Section 180 compliance: prior section 293 resolutions on borrowings and security deemed sufficient for a transitional period.
Resolutions passed under section 293 of the Companies Act, 1956 prior to 12.09.2013 authorising borrowings and/or creation of security within prescribed limits are regarded as satisfying the requirements of section 180 of the Companies Act, 2013 for a transitional one-year period from notification of section 180, addressing implementation difficulties where companies relied on pre-existing ordinary resolutions.

Refund/Rebate payments via RTGS/NEFT mandated; claimants must submit one time bank authorization and expect bank charges.
Direct electronic credit of sanctioned refund and rebate amounts to exporters' bank accounts by RTGS/NEFT replaces account payee cheques. Claimants filing fresh claims after 31 03 2014 must submit a One Time Authorization (Annexure A), certified by their bank and valid for one financial year; authorizations are serialised and entered in an Authorization Register (Annexure C). Jurisdictional sanctioning officers will submit weekly Annexure B lists with a consolidated cheque to Bank of Baroda, which will verify and remit net amounts to beneficiaries and report remittance details; UTR must be noted in the refund order.

Section 119 direction keeps income tax field offices open for year-end filings and receipt counters availability.
An administrative direction under Section 119 directs field Income Tax Offices to remain open and keep receipt counters working during the year end closing period to facilitate filing of returns and related taxpayer work; it also mandates opening additional receipt counters where required and wide publicity, communicated to central and regional tax administration units for implementation.

Mutual funds must publish detailed monthly AUM breakdowns, strengthen voting disclosures, and boost regional investor education.
The circular requires Mutual Funds to disclose detailed monthly AUM metrics (scheme-category, T-15/B-15 contributions, sponsor/other contributions, investor-type, distributor-source and state/UT-wise) in prescribed spreadsheet formats to AMFI for consolidated publication; mandates AMCs to record and publish specific rationale for each voting decision, provide quarterly and annual voting disclosures with auditor certification and trustee/board review confirmations; requires regional-language investor education and expanded distribution via PSU banks and online channels; and excludes specified high-quality instruments and short-term bank deposits from debt scheme sector exposure calculations.

VAT refund documentation: Embassies must provide original invoices with TIN and separate VAT shown and ensure seller return matching.
Advisory identifies frequent grounds for disallowing VAT refunds to Embassies and similar organizations-duplicate claims, non invoice documents, composition dealer invoices, invoices below threshold, absence of separate VAT calculation, taxes paid in other States, carbon copies, and sellers who do not admit sales-and stresses that refunds depend on the selling dealer filing and admitting the sale so tax has been received by the department. It requires original invoices showing TIN, buyer name, sale price and VAT separately, and filing of DVAT 23 within the prescribed quarterly timeframe for electronic matching and verification.

Delegation of powers: officers may require security as condition for VAT registration and related refund proceedings.
Delegation of powers empowers subordinate officers to require security as a condition for dealer registration and for refund-related purposes, while expressly excluding authority to increase, vary, reduce, waive or forfeit any security; delegated officers must exercise these powers and attendant duties within their respective jurisdictions.

OTC trades in corporate bonds must be reported on stock-exchange trade platforms within 15 minutes, effective April 1, 2014.
All OTC secondary market trades in corporate bonds must be reported on a trade reporting platform of any one stock exchange debt segment (NSE, BSE or MCX-SX) within 15 minutes of the trade; stock exchanges must implement systems, amend bye-laws, notify member brokers, and permit clearing and settlement through designated clearing corporations, effective April 1, 2014.

Interest rates on small savings schemes confirmed for the financial year, requiring banks to notify branches and inform subscribers.
Government Office Memorandum sets and communicates the interest rates for the Public Provident Fund and the five-year Senior Citizens Savings Scheme for the financial year beginning 01.04.2014, leaving the rates unchanged from the prior year; banks operating these schemes are directed to notify branches and display the rates for subscribers in accordance with the schemes' compounding/payment provisions.

Waiver of guarantee fee requires parliamentary appropriation and prior budgetary sanction by ministries for revenue foregone.
Waiver of guarantee fee constitutes revenue foregone and must be treated as Government expenditure, recorded against the appropriate account heads; prior parliamentary appropriation is required, obtained either through the Expenditure Budget or a Supplementary Budget, before any Ministry/Department regulates waiver of guarantee fee in full or in part.

Advance Tax deadline extended to 18 March for all assessees under an administrative order by the tax board.
The Central Board of Direct Taxes ordered, under Section 119(2)(a), that the last date for payment of the March quarter installment of Advance Tax for FY 2013 14 is extended from 15 March 2014 to 18 March 2014 for all assessees, corporate and non corporate, with directions for departmental circulation and publicity.

Online Export Obligation Discharge Certificate mandatory for EDI exports, streamlining AA and DFIA redemption procedures nationwide.
An online system for issuance of Export Obligation Discharge Certificates and redemption of Advance Authorization and Duty Free Import Authorization is introduced effective 1 June 2014: EDI shipping bills dated on or after 1 April 2009 require mandatory online filing and will enable electronic transmission of EODC/redemption letters to Customs and authorization holders; Non-EDI and pre-1 April 2009 shipping bills and deemed-export records not electronically transmitted remain manual until electronic transmission is available.

