Direct receipt of import bills for rough precious and semi-precious stones extends liberalised eligibility and bank due diligence conditions.
Non-status holder exporters of rough precious and semi-precious stones may receive import bills/documents directly from overseas suppliers and obtain remittance from AD Category I banks up to the enhanced threshold where documentary evidence is produced; banks must comply with the Foreign Trade Policy, satisfy themselves as to bonafides, complete KYC and due diligence on the importer, and obtain reports on overseas suppliers.

Actual user condition reinstated for raw sugar imports; prior dispensation allowing early sale and ton to ton export fulfilment withdrawn.
The prior special dispensation permitting duty free sale of imported raw sugar before export obligation fulfilment and allowing ton to ton discharge of export obligations is withdrawn with immediate effect; imports of raw sugar under advance licences/authorisations will be subject to the Actual User Condition and the standard export obligation fulfilment criteria under the Foreign Trade Policy.

Customs Area designation for CFS permits supervised movement and destuffing of LCL imports under specified procedural and reporting obligations.
A portion of M/s. Ennore Cargo Container Terminal Pvt. Ltd. is declared a Customs Area for handling LCL imports; containers may be moved to the CFS with Customs permission and must be destuffed under Customs supervision. Container wise tallies against import manifests are required, with endorsements by steamer agent, custodian and preventive officer. Shortages at destuffing are attributable to steamer agents; losses after CFS takeover render the CFS liable as Custodian. Cargo must be stacked and stored by manifest and container number, sensitive goods secured, unclaimed cargo disposed per statute, and weekly detailed reports submitted to Customs. The facility is optional and effective immediately.

Addition to notified ports: Haldia and Dabolim included for port of registration under Foreign Trade Policy amendment.
Amendment to the Handbook of Procedures, Vol. I adds Haldia (seaport) and Dabolim (Goa) (airport) to the notified Seaports & Airports in Paragraph 4.19 (Port of Registration) under powers conferred by Paragraph 2.4 of the Foreign Trade Policy; the change is issued by Public Notice to update the list of locations available for port-of-registration purposes.

MODVAT/CENVAT non availment certificate no longer required for exports of non dutiable products or certain advance licences.
The amendment exempts exporters of non dutiable products from submitting a MODVAT/CENVAT non availment certificate counter signed by Central Excise, and permits, for dutiable production, a Central Excise certificate confirming use of imported inputs, or ARE 1 or similar authenticated documents evidencing non availment; the certificate is also not required where the advance licence was issued under a customs notification requiring payment of Additional Customs duty at clearance.

Notification of Handbook of Procedures: annual supplement updated and brought into force under foreign trade policy powers.
Notification that the Handbook of Procedures (Volume I) incorporating the Annual Supplement updated on 11 April 2008 is notified under Paragraph 2.4 of the Foreign Trade Policy, 2004-09; the Public Notice declares the Handbook and its Appendices to come into force from 1 April 2008 and records issuance in the public interest.

Service tax exemption for export-linked services clarified - specified services not leviable and refund mechanism affirmed.
Clarification confirms Service Tax applies only to taxable services provided in India and that services provided from India to persons outside India and consumed outside India are not leviable under Export of Services Rules, 2005. Specified services not leviable when linked to exports include participation in foreign exhibitions; services availed outside India such as CHA, steamer agent, accountancy, market research, port and cargo handling, inspection and quality control; and clearing and forwarding services. Loading and unloading of export cargo is excluded from cargo handling levy. Department of Revenue will issue refund notifications for newly notified services where verifiable export linkage exists.

Mandatory electronic tax payment: banks must refuse physical challans from covered taxpayers and provide immediate e-payment acknowledgements.
Mandatory electronic payment applies to company taxpayers and persons subject to tax-audit eligibility; banks must refuse physical challans from corporate assessees and accept the taxpayer's assertion of eligibility for e-payment without demanding proof. Banks must provide immediate on-screen acknowledgement, record the e-payment transaction identifier in bank statements, display contact persons on e-payment gateways, and supply IT department and depository with officials' contact lists to assist with any payment issues.

Classification by end use: broken grinding wheels to be classified by their marketable end use, no new tariff heading.
No amendment to the Central Excise tariff is required for broken grinding wheels as the tariff aligns with the H.S.N.; such wheels should be classified by their end use into appropriate existing headings where they serve marketable purposes (e.g., polishing, scrubbing). Field formations are to implement this end use classification in assessments and administrative action.

Overseas investment ceiling raised for mutual funds; prior conditions remain unchanged under SEBI regulatory authority and governance.
The circular increases the aggregate ceiling for mutual fund overseas investments while all other conditions specified in the earlier circular remain unchanged; it applies to all SEBI-registered mutual funds and is issued under SEBI's regulatory powers under the mutual fund regulatory framework.

