Transshipment Module in ICES implemented; traders must update RES packages and private software to align with new filing protocol.
A new Transshipment Module in ICES has been implemented, introducing minor changes to the Bill of Entry filing protocol and RES and ICEGATE packages. Stakeholders must download the updated NIC RES package and update private RES software to align with the revised form and protocol. Report technical issues to the Assistant Commissioner (EDI) at Customs House, Chennai, by the provided phone or email for resolution.

Sea-to-sea cargo transshipment module in ICES enables declaration of destination port and issuance of a transshipment permit.
The ICES sea-to-sea transshipment module requires declaration of Destination Port and CFS in the IGM, submission of a Transshipment Permit request at the Gateway Port Service Centre, ICES Primary validation, and Customs approval producing a unique TP number. The system validates consistency with IGM lines, bond/BG and PLA sufficiency, restricts post-approval amendments, debits bond/BG and TP fees upon approval, and marks IGM/container records to permit BE processing at the Destination Port.

Individual scrip-wise price bands imposed on non-derivative index constituents; exchanges must update systems and notify members.
Individual scrip-wise price bands of up to 20% are mandated for securities that are part of index derivatives but not eligible for F&O, to curb excessive price movements. Stock exchanges must implement the bands effective February 17, 2014, put in place systems, amend byelaws/rules, notify trading/clearing members and publish the measure on their websites, under the authority of Section 11(1) of the SEBI Act to protect investor interests.

Foreign investment cap in insurance set under automatic route with IRDA licensing and regulatory compliance requirements updated policy
The amendment replaces paragraph 6.2.17.7 to permit foreign investment in specified insurance-sector activities under the automatic route, subject to IRDA licensing. It applies banking-sector conditions to bank-promoted insurers, defines an Indian insurance company by Companies Act formation, aggregate foreign equity limits and single-purpose life or reinsurance activity, and incorporates IRDA regulations governing brokers, TPAs and surveyors. The decision takes immediate effect.

Export data reporting centralization requires banks to use a single RBI platform for daily reporting and real-time monitoring.
A centralized Export Data Processing and Monitoring System (EDPMS) requires Category I Authorised Dealer banks to report all export-related returns through a single RBI-hosted platform, consolidating existing returns and ingesting primary export data from Customs, SEZ and STPI sources to enable daily download/upload, real-time database updates and streamlined follow-up with exporters.

Third party payments allowed with documentary evidence; banks must verify bona fides and follow FATF guidance.
The tripartite agreement requirement for third party payments need not be insisted upon if documentary evidence explaining the circumstances or naming the third party in the irrevocable order/invoice is produced. AD banks must be satisfied as to the bona fides of the transaction and export documents (invoice/FIRC) and consider FATF statements when processing such transactions; the prior monetary limit on third party payments for imports is withdrawn and other existing conditions continue to apply.

Definition of governmental authority broadened to include statute set or government established bodies with predominant government participation for municipal functions.
The substituted clause defines "governmental authority" to mean an authority, board, or other body either set up by an Act of Parliament or a State legislature, or established by Government, with predominant government participation by way of equity or control, constituted to carry out any function entrusted to a municipality under the constitutional provision concerning municipal powers. The amendment tightens recognition to bodies meeting the statute-establishment or government-formation criterion plus dominant government ownership or control.

Media interaction guidelines ensure designated official issues factual press releases with senior approval and coordinated corrective responses.
The memorandum designates the CIT (M&TP) as the Official Spokesperson and Media-Coordinator responsible for compiling information, issuing factual press releases and maintaining records, with the Addl. CIT (M&TP) as alternate. All media statements and press releases must align with government policy and be approved by the Competent Authority (Chairperson). Offices/divisions must provide timely inputs and supporting material; factual inaccuracies in media reports are to be corrected through authorised government versions. Investigation-related media matters are routed to the Member (Inv.).

Pre-shipment inspection agencies added, expanding the approved PSIA list for export import compliance under the Foreign Trade Policy.
Amendment to the Handbook of Procedures (Vol. I) adds nine entities to Appendix 5 as recognized Pre Shipment Inspection Agencies (PSIA), detailing names, addresses, contacts and territories, and corrects the address details of an existing PSIA at Sl. No. 38; all changes take effect immediately under paragraph 2.4 of the Foreign Trade Policy, thereby updating the official list of approved inspection agencies relied on for export import compliance.

Extension of VAT return filing deadline under rule 49A; third-quarter return filing date extended for taxpayers.
The Commissioner, Value Added Tax, in exercise of powers under rule 49A of the Delhi Value Added Tax Rules, 2005, has extended the last date for filing the third-quarter return for 2013-14, partially modifying the earlier circular; all other provisions of that circular remain unchanged and the notice is to be circulated within the department and published on the department's website.