Export of computer software tax benefits: clarification directs departmental representatives to apply CBDT circular to avoid contested appeals.
The CBDT issued a clarificatory Circular addressing application of direct tax benefits to entities exporting computer software and instructed field authorities to ensure Departmental Representatives and Standing Counsels bring the Circular to the notice of appellate authorities and courts so that matters covered by the Circular are not contested in further appeals, with the objective of avoiding frivolous litigation.

All Industry Rate claim procedures: non-availment of Cenvat certificate must be recorded at export to claim higher drawback.
Claims for the higher composite All Industry Rate require the Non-Availment of Cenvat Certificate to be recorded in the EDI document list for the shipping bill to proceed to Let Export Order; otherwise the shipping bill must be amended to claim the lower AIR. The Board notes misuse where the system entry incorrectly shows the certificate as available while departmental comments record later verification, resulting in higher-rate processing and risking revenue, and directs strict adherence to EDI checks and export-time verification.

Rupee Drawing Arrangement limit increase expands permissible trade remittance per transaction, effective immediately under FEMA authority.
The Reserve Bank amended the Rupee Drawing Arrangements to raise the per transaction ceiling for trade related remittances carried out through Rupee/Foreign Currency vostro accounts of non resident exchange houses, effective immediately. All other provisions of the Memorandum of Instructions remain unchanged. Authorised Dealer Category I banks must notify their constituents. The directions are issued under FEMA and do not affect any permissions required under other laws.

Anti-money laundering obligations: intermediaries must bolster risk assessment, CDD reliance rules, record retention and designate a compliance director.
Registered intermediaries must conduct documented risk assessments considering client profiles, geographies, transaction types and applicable sanctions lists; may rely on regulated third parties for client due diligence subject to PML Rules and SEBI guidance while retaining ultimate responsibility; maintain and preserve transaction, identity, account and FIU IND reporting records for the prescribed post business relationship period; designate and notify a Designated Director in addition to a Principal Officer; and ensure updated AML/CFT policies, internal audits and reporting to regulators.

Electronic filing of Bills of Entry enables automated EDI assessment, licence/bond registration and systemised customs clearance.
Computerized import clearance at LCS Raxaul will operate via ICES 1.5 from 24 March 2014, requiring electronic filing of IGM and Bills of Entry with prior registration of IE Codes, CHA details, DGFT licences and necessary bonds/certificates in the system. Entries must use prescribed currency, unit, country and port codes. The EDI workflow automates value conversion, duty calculation, assignment to Appraising Groups, query generation, audit and printing of assessed B/E and TR 6 challans; duty payment, examination and issuance of Out of Charge follow system validation and physical/documentary checks.

Shifting from Trade-for-Trade to Rolling Settlement requires dematerialisation threshold, certification, and exchange reporting obligations to regulator
Companies with connectivity to both depositories may be shifted from Trade-for-Trade Settlement to Normal Rolling Settlement only if at least 50% of other-than-promoter holdings are in dematerialised form, evidenced by a certificate from the Registrar and Transfer Agent or, if no RTA exists, from a practicing Company Secretary or Chartered Accountant, and provided no other grounds for continuation of TFTS exist; stock exchanges must report actions taken in their Monthly/Quarterly Development Report.

Absorption basis appointment for Assistant Development Commissioner requires prescribed bio-data, ACRs, vigilance clearance and NOC; incomplete applications rejected.
One post of Assistant Development Commissioner in Moradabad SEZ is to be filled on absorption basis from ADCs on deputation who can be relieved if selected. Applicants must submit duplicate applications on the prescribed Annexure with ACRs, vigilance clearance, and NOC from the parent department; incomplete, improperly formatted, or late applications will be rejected. Appointment will be a transfer on absorption basis and carries no claim to promotion within the SEZ. A head-of-department certificate confirming particulars, integrity, and absence of disciplinary or vigilance proceedings is required.

Temporary suspension of weekly offs: weekends treated as working days and leave prohibited for the stated period.
An administrative order temporarily suspends weekly offs, declaring Saturdays and Sundays as working days for the period with one holiday exempted; all staff must attend and no leave, including casual leave, is permitted. Senior officers are directed to ensure attendance by subordinate officers and to circulate and upload the order for implementation.

Use of black money during elections prompts deployment of income-tax investigatory units to monitor cash movements and report violations.
Income Tax investigation teams must be deployed from election notification to open district units and a 24x7 control room to gather intelligence and receive complaints on movement of undisclosed cash, keep sensitive places under surveillance (airports, stations, hotels, hawala agents, brokers, couriers, pawnbrokers), operate Air Intelligence Units to monitor cash on aircraft, act under Income Tax laws on reports of large cash movements, and report investigative outcomes to the Election Commission.