Prosecution procedure: opinion of counsel not mandatory for technical default offences; CIT may identify principal officer and overrule reasonable cause.
For offences based on factual defaults under sections 276B/276BB and related provisions, the opinion of Prosecution Counsel need not be mandatorily obtained before passing the sanction order under section 279(1); however, the CIT must identify relevant person(s) as Principal Officer and consider or overrule any claim of reasonable cause before according sanction.

Tender for digitization of service tax returns requiring onsite data entry, confidentiality undertakings, and separate technical and financial bids.
Tender to digitize manually filed ST 3/ST 3A returns requires capture of specified fields into Excel and submission on CD, with data entry carried out only within divisional offices using vendor equipment. Bidders must submit separate Technical and Financial bids; technical submissions must include company details, staffing, equipment, monthly capacity, and undertakings on inventory, correct entry, confidentiality, and return logistics. Evaluation will shortlist on technical competence and generally award to the lowest qualified financial bid, payments subject to successful completion and penalties up to five times the quoted rate for incorrect entries.

Filing of central excise returns: manufacturers of processed yarn, fabrics and garments must shift to monthly ER-1 filings.
Affected manufacturers of processed yarn, unprocessed fabrics and readymade garments must file a revised ER-3 return for the October-December 2011 quarter and, following omission of the rule proviso, must file Central Excise Returns monthly using the ER-1 form for periods from January 2012 onward, with field formations instructed to provide assistance and inform trade.

Surrender of duplicate IECs required within final 45 day window, otherwise additional IECs will be made inoperative.
Exporters and importers holding more than one Importer Exporter Code (IEC) against the same Permanent Account Number (PAN) must voluntarily surrender additional IECs within a final 45 day period; failure to do so will result in those multiple IECs being made inoperative without further correspondence.

Commodity hedging permissions expanded: AD Category I banks may authorise corporate hedges in international markets under specified controls.
Reserve Bank authorises all Authorised Dealer Category I banks to permit resident corporates to hedge price risk in international commodity exchanges/markets (excluding gold, silver, platinum) under a delegated route, with unlisted companies eligible subject to Annex guidelines; banks must ensure risk containment off set hedges, require a Special Account, verify broker reports, prevent speculative/arbitrage trades, obtain an annual statutory auditor certificate, and submit an annual list of corporates hedged to the Reserve Bank.

Refund claims procedure for amended assessments ensures claims accepted, reassessment prioritized and settlement monitored to meet statutory timelines.
Refund procedure directs that the Refund Section accept claims without issuing deficiency memos for re-assessment, scrutinize claims, and forward files to the assessing group when reassessment, finalization or amendment is required. The assessing group must prioritize re-assessment, rectify deficiencies, obtain documents or indemnity bonds, and report any further discrepancies back to the Refund Section. The Refund Section will monitor file movement to ensure claims are settled within the statutory period and address any trade or officer difficulties through ADC/Refund.

Extension of time for using re-credited CVD (SAD) in DEPB - final deadline imposed; no further extensions.
The Department extends the time limit for using re-credited DEPB scrips and Reward Scheme scrips for CVD (SAD) refunds until 31.03.2012, after noting earlier permission for manual filing of Bills of Entry to utilise re-credited refunds and representations from trade. No further extension will be permitted, and a Public Notice and Standing Order are to be issued for guidance.

Qualified Foreign Investor direct equity access subject to single demat account, DP compliance and strict investment limit monitoring.
The circular authorises Qualified Foreign Investors to invest directly in listed and public issue equity in India subject to KYC, FATF and IOSCO MMOU compliance; investments must be held in a single demat account with a SEBI approved Qualified Depository Participant that meets capital, clearing, banking and AML/PML standards, maintains segregated single rupee pool accounts, ensures use of one designated overseas bank account for inward and outward flows, enforces one account per QFI and prohibits opaque structures and offshore derivative instruments; DPs must report daily to depositories, with depositories monitoring and publicly disseminating ISIN wise QFI holdings and enforcing individual and aggregate investment limits.

Export parity for Nepal: Nepal exports placed at par with other countries, DRP abolished and notifications issued.
Exports to Nepal are placed on the same regulatory footing as exports to other countries (except Bhutan) under the Revised Treaty of Trade; notifications issued on 5 December 2011 amend earlier notifications and rescind a prior notification, abolishing the existing Discriminatory Regulatory Procedure for Nepal-bound exports and aligning them with general export rules, effective 1 March 2012.

FDI in Single-Brand Retail Trading now permitted under government route, subject to Press Note conditionalities and FEMA compliance.
Foreign direct investment in Single Brand Retail Trading is permitted up to full foreign ownership under the Government route, subject to the terms and conditions of Press Note No. 1 (2012 Series) and the Foreign Exchange Management Regulations, 2000. Authorised Dealer Category I banks are to notify customers; amendments to FEMA will be notified separately. The circular is issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999.

