and FEMA compliance.
Authorised dealers may permit exporters to extend trade-related loans and advances to overseas importers from EEFC account balances without a ceiling, effective up to June 30, 2003 and subject to review, provided such transactions comply with the Foreign Exchange Management Regulations, 2000. Dealers must report these transactions quarterly, beginning with the quarter ending March 31, 2003, in the annexed format to the concerned Regional Office; amendments to the Regulations are being issued separately.

Internal audit of EOUs to be conducted by jurisdictional central excise commissionerates, following non EOU audit criteria.
The Board directs that EA-2000 internal audits of 100% Export Oriented Units in port cities and similar areas be conducted by the jurisdictional Central Excise Commissionerates, because EOUs with concessions pose revenue leakage risks. Jurisdictional Commissioners should apply the same frequency, selection criteria and audit-day norms used for non-EOUs, prepare a program to audit all EOUs, and issue suitable instructions to field formations.

Valuation of captively consumed goods requires cost of production determined strictly under CAS-4 accounting standards.
Cost of production for captively consumed goods shall be determined strictly in accordance with Cost Accounting Standard 4 (CAS-4) issued by the Institute of Cost & Works Accountants of India; this standard governs capacity determination, overhead allocation and cost of production measurement for valuation under the Central Excise Valuation Rules and modifies earlier Board guidance on captive consumption valuation.

TDS information on dividend warrants may be printed on the counterfoil reverse and signed by the deductor.
Substitutes paragraph 4 to require that the specified TDS format be printed on the reverse side of the dividend warrant counterfoil and be duly signed by the persons responsible for deduction of tax.

Listing agreement compliance: stock exchanges must initiate statutory enforcement action for breaches under securities law.
Exchanges must treat companies' failure to comply with listing agreement obligations as breaches of the statutory duty attendant on listing and initiate appropriate proceedings under the penal provisions of the Securities Contracts (Regulation) Act, using the Act's sanctioning mechanism to take suitable action against such non compliance.

Extension of time granted for appointment of common agency; compliance certificates must be filed or penalties may follow.
SEBI extended the deadline for issuer companies to appoint a common agency for share registry work until March 31, 2003 and required issuers to furnish a compliance certificate by April 07, 2003 to listed stock exchanges and depositories; the extension is a one-time relief and non-compliance will invite penal action under applicable Acts and Regulations.

Subsidiary governance reform: mandatory independent CEO and majority public representatives to strengthen market transparency and risk oversight.
Subsidiaries must appoint a Chief Executive Officer not concurrently holding any position in the parent exchange, with appointment, terms, renewal and termination subject to prior regulatory approval; the CEO sits on the subsidiary board and must not be a sub broker of the subsidiary or a broker of the parent exchange. The governing board must include at least 50% non member Public Representatives nominated by the parent exchange (subject to prior regulatory approval), who are persons of integrity with securities market competence, serve for one year or until the next AGM, and are subject to re nomination cooling periods. The parent exchange is responsible for subsidiary risk management and must establish supervisory mechanisms including margin verification, reporting, inspections and complaint handling.

Investment limit for FIIs in exchange-traded derivatives not triggered where no physical delivery occurs under regulatory clarification
Trading in exchange-traded derivatives by FIIs that does not result in settlement by physical delivery of underlying stocks does not attract the prescribed investment limits under the FII regulations; only transactions resulting in physical delivery are treated as investments for applying the investment ceiling. Custodians are directed to notify constituents and the circular is published on the regulator's website.