Line of Credit terms: export financing allowed with Indian sourcing, shipment declarations and limited agency commission under FEMA.
A Line of Credit from Exim Bank to the Nigerian Export Import Bank finances exports of eligible goods and services from India, requiring at least 85% Indian supply. The facility is time limited for opening Letters of Credit and disbursements; shipments must be declared on GR/SDF forms. Agency commission is generally disallowed but Reserve Bank may permit limited commission for exports needing after sales service subject to prior regional approval and invoice deduction; otherwise exporters may use own funds or EEFC balances. AD Category I banks must inform exporters and obtain full LOC details. Directions are issued under FEMA.

VKGUY scheme benefits extended to specified handmade carpets with mandatory Carpet EPC RCMC and eligibility limits.
VKGUY Product Code 09.25 is added to Appendix 37A Table 9 to cover specified ITC HS codes for handmade carpets of wool, silk and other textiles, with benefits admissible from 1.4.2007. The entry excludes cotton, jute and coir carpets; KVIC/KVIB sourcing/registration requirement is waived for exports w.e.f. 1.4.2007. 'Handmade' is defined to include various hand processes. Submission of an RCMC from the Carpet EPC is mandatory before grant of VKGUY benefits, and exporters already granted Focus Product/Focus Market benefits for shipments w.e.f. 1.4.2007 are ineligible for these VKGUY benefits.

EDI shipping bills exemption from physical EP copy submission-server access will suffice for DEPB processing, originals callable.
EP copy of EDI shipping bills need not be submitted with DEPB E.Com applications because the office will access EDI shipping bills directly on the server. The office reserves the right to call for the original shipping bill where electronic records are incomplete or differ from submitted applications, and DEPB applications based on non EDI/manual shipping bills must continue to include the original EP copy.

Compulsory dematerialisation: three subsidiary bank scrips to be traded and settled only in dematerialised form.
Regulatory amendment requires compulsory dematerialized trading and settlement of three previously exempted subsidiary bank scrips; the banks must establish connectivity with both depositories within a specified short period and meet other prescribed norms before a separate intimation fixes the effective date for compulsory demat trading and settlement.

EPCG licence export obligation rules require average export maintenance and allow additional export fulfilment to subsume prior licence obligations.
EPCG licence issuance sets an average export requirement based on the preceding three years and imposes an additional export obligation tied to the duty saved on each licence; successive licences record prior additional export obligations. Fulfilment of an earlier licence's additional export obligation, while maintaining the average export level, subsumes corresponding prior additional obligations on later licences. Exports after licence redemption are included when calculating the three-year average. Other Handbook of Procedures conditions remain unchanged.

Avian flu alert: Customs to intensify monitoring of cross-border poultry and poultry product movements to prevent spread.
An alert to Customs formations reports an Avian Influenza outbreak causing significant poultry mortality and directs enhanced monitoring of cross-border movement of poultry and poultry products, especially along the Bangladesh border; recalls prior procedural guidance on clearance of livestock and instructs officers to maintain heightened vigilance and implement containment measures at border points and ports of entry.

Service Tax division creation approved, jurisdiction to be specified and manpower mobilized for prompt operationalisation.
Approval is granted for creation of separate Service Tax Division/Range formations at specified locations; Chief Commissioners must specify and notify the jurisdiction. Initial staffing will be mobilised from zone manpower, while the Directorate of Personnel & Management will assess additional staff re allocation. The formations are to be made operational at the earliest.

Exemption eligibility narrowed: units performing peripheral activities excluded and required to file quarterly returns with commissioner.
Amendments exclude units performing only peripheral processes-such as packing, re packing, labeling, re labeling, and alteration of retail sale price-from exemption under notification Nos. 49 & 50/2003-CE, requiring such units to pay duty normally. Concurrently, rule 12 was amended to mandate a quarterly return (Form A) for units availing the exemption, to be filed with the Commissioner by the twentieth day of the month following the quarter, electronically or by post; the obligation covers both existing and future units.

Exemption eligibility revised; requires periodic returns and excludes peripheral packing and labeling activities for industrial units in specified regions.
Amendments exclude peripheral activities such as packing, repacking, labeling, relabeling and declaration or alteration of retail sale price from the exemption available to units in Uttarakhand and Himachal Pradesh; units carrying out only such processes must pay duty under normal procedure. A quarterly return (Form A) must be filed with the Commissioner's office by units availing the exemption, detailing production, removals and transactions with related persons; the return may be filed electronically or by post and the obligation applies to existing and new units.

DEPB and drawback status inquiry: email-based tracking with precise subject formats and auto-generated status responses for exporters.
An email-based facility enables queries on DEPB transmission and drawback shipping bill status by sending precisely formatted subject-line requests to [email protected]. The system auto-generates a reply with the status as an attachment; request formats cover individual SB numbers, all SBs for a given IEC, or all SBs for a CHA, and include queries for pending drawback claims and claims passed during the prior six months. Users should limit IEC- or CHA-wise queries to avoid EDI load and follow sample mail templates; technical issues should be raised with DC (EDI), the Systems Manager, or the helpdesk email.

