Special currency basket valuation revised; authorised dealer banks must apply updated rupee value under FEMA directions.
The Reserve Bank notified a revision of the Rupee value of the special currency basket used for settlement under the Deferred Payment Protocols and directed Authorised Dealer Category I banks to adopt the revised rupee valuation and notify their constituents; the directions are issued under FEMA and do not affect permissions required under other laws.

SION amendment permits alternate input materials and revised input norms for polyester chips and automotive rubber/plastic components.
Amendment of SION No. H-206 allows Antimony Trioxide or Antimony Triacetate as Import Item No. 6 and permits substitution between Isophthalic Acid and Purified Terephthalic Acid within a capped aggregate quantity, with quantity adjustments between those inputs; Diethylene Glycol may be increased under a specified incremental mechanism with corresponding adjustments to Purified Terephthalic Acid and Ethylene Glycol/Monoethylene Glycol. Amendment of SION No. A-1687 revises the export product description and input norms to permit Mild Steel OR Relevant Plastic Parts as inputs and specifies permitted rubber grades and input ratios for rubber compounds.

Export of cut, sliced or powdered onions permitted while whole onions remain prohibited under current export restriction.
Notification No. 13 prohibits export of onions described as fresh, chilled, frozen, provisionally prepared or dried, while excluding onions that are cut, sliced or broken in powder form. Under the ITC(HS) classification note incorporated by the Notification, onions in cut, sliced or powdered form may be exported freely; onions in whole form, dehydrated or not, remain subject to the export prohibition.

Export of processed onions: cut, sliced or powdered forms exempt from export prohibition, whole onions remain restricted.
Onions in cut, sliced or broken in powder form are excluded from the export prohibition and may be exported freely; whole onions, whether dehydrated or not, remain subject to the Notification's export restriction. Exporters and customs officials must apply the item description and classification note to distinguish covered whole/onion forms from the permitted processed presentations.

Extension of ITR-V filing: deadline extended to 31 July 2011; post ITR-V to CPC Bangalore by that date.
The Central Board of Direct Taxes, under Section 119(2)(b), extends the filing period for ITR-V forms for electronically filed returns without digital signature to 31 July 2011 or within 120 days from the date of uploading, whichever is later, and directs that ITR-Vs be sent by ordinary post or Speed Post to the Centralised Processing Centre, Bangalore.

Allocation of cotton yarn exports deferred; only applicants with prior export experience will be considered, confirmation required.
Allocation of cotton yarn export quantities will not be made today due to a very small residual balance. Only applicants with export performance in 2009-10 will be considered; such applicants must send a confirmatory e-mail to the DGFT address by the stated deadline or their earlier submission will stand. Applicants awarded allocation must submit proof of their 2009-10 exports to the Regional Authorities when applying for export licences, along with other required documents. Allocation will be completed promptly after confirmations are received.

EODC verification requirement: Customs will require original EODCs and supporting export documents for verification and redemption.
The DEEC Monitoring Cell, formed by merging DEEC Verification and DEEC Monitoring functions, will verify shipping bills and cancel/redempt Bonds/BGs/LUTs. Original EODCs with export details must be submitted and sequentially registered; EODCs requiring Customs verification will be checked per procedure, while others are accepted unless misuse or random selection arises. Annexure A lists documentary requirements by export mode; Customs may demand additional documents and will publicise monthly lists of verified and accepted cases.

Customs procedure for container transshipment sets filing, boarding, movement and seal verification rules at the ICTT terminal.
Customs procedures for ICTT, Vallarpadom require carriers/agents to register and file IGMs/EGMs at Custom House before vessel arrival; vessels are boarded and remain under Preventive control with authorised officers conducting inspections. Containers for DTA must be moved to a CFS with CFS Movement Approval and gate verification; broken seals trigger Customs survey and carrier liability for shortages. International transshipment of FCL/LCL is permitted under segregation, supervision and documentation within thirty days, subject to prohibitions and applicable customs procedures. Movement, sealing, Let Export and Allow Loading follow adapted existing practices, with records and monthly reporting maintained by Custodian and Customs.

Suspension inquiry deadline: inquiry under Regulation 13(1) must be completed within three months from suspension order.
Suspension of authorised courier registration under the Regulations is subject to an inquiry; such inquiry required by the proviso to the suspension provision must be completed within three months from the date of the order of suspension. Instructions to this effect are to be communicated via standing orders and any implementation difficulties reported to the Board.

Limitation period for arbitration extended to a three-year rule; eligible pending or previously time-barred claims may now proceed.
Limitation for stock exchange arbitration is governed by the Limitation Act, 1963 modified to a three-year period and applies where three years have not elapsed and either no arbitration was filed or earlier-filed arbitration was rejected solely for delay under the prior six-month bar; fees for new cases follow SEBI circulars of August 2010, and fees already paid in rejected cases will be deducted from the recomputed fees with the balance borne by parties; exchanges must publicise, amend rules/bye-laws, notify eligible applicants, report implementation to SEBI, and submit to SEBI inspection.

