No-objection certificate requirement waived where past bill shows ADC remark, enabling expedited import clearance.
No-objection Certificate (NOC) from the Assistant Drug Controller (ADC) is mandatory for import of drugs and bulk drugs, but where an importer/CHA produces a past Bill of Entry showing a recorded remark that ADC NOC is not required for the item, the Assessing Group will not require ADC examination or NOC; likewise, in RMS-facilitated Bills of Entry the Docks officer shall not insist on ADC/NOC if such past Bill of Entry is presented, notwithstanding CCR instructions.

Employee disclosure threshold clarified: applies to directors' reports approved by boards on or after the amendment's effective date.
The amendment raising the salary disclosure threshold applies to Directors' Reports under section 217 of the Companies Act; it is effective for all Directors' Reports approved by the Board of Directors on or after the notification's effective date, irrespective of the accounting year of the annual accounts.

Provisional assessment extension for actual-user importers pending CIB & RC registration, subject to certificate production at clearance.
Bs/E for actual-user importers awaiting CIB & RC registration/import permit will be provisionally assessed if they produce the registration/import permit within three months of clearance; this provisional-assessment facility is extended until 15.06.2011. After that date all importers must furnish the CIB & RC certificate at clearance and provisional assessment will not be allowed. Other conditions of Public Notice No.09/2011 remain unchanged.

Escrow accounts for FDI allowed without prior RBI approval, subject to prescribed operational conditions and compliance.
AD Category - I banks and SEBI authorised Depository Participants may open and maintain non-interest bearing Escrow accounts in Indian Rupees to hold consideration or securities for FDI transactions without prior Reserve Bank approval, subject to conditions: no credit facilities against balances; permitted credits are foreign inward remittances or rupee consideration from resident acquirers; permitted debits are remittance to beneficiaries or refunds on transaction failure; accounts limited to six months unless RBI permits extension; compliance with FEMA, SEBI regulations and KYC requirements is mandatory.

Pledge of shares for business purposes: AD Category I banks may permit non resident share pledges subject to compliance conditions.
Authorised Dealer Category I banks are delegated authority to permit non resident investors to pledge shares of Indian companies in conformity with the Foreign Direct Investment policy to secure credit. For pledges to Indian banks securing credit to the investee company, transfer on invocation must follow prevailing FDI policy, an auditor's declaration on utilisation of proceeds is required, SEBI disclosure norms must be observed, and pledges must comply with banking regulation. For pledges to overseas banks securing credit to non resident borrowers, loans must be from overseas banks, used abroad without capital inflow to India, transfers on invocation must follow FDI policy, and a CA/CPA declaration on utilisation is required.

Electronic voting approval: Ministry requires authorised, certified agencies to provide secure e-voting platforms for corporate voting.
The Ministry requires that any agency appointed to provide or supervise an electronic voting platform for shareholder voting under the Companies Act must be authorised by the Ministry. NSDL and CDSL are approved subject to obtaining a certificate from the Standardization Testing and Quality Certification Directorate of the Department of Information Technology; upon receiving that certificate and informing the Ministry they will be authorised to undertake electronic voting platform activities. The circular stresses Ministry approval and certified security standards for lawful electronic voting facilitation.

Registrar recordation of director appointments via STP accepts contested e-form filings without prejudice to parties' rights.
E-form notifications of director appointments and changes will be recorded by the Registrar via an electronic Straight Through Process based on the company's statement of correctness and verification by a practising professional. Conflicting e-form filings by rival groups will be accepted and placed on file if otherwise in order, with written notice that the records are taken without prejudice to the parties' rights to seek resolution in a court or competent authority.

Management dispute marking limited to cases with status quo or injunction directions when the registry is party or directed.
The MCA 21 registry may mark a company as having a management dispute only when a court or tribunal directs maintenance of status quo for e forms or director status, or when an injunction or stay is granted and the registry is a party or specifically directed; if orders are not served on the registry and it is not a party, parties must comply and the registry should not apply the dispute mark.

Postal submission of trade documents: applicants must affix postage and quote IEC to ensure timely delivery.
Office establishes a postal facility for submission and return of applications and licences to identity card holders. Applicants must enclose a self addressed envelope with postage calculated by weight and quote their IEC number; omissions delay delivery. Postal charges follow prevailing weight tariffs and applicants should consult the PRO for clarification, who will direct matters to the concerned FTDO or JDGFT when necessary.

Input Tax Credit carry forward temporarily excluded from return calculations pending decision on Section 9(1) restoration.
Dealers are directed to continue filing VAT returns without calculating the carry forward of Input Tax Credit on closing stock pending the Government's decision on restoring Section 9(1) to its pre-amendment position; this suspension of the carry-forward computation applies to filings using the DVAT-16 return format.

Service tax on SIM cards: field formations instructed to raise protective demands to safeguard revenue.
The High Court allowed the department's appeal holding that service tax is chargeable on the value of SIM cards despite payment of sales tax; because field practice varies and the matter is sub judice, field formations are directed to raise protective demands to safeguard Government revenue.