Intellectual property recordation: electronic customs filing requires document uploads, mandatory bonds, and printed submission.
Electronic recordation for IPRs is available via an ICEGATE web module offering category specific application forms, legal references and upload facilities; applicants must choose the Commissioner for registration, prepare a demand draft payable there, upload prescribed documents in specified formats, complete all mandatory fields, obtain a Unique Temporary Registration Number (UTRN) on submission, then print and submit the application with the demand draft, executed general bond and indemnity bond and supporting documents to the chosen Commissioner for issuance of a Unique Permanent Registration Number (UPRN).

RCMC validity required on date of application for trade benefits; prior RCMCs remain acceptable until expiry after business change.
RCMCs must be valid on the date of application for any authorization, benefit or concession under the Foreign Trade Policy; exporters must obtain RCMCs from the Council concerned with their declared main line of business, and where the main line changes after issuance the existing RCMC remains acceptable until expiry.

Last date for filing applications under FMS and FPS: six months from realisation; transitional cutoff for prior realisations.
Applications for FMS and FPS benefits (including High Tech products) must be filed within six months from date of realisation; eligibility for Focus Product and Focus Market is determined from date of export per Para 9.12. For exports realised before this notice, a transitional final filing cutoff is provided. The amendments apply to exports of 2006 07 and 2007 08 realised up to the notice date, permit multiple FPS applications without supplementary cuts for those years, and require existing applications to be finalised under the amended procedure without calling revised forms.

Company licensing rules updated: prior notification rescinded and related notification amended, affecting licensed charitable companies' compliance obligations.
The Ministry circulated two Gazette notifications affecting companies licensed under the Companies Act, 1956: one rescinds a prior notification from 1962 and the other amends a 1961 notification, directing Regional Directors and Registrars of Companies to take note, act as necessary and acknowledge receipt.

Return filing arrangements expanded for VAT returns and audited balance sheets with extended counters and staff supervision.
Temporary operational measures require the Front Office to accept monthly returns and audited balance sheets of monthly filers, while Front Office Extension Counters on zonal floors will accept quarterly returns and audited balance sheets of quarterly and other dealers. Computerized receipts are to be issued on the date of receipt, wardwise date-and-numbering stamps will be issued and returned within the prescribed period, and data entry of quarterly returns will be conducted in respective wards with provided Data Entry Operators.

Claiming deemed export relief: deadline and payment-linked refund conditions clarified for TED refund and duty drawback.
Amendments require claims for deemed export drawback and TED refund to be filed within twelve months measured from payment or supply, with payment through normal banking channels; full TED refund is conditional on 100% physical supply and receipt of at least ninety percent payment, while deemed export drawback is limited to the extent of payment received. For certain project-related supplies, claims may be filed on proof of supply or payment, including part payments, against individual projects or all projects.

Volatility Index introduction: exchanges must construct and disseminate the index and publish its computation methodology.
Exchanges are directed to construct and disseminate a Volatility Index and to publish the detailed computation methodology; they may adopt existing global models or develop their own. The methodology must be made available to market participants and investors. Derivatives on the Volatility Index will be considered later based on experience and market awareness. The circular is issued under the regulator's statutory market development powers and is effective from issuance.

Assessee code requirement: banks must refuse tax payments without valid code and verify codes via online directory.
Banks under EASIEST must ensure a structurally valid assessee code and location code on G.A.R.7 challans before accepting Central Excise and Service Tax payments. If the code exists in the bank directory, populate the corresponding location code; if absent, verify via the online verification feature and digitize codes as displayed. If neither source provides the code, obtain registration proof or a commissionerate letter, capture the quoted location code and full assessee address. Taxpayers without a valid assessee code must present PAN/TAN, provide a location code, and accept prescribed digitization substitutes; full address capture is mandatory.

Assessee code requirement: banks must verify and digitize valid assessee and location codes before accepting tax challans.
Banks must ensure the taxpayer quotes a structurally valid 15 character assessee code and location code on the G.A.R.7 challan and must not accept payment without it. If the code is in the bank directory populate the location code; if absent verify on the NSDL EASIEST website and digitize as displayed. If still absent obtain registration proof or Commissionerate confirmation and capture the complete address. Where no valid assessee code exists, accept PAN/TAN proof and digitize a prescribed surrogate assessee code and appropriate location placeholder.

Assessee code requirement: banks must ensure valid assessee and location codes on challans or decline acceptance.
Banks must not accept Central Excise and Service Tax payments unless taxpayers quote a valid 15 character/digit assessee code and location code on the G.A.R.7 challan; branches must populate location codes from the directory or verify codes on the NSDL EASIEST website, obtain registration evidence or commissionerate confirmation when codes are missing, accept PAN/TAN substitutes with prescribed digitization formats where no assessee code exists, capture complete addresses, and ensure RT 51/58 uploads after January 22, 2008 include structurally valid assessee codes.