Board independence requirement: independent director proportion increased when non-executive chair is promoter, plus disclosure and replacement rules.
Amendments to Clause 49 require that where a non-executive Chairman is a promoter or related to promoters or senior management, at least one-half of the Board be independent directors; set minimum age for independent directors at 21 years; require replacement of resigned or removed independent directors within 180 days unless the Board already meets the independent director threshold; and mandate disclosure of director inter-se relationships in specified filings, with corresponding textual changes to the Listing Agreement and Annexures.

Reduction in filing fees for securities offer documents revises fee schedules for buy backs, public issues, rights, mutual funds and takeovers.
SEBI amended the Payment of Fees Regulations effective April 1, 2008, revising fees payable on filing draft offer documents and public announcements across the Buy Back, Merchant Bankers, Takeover, Custodian, Mutual Fund and Venture Capital Fund regulations. The amendments replace prior schedules with tiered fee tables and revised flat charges and percentage rates for public issues, rights issues, buy backs, takeover filings, custodian charges, mutual fund NFO filing fees, and venture capital filing charges, and require merchant bankers to ensure compliance.

DEPB rate amendments add credits for specified engineering and chemical exports and raise the value cap for cobalt sulphate.
Amendments to the DEPB schedule add percentage DEPB rates for specified engineering products (internal combustion engines, gensets, pumpsets) and for specified chemical intermediates including captopril USP powder, and revise the value cap for Cobalt Sulphate in the chemicals schedule; these changes take immediate effect under powers conferred by the Foreign Trade Policy and the Handbook of Procedures.

Customs procedures for SPM discharge require Into-Bond filing and supervised quantification of crude at shore tanks before bonded clearance.
Commissioning of an SPM facility requires filing an Into-Bond Bill of Entry before berthing; customs officers will supervise discharge and quantify receipts at the Shore Tank Farm and connecting pipeline using existing bulk liquid measurement procedures. Total discharge equals STF tank receipts plus pipeline content; simultaneous pumping to refinery tanks must be quantified and aggregated. BPCL must prepare intake certificates and tank out-turn reports certified by customs officers, submit a final intake certificate for bonded receipt, and maintain separate accounts for imported and domestic crude. Transhipment requires customs approval and SEZ concurrence where applicable.

Corrigendum to export incentive schedule: DEPB entry renumbered to 387A 387B 387C 387D, effective as stated.
Corrigendum amends the DEPB rates schedule for Engineering Product Code 61 by renumbering Sl. No. 387 to 387A, 387B, 387C and 387D, effective from 27-03-2008, issued under the authority of the Foreign Trade Policy and Handbook of Procedures and declared in the public interest.

Bond index introduction allows exchanges to construct and disseminate bond indices, enabling future derivatives development.
Exchanges are directed to construct and disseminate Bond Indices for corporate bonds and government securities, choosing either existing global computation models or proprietary models, and to publish the detailed index computation methodology for market participants; derivatives on these Bond Indices will be considered for later introduction based on experience and market awareness, and the circular is issued under SEBI's authority to promote securities market development and is effective from its date of issuance.

Large Taxpayer Unit operationalization centralizes return filing, mandates e-payment, and sets transition protocols for case handling.
The Large Taxpayer Unit, Mumbai, is operational and the Board's prior LTU instructions apply with modifications: March returns filed with former jurisdictional officers, returns from April filed with the LTU; large taxpayers must pay all taxes by e-payment; ER.1 clause deleted due to format change; time-sensitive matters in the initial transition month remain with existing jurisdictional Commissioners then are to be transferred, and for matters requiring action in the following month the jurisdictional Commissionerate must send a D.O. letter detailing cases.

Liberalised Remittance Scheme reporting now requires monthly submission by AD Category I banks using a prescribed format and deadline.
Authorised Dealer Category I banks must, from April 2008, submit monthly statements (using the prescribed annexed format) of applications received and amounts remitted under the Liberalised Remittance Scheme for resident individuals, categorised by purpose, to the Chief General Manager in Charge, Foreign Exchange Department, Reserve Bank of India, so as to reach the office on or before the fifth of the following month; all other earlier terms remain unchanged and the directions are issued under the Foreign Exchange Management Act, 1999.

Special currency basket valuation revised, requiring banks to apply updated rupee conversion rates for deferred payment arrangements.
AD Category I banks are notified of successive revisions to the rupee valuation of the special currency basket applicable to Deferred Payment Protocols; banks must apply the revised rupee values with the specified effective dates, inform their constituents, and note that these directions are issued under the Foreign Exchange Management Act, 1999 and without prejudice to other legal permissions or approvals.

Replenishment authorisation for duty free import of jewellery inputs granted based on export performance certified by a chartered accountant.
Replenishment Authorisation may be issued for duty free import of consumables, tools, machinery and equipment for jewellery on production of a Chartered Accountant certificate indicating export performance; entitlement is a percentage of the FOB value of exports of the preceding year-precious metals other than gold and platinum at two percent, cut and polished diamonds and jewellery made of gold and platinum at one percent, and rhodium finished silver jewellery at three percent.