AML/CFT risk based due diligence required: consider jurisdictions with strategic deficiencies before entering business relationships.
Authorised persons in money changing activities must apply enhanced KYC and AML/CFT measures by assessing risks from jurisdictions identified by FATF as having strategic deficiencies and consider those risks when entering business relationships or transactions with persons or entities from such jurisdictions. These directions are issued under the Foreign Exchange Management Act and the Prevention of Money Laundering Act; non compliance may attract penal or regulatory consequences, and authorised persons should notify constituents and obtain acknowledgement from their Principal Officer.

Tax rate structure and direct tax amendments update rates, TDS thresholds, deductions and source rules for non resident income.
Finance Act, 2010 enacts comprehensive amendments to direct tax law: it prescribes updated tax and TDS rate schedules, clarifies source rules for non resident income to include certain interest, royalty and fees irrespective of where services are rendered, modifies the definition of charitable purpose to allow limited commercial receipts, expands and increases weighted deductions for scientific research and in house R&D, extends investment linked deductions to specified hotels, hospitals and housing projects, raises TDS and audit thresholds, adjusts MAT and insurance income computation, and establishes conditions for tax neutral conversion of companies into LLPs; applicability dates and retrospective provisions are specified for each change.

Waiver of demurrage and detention directed during EDI migration, with CFS-certified delays permitting charge relief.
Directive to waive demurrage and detention charges where delivery delays arise from CFSs' non-procurement or non-installation of hardware, software or connectivity required for migration to the 1.5 version of the ICES EDI system; such delays must be certified by the AC/DC (Export) of the respective CFS, and waivers are to be effected on the basis of that certificate.

Duty-free export of trade samples as personal baggage allowed; customs to apply a liberal, criteria based administrative approach.
Customs should permit duty-free export of bona fide trade samples as part of passenger baggage by reading Para 2.31 of the Foreign Trade Policy together with Para 2.20 and Para 2.27 of the Handbook of Procedure; pending amendment of Para 2.31, a liberal administrative view based on exporter status, nature and quantity of samples, and any Export Promotion Council certification may be applied.

Adjudication authority assignment directs transfer of a show cause notice to the customs commissioner for formal adjudication.
The board assigns a Show Cause Notice and corrigendum issued by a directorate to the Commissioner of Customs, Sea Port Imports, Chennai, thereby designating that commissioner as the adjudicating authority to proceed with formal adjudication under delegated statutory powers.

Foreign exchange compliance: overseas acquisition of domestic card transactions for airline ticket sales must cease and be advised against.
Foreign exchange compliance concerning settlement of domestic card payments for airline ticket sales: overseas banks acquiring credit/debit card transactions originating in India and settling them abroad on behalf of foreign airlines is inconsistent with the Foreign Exchange Management Act, 1999 and related regulations permitting repatriation of ticket-sale surpluses only after payment of local expenses and taxes.

Validity extension of public notice for B.I.S.N. Jetty continued under customs administration for the specified inland waterways facility.
Validity of Public Notice No. 02/2005 relating to the B.I.S.N. Jetty of the Inland Waterways Authority of India was extended further up to 31.07.2011. The extension followed an earlier continuation up to 31.03.2011 and maintained the operative effect of the notice for the specified jetty under the customs administration at Kolkata.

Amendment to Point of Taxation Rules corrects reference in rule nine, replacing "this sub-rule" with "these rules".
A corrigendum to the Service Tax notification published in the Gazette substitutes the phrase "this sub-rule" with "these rules" in rule 9, effecting a textual correction to the Point of Taxation Rules without changing substantive tax provisions.

Adjudication assignment: transfer of a customs show cause notice to the Commissioner of Customs (Export) for adjudication.
The Board, invoking powers under the Notification issued under sub section (1) of section 4 of the Customs Act, 1962, assigns Show Cause Notice No.DRI/MZU/E/34/2007 dated 1.10.2008 (M/s Shah Trading & Others) issued by the Additional Director General, DRI MZU Mumbai, to the Commissioner of Customs (Export), Chennai for adjudication.

Assignment of Adjudication: transfer of specified customs show cause notices to a different commissionerate for adjudication.
Under Notification No. 15/2002 Customs (N.T.) issued under sub section (1) of section 4 of the Customs Act, 1962, the Board assigns adjudication of Show Cause Notice No. S/IV/17/2009 OS Factory (Imp) and S/IV/17/2009 OS Factory (Seizures), both dated 25.5.2010 in the matter of M/s Hewlett Packard India Sales Pvt. Ltd. & Others, to the Commissioner of Customs, ACC (Import & General), New Custom House, New Delhi for adjudication.

Registration requirement for cotton yarn export contracts: registration with DGFT and payment proof enable permitted exports but non performance invites penal action.
Export of cotton yarn under specified ITC(HS) codes is allowed only after mandatory registration of export contracts with DGFT. Applicants must supply the export contract, an Indian bank authenticated irrevocable Letter of Credit or bank proof of advance remittance, a prescribed declaration, and IEC. On acceptance, a Registration Certificate is issued and the export must be completed within the certificate's validity. Non performance leads to debarment and initiation of penal action under the Foreign Trade (Development & Regulation) Act.