All Industry Rates of Duty Drawback amended to create new tariff entries, adjust rates and caps, and rationalize descriptions.
All Industry Rates of Duty Drawback were amended effective 25.01.2014 by Notification No. 05/2014-Customs (N.T.), creating separate tariff entries for specified goods, revising tariff descriptions, rationalizing drawback rates and caps for selected items (including stationery, toys, coir products, certain leather goods and motor cars), standardizing chapter 87 Customs portions to a revised rate, assigning tractors a composite rate and cap, and replicating the steel cops/pirns/bobbins entry under a related heading; public notices and standing orders are to be issued and implementation difficulties reported.

SAD exemption linked to VAT status: stock transfers for self consumption from SEZ/FTWZ to DTA do not qualify and SAD is payable.
The SAD exemption for goods cleared from SEZ/FTWZ into the DTA is conditional on such goods not being exempt from VAT/sales tax when sold in the DTA; stock transfers for self-consumption from SEZ/FTWZ to a DTA unit are not subject to VAT/sales tax and therefore do not qualify for the SAD exemption, making SAD payable.

Government debt investment limits expanded for specified foreign investors, increasing reserved sub limit within the overall cap.
The reserved sub limit for specified foreign institutional investors (Sovereign Wealth Funds, Multilateral Agencies, Endowment Funds, Insurance Funds, Pension Funds and Foreign Central Banks) has been increased from USD 5 billion to USD 10 billion within the overall Government debt limit of USD 30 billion. The overall envelope is allocated as USD 20 billion for FIIs and QFIs and USD 10 billion for the specified categories, with a Treasury Bills investment cap of USD 5.5 billion within the USD 20 billion limit.

Foreign investment sub-limit in government securities increased for SEBI-registered long term investors, subject to existing regulatory conditions.
The sub-limit for SEBI-registered long term investors - including sovereign wealth funds, multilateral agencies, pension, insurance and endowment funds and foreign central banks - for investments in Government dated securities on a repatriation basis is increased within the overall foreign investment ceiling, subject to existing terms, conditions and limits under the Foreign Exchange Management Regulations and related directions; operational guidelines will be issued by the securities regulator and all other investment conditions remain unchanged.

Risk Management System in exports selecting shipping bills for assessment, examination and post-clearance audit and drawback processing.
Risk Management System for exports at Adani Hazira Port (INHZA1), Hazira, Surat is operational from 17.01.2014. The Export Module is implemented in two phases: first, RMS processes Shipping Bills to select bills for verification of Assessment and Examination; second, RMS will process Shipping Bills after EGM to select bills for Post Clearance Audit and sanction of drawback. Procedures in Public Notice No.17/2013 apply mutatis mutandis to Adani Hazira Port.

Exemption under Section 11C denied for refined vegetable oil by-products; not classified as waste and duty applies.
Request for an exemption under Section 11C for gums, waxes, soap stocks and fatty acids from refined vegetable oil manufacture was rejected: survey evidence showed majority of manufacturers paid duty, negating a general non levy practice, and appellate dismissals upheld that these by products are not of negligible value and thus are not exempt as waste under the relevant notification.

Exemption for government rewards to Olympic and similar medal winners confirmed as tax-exempt, covering cash or in-kind payments.
The Central Government authorises that any payment, whether in cash or in kind, made by the Central Government or a State Government as a reward to medal winners of the Olympic Games, Commonwealth Games or Asian Games shall be treated as exempt from income tax under the relevant provision, with effect from the date of the order.

Compounded levy on pan masala and gutkha: deemed production revised and duty rates adjusted under packing machine rules.
Revision concerns the compounded levy on pan masala, gutkha and similar tobacco products packed in pouches by specifying amended deemed production quantities for pouches at specified retail sale prices and prescribing the revised duty payable corresponding to those deemed production figures, with a request to report implementation difficulties to the Board.

Line of Credit conditions: Exim Bank credit to Vietnam requires majority Indian content and FEMA compliance.
Exim Bank's Line of Credit to Vietnam finances eligible Indian exports for two projects, requiring at least 75% of the contract price to be supplied from India and permitting up to 25% of non consultancy goods and services to be procured abroad. The Credit Agreement is effective from December 27, 2013, with specified deadlines for opening Letters of Credit and disbursements for project and supply contracts; shipments must be declared on GR/SDF Forms. No agency commission is payable under the LOC, though exporters may pay commission from own resources or EEFC balances subject to realization and prevailing instructions.

PAN allotment procedure change requires self attested ID, address and birth documents with originals produced for verification.
Applicants must submit self-attested copies of Proof of Identity, Proof of Address and Date of Birth with the PAN application and produce the original POI/POA/DOB documents for verification at PAN facilitation centres (list of acceptable documents in Instructions to Form 49A/49AA). Copies will be verified against originals; originals will not be retained and will be returned after inspection. A processing fee applies.