Qualified foreign investor access to Indian equities permitted with repatriation, single rupee pool account and compliance conditions.
Allows qualified foreign investors to invest in Indian equity shares and rupee denominated mutual fund units through SEBI registered depository participants with transactions routed via a single rupee pool bank account maintained by the DP; funds, sale proceeds and dividends credited to that account must be utilized for fresh purchases or repatriated within five working days. Investments require dedicated demat accounts, SEBI KYC compliance, FATF jurisdiction and IOSCO MOU eligibility, adherence to individual and aggregate investment limits and sectoral caps, pricing under SEBI rules, and reporting to SEBI and the Reserve Bank of India.

Tariff rate quota export of raw cane sugar authorized for designated exporter to supply the destination market under amended notice.
The Director General of Foreign Trade amends Public Notice No. 90 by replacing "white sugar" with raw cane sugar, and permits 8,300 MTs of raw cane sugar to be exported to the USA under the Tariff Rate Quota by M/s. Indian Sugar Exim Corporation Ltd., clarifying the commodity description.

Forwarder's Cargo Receipt acceptance permitted in lieu of bill of lading when letter of credit allows negotiation.
Authorized dealers may accept Forwarder's Cargo Receipts (FCR) issued by approved freight agents in lieu of bills of lading for negotiation or collection under letters of credit if the letter of credit expressly permits such negotiation; previously the sale contract also had to permit FCRs. For non LC exports, banks may accept FCRs in lieu of bills of lading for purchase/discount/collection only where the sale contract permits it, and such acceptance is a discretionary credit decision requiring satisfactory verification of transaction bona fides and party track records.

DEPB application procedure enables manual DEPB issuance for exports under EPCG shipping bills when automated DEPB coding was unavailable.
Procedure for issuing DEPB scrips where DEPB coding was not available for exports under EPCG shipping bills: exporters must submit a hard copy application to the Regional Authority with the EPCG shipping bill and an undertaking that no duty exemption or neutralisation benefit was availed. Regional Authorities must record shipping bill number and date, EPCG and Customs authority details on the DEPB scrip and endorse that the DEPB has been issued in manual mode. Difficulties in implementation must be reported to the Directorate General of Foreign Trade.

Single-Brand Retail FDI allowed under government route, subject to branding, sourcing, and approval conditions.
The policy permits Single-Brand product retail trading under the government approval route with full foreign investment subject to conditions: products must be of a single branded line, branded during manufacture, sold under the same brand internationally, and the foreign investor must own the brand. Applications specifying product categories are made to the Secretariat for Industrial Assistance and processed to verify conformity with the guidelines. Proposals above the specified threshold must source at least thirty percent of product value from Indian small industries and related suppliers, with compliance by self-certification and audit verification.

Disclosure of track record required for merchant bankers, posted on websites and referenced in offer documents.
Merchant bankers must disclose the track record of public issues they managed for three financial years from the date of listing, in the format prescribed, by publishing it on their website and referencing that disclosure in future offer documents. All merchant bankers who have signed the due diligence certificate in an offer document must disclose the track record for issues they managed. The requirement applies immediately to newly listed issues and, for past issues within the prior three years, must be complied with by the circular's specified deadline. The circular is issued under Section 11(1) for investor protection and market regulation.

Electronic Service Tax Refund scheme enables exporters to claim schedule-based refunds via customs EDI with bank and registration requirements.
An Electronic Service Tax Refund (STR) scheme allows exporters to claim refunds either electronically under a schedule of rates or by documentary claim. To obtain electronic STR an exporter must register a bank account and central excise/service tax code with Customs via Annexure-A and declare the option on the electronic shipping bill; ICES will calculate the refund by applying the schedule rate to the FOB value after the exporter specifies the applicable chapter/subheading matching the RITC.

Service tax refund via electronic customs system allows exporters to claim schedule-based or document-based refunds.
Electronic service tax refund is available through ICES 1.5 under a schedule of rates or on documents; exporters must register bank account and central excise or PAN based service tax code using Annexure A and elect the electronic STR option on the shipping bill by declaring the schedule chapter/subheading matching the RITC. ICES will validate tax registration details with ACES and compute the refund as the schedule percentage of FOB value. Alternatives, amendment routes, tracking via ICEGATE, and disbursement to registered bank accounts by electronic transfer are set out.

Scope of exclusion in anti-dumping duty: "meant for thermoplastic application" applies only to chopped strands, adjust assessments accordingly.
Clarification interprets the exclusion in the glass fibre definition so that the qualifier "meant for thermoplastic application" applies exclusively to "chopped strands"; other listed excluded forms remain