Export realisation period extended for exporters, allowing delayed repatriation of export proceeds under FEMA provisions.
The RBI extended, in consultation with the Government, the existing liberalisation permitting a longer period for realisation and repatriation of the full export value of goods and software, subject to review. The circular directs Authorised Dealer Category I banks to inform their constituents, preserves unchanged the provisions for units in Special Economic Zones and exports to overseas warehouses, and is issued under sections 10(4) and 11(1) of the FEMA, 1999.

Foreign contribution regulation: mandatory registration, exclusive bank accounts and strict reporting obligations for recipients.
The rules prescribe a comprehensive compliance regime for foreign contribution: applicants must obtain registration or prior permission via specified electronic forms with hard copy follow up and fees; maintain an exclusive bank account; submit annual audited returns certified by a chartered accountant; banks must report receipt transactions to the Central Government; and transfers, custody on cancellation, suspension utilisation limits, definitions of political and speculative activities, administrative expense rules, and prescribed forms and fees govern acceptance, use and oversight of foreign contribution.

Consolidated FDI Policy: framework for foreign investment instruments, entry routes, sector caps, reporting and enforcement.
The Consolidated FDI Policy (effective April 1, 2011) sets the framework for inbound non resident investment: permitted instruments, two entry routes (Automatic and Government), sectoral caps and conditions, valuation and pricing rules, 180 day issuance timing, conversion of ECB/royalty/import payables into equity, downstream/indirect investment calculation and ownership/control tests, transaction mechanics including Form FC GPR and FC TRS reporting, and enforcement under the foreign exchange regulatory framework with penalties, adjudication and compounding mechanisms.

Point of Taxation: tax due on invoice date or payment, with payment-based point for exports and reverse-charge services
The Point of Taxation Rules now make the tax point the earlier of invoice date or payment when invoices are issued within the prescribed period, otherwise the date of completion of service or payment applies; continuous supply is defined by contractually specified completion events and takes primacy; payment-based point applies to exports, reverse-charge supplies and certain professional providers, with special timing and transitional rules and aligned amendments to invoice issuance and input credit conditions.

FII investment limits in long term infrastructure corporate bonds expanded, permitting unlisted bonds with defined lock in and allocation safeguards.
FII investment limits for long term infrastructure corporate bonds are expanded to include unlisted bonds issued by infrastructure companies, with eligibility determined under existing sector criteria. Investments carry a minimum three year lock in but may be traded inter se among FIIs during that period; transfers to domestic investors are not permitted. The earlier allocation methodology for the category is withdrawn, allowing FIIs and sub accounts to access the limits without prior approval until the overall investment nears the cap, after which the prior allocation process will resume. Exchanges must provide a special trading window for FIIs.

DEPB benefit withdrawal: cotton exports excluded from export incentive scheme, affecting shipments made on and after the specified date.
Cotton exports shall not be entitled to the DEPB benefit; DGFT amended the DEPB Schedule to disallow DEPB rates for cotton (Product Group "Miscellaneous" entries 22C and 22D) for shipments made on or after 21.4.2010, aligning the incentive framework with the prior withdrawal of DEPB benefit on cotton yarn to avoid contradictory encouragement of the commodity.

Minimum Export Price requirement altered for specified non Basmati rice varieties, and quality testing condition removed from export procedure.
Amendment introduces a revised sub paragraph prescribing a Minimum Export Price for Sona Masuri, Ponni Samba and Matta non Basmati rice and deletes the prior para requiring testing of rice quality; the change equalises MEP treatment across the three varieties while leaving other conditions of the original public notice intact.

Customs arrival declarations now require declaration of satellite phones and specified foreign exchange thresholds on Form D upon arrival.
The Ministry of Home Affairs' Notification GSR 113(E) revises Form D to require arriving passengers to declare plants/planting material, meat and related products, satellite phones, and specified foreign currency/foreign exchange instruments; customs authorities must ensure correct form use, enforce declarations at the Red Channel, update passenger instructions on allowances and prohibited items, issue standing orders, widely publicise the changes, and report implementation difficulties to the Board.

Mandated XBRL filing requires specified companies to submit financial statements in XBRL under the prescribed taxonomy and transition rules.
The Ministry mandates specified companies to file balance sheets and profit and loss accounts in XBRL format using a taxonomy based on Schedule VI and existing Accounting Standards, hosted by the Ministry. Phase I requires listed companies and their subsidiaries and companies meeting prescribed capital or turnover thresholds to file exclusively in XBRL, with a transitional filing period permitting submission without additional fees. The circular explains taxonomy and instance document roles, mapping and extension, available preparation methods, and provides contacts for training and assistance.