ASBA facility: Syndicate-mediated blocked-funds applications mandated for non-retail issuances, with SCSB branch designation required.
Regulator authorises ASBA through syndicate and sub-syndicate members who may upload bids and forward physical ASBA forms to SCSBs for signature verification, blocking of funds and transmission to the registrar. SCSBs must name at least one branch in each bidding centre to receive Syndicate ASBA forms and submit branch details for publication. Non-retail applicants are required to use ASBA for public and rights issues, with merchant bankers ensuring offer document payment disclosures. An indicative timeline governs upload, validation, blocking, reconciliation, allotment and funds transfer.

Cenvat credit eligibility clarified: credit allowed unless inputs or services are used exclusively for exempted goods, services, or trading.
Clarification affirms that CENVAT credit is allowable for inputs and input services used in manufacture or in relation to taxable services except where expressly denied, notably when used exclusively for exempted goods or services (including items exempt under the cited notification) or exclusively for trading; capital goods used exclusively for exempted activity are likewise ineligible. Repair and renovation services for factory/offices and Business Auxiliary Services tied to sale (including commission) remain admissible. Special allocation and reversal rules for banking, financial and life insurance services apply per registration. Pre-amendment completed services retain credit eligibility.

Cenvat credit eligibility: credits disallowed for inputs exclusively used in exempted goods or services, with narrow exceptions.
Credit on capital goods or inputs is not admissible where they are used exclusively for exempted goods or exempted services as defined; the illustrative exclusions do not limit the principle that items used primarily for personal or employee consumption are ineligible. The expression "no relationship whatsoever with the manufacture of a final product" is to be interpreted narrowly so that goods and services used in or in relation to manufacture remain creditable unless specifically denied. Sub-rules 6(3B) and 6(3C) apply separately to each registration for specified financial and insurance services, and services completed before the rule change remain eligible for credit.

Advance remittance liberalisation: raises threshold for mandatory standby letter of credit or bank guarantee, preserves discretionary waiver framework.
Authorised Dealer Category - I banks may accept advance remittances for imports without an unconditional, irrevocable standby Letter of Credit or international-bank-backed guarantee up to an enhanced threshold; above that threshold a bank guarantee (backed by an international bank where applicable) remains required, subject to specific Ministry of Finance waivers for Public Sector entities. Existing provisions allowing AD Category - I banks to waive guarantee requirements under an internal Board-approved policy for eligible importers remain unchanged.

FII investment in infrastructure corporate bonds expanded, with mandatory three-year lock-in and intra-FII trading permitted.
SEBI-registered Foreign Institutional Investors may increase their investment in listed non-convertible debentures and bonds issued by Indian corporates in the infrastructure sector as defined under ECB guidelines, within an enhanced sub-limit while preserving the overall corporate debt cap; such infrastructure bonds with residual maturity of five years or more will carry a mandatory three-year lock-in though trading among FIIs during lock-in is permitted, and FIIs may also invest in unlisted infrastructure corporate debentures/bonds subject to the same terms and FEMA compliance.

Irrevocable payment commitments permitted for custodians to settle FII share purchases, subject to bank exposure and compliance norms.
Custodian banks may issue Irrevocable Payment Commitments (IPCs) to stock exchanges/clearing corporations on behalf of FIIs for purchase of shares under the Portfolio Investment Scheme, subject to Reserve Bank regulations on banks' exposure to the capital market and existing DBOD instructions; amendments to the Guarantee Regulations will follow and AD Category I banks must inform constituents and ensure regulatory compliance.

Electronic delivery of statutory corporate reports permitted where members consent, website posting, accessibility, and free physical copies on request.
Companies may comply with the obligation to supply annual statutory documents by sending them by e mail if the company has obtained members' e mail addresses after offering an opportunity to register and update them, posts full text of the documents on its website with prior newspaper notice in vernacular and English, ensures website accessibility, sends documents by other statutory modes to members who have not registered e mail addresses, and provides physical copies on request free of charge.

Proof of identity for re-exported event goods clarified; committee certificate and reconciliation may satisfy export identification requirements.
Notification exemptions for Commonwealth Games imports require proof of identity at re-export; a certificate from designated Organizing Committee officials plus a reconciliation statement correlating goods with import documents and the shipping bill may be accepted as proof, but goods that have changed form and cannot be identified do not qualify for the exemption. The same approach applies where duty was paid and a drawback claim is made at re-export.

Annual issuer charges now set by average folio count, changing fee calculation and enabling adjustments with issuers.
Annual issuer charges will be calculated using the average number of folios (ISIN positions) during the previous financial year, computed by dividing the total folios for the year by the total working days. Depositories may adjust any excess or deficit with issuers for the current financial year. Stock exchanges and depositories must amend bye laws and the Listing Agreement as applicable, notify stakeholders, publish the change online, and report implementation status in Monthly Development Reports.