Monetary limits for departmental appeals restrict filing to cases where tax effect exceeds prescribed thresholds, with specified exceptions.
Appeals in income tax matters are to be filed on merit only where the tax effect of disputed issues exceeds prescribed monetary limits; "tax effect" means the difference in tax on total income with and without disputed issues (excluding interest unless interest chargeability is disputed) and includes notional tax on converted losses and penalty reductions. The tax effect must be calculated separately for each assessment year and appeals may be filed only for years where that effect exceeds the limit, subject to special rules for composite orders, required recording where appeals are not filed due to low tax effect, and exceptions for constitutional questions, ultra vires findings, and accepted Revenue Audit objections.

TDS credit processing: relaxed acceptance when claimed TDS closely matches reported data, otherwise verification required.
Administrative instructions for processing returns set that claimed TDS closely matching AS-26 data may be accepted without verification; zero matching generally requires verification except limited small claims for simple return types; claims with an invalid TAN must be disallowed; all other claims require verification before TDS credit is allowed.

Cenvat Credit misclassification: verify service classification and recover inadmissible credits to protect revenue.
Irregular availment of Cenvat Credit by hotel chains arises where recipients claim full credit by treating services from hotel management providers as Management Consultancy Services, though such inputs are more properly Business Auxiliary, Business Support or Franchise Services. Field formations must verify classifications, prevent or recover inadmissible credits, and ensure recipients discharge the burden of proof for correct availment; Commissioner, Service Tax-I, Mumbai to complete verification and report results.

Exemption from attaching subsidiary accounts where audited consolidated financial statements and prescribed subsidiary disclosures are provided.
A general exemption under Section 212(8) exempts holding companies from attaching subsidiary balance sheets where the board resolves consent, audited consolidated financial statements are presented in compliance with Accounting Standards and listing requirements, and specified aggregated disclosures for each subsidiary are included. The holding company must make subsidiary annual accounts available to shareholders on request, allow inspection at head offices, provide hard copies on demand, comply with regulatory filings, and disclose Indian rupee equivalents of foreign currency subsidiary figures using the year-end exchange rate.

Abeyance of SEZ rule provisions suspends certain duty provisions for sale of power to DTA pending further orders.
The Department of Commerce instructs that the operation of Rule 47(3)(a), (b), (d) and (e) of SEZ Rules, 2006 is kept in abeyance with effect from 6 September 2010 until further orders, modifying the last two lines of the earlier Instruction No.67 and notifying Development Commissioners accordingly.

Extension of filing deadline: DVAT 51 and original CST declaration forms allowed until the extended compliance date.
Extension of the filing deadline for Form DVAT 51 is authorised up to 31st March, 2011 for the first and second quarters of 2010-11, under rule 49A of the Delhi VAT Rules and relevant Central Sales Tax provisions. The order also extends, until 31st March, 2011, the time for furnishing the original portions of Declaration Forms C, E I, E II, F, I, J and H relating to 2010-11 for the same quarters under the Central Sales Tax (Delhi) Rules and the Central Sales Tax (Registration and Turnover) Rules.

Delisting of pre shipment inspection agencies renders listed entities ineligible to issue pre shipment inspection certificates under trade policy.
Delisting of specified pre shipment inspection and certification agencies from the Appendix listing of approved inspection bodies under the Handbook of Procedures Vol I (FTP 2009-2014) is effected by the Director General of Foreign Trade, removing named agencies from the list and rendering them ineligible to issue Pre Shipment Inspection Certificates due to non interest or non performance, thereby withdrawing their authorization to perform pre export inspections under the trade policy framework.

Pre-shipment inspection certificate suspension: certificates from specified agencies not accepted by customs and licensing authorities pending final decision.
Acceptance of Pre-shipment Inspection certificates issued by Intertek International Ltd. (Sierra Leone) and Worldwide Logistic, Survey and Inspection (WLSI) Group (Australia) is suspended; customs and licensing authorities are instructed not to accept certificates from these agencies until a final decision is taken.

Pesticide classification under tariff heading requires registration and import permit; provisional assessment allowed only temporarily.
Imports of pesticides, including insecticides, fungicides and related products, must be classified under the Pesticide Tariff Heading and are freely importable only when the importer holds a Registration/Import Permit under the Insecticides Act, 1968. Importers must produce the Registration/Import Permit to Customs; provisional assessment for actual users is permitted subject to producing the permit copy within two months of clearance, limited to a specified transitional period.

Interim customs procedure requires IGM/EGM filing, CFS selection, seal verification and controlled container movement at ICTT Vallarpadom.
Interim customs procedure requires IGM/EGM filing at Custom House, Cochin with seal numbers and empty-container details; shipping lines must indicate the importer's chosen CFS selection at least seventy-two hours before vessel entry or identify Cochin Port, with M/s IGTPL authorised to move unidentified consignments to Cochin Port under Customs approval. Arrival processing mandates approach to the Inspector (Preventive Officer) at ICTT for boarding and entry, verification of seals, payment of Light House dues, and prescribed treatment for tampered seals, transshipments, export loading authorisations, examinations, and continued container permit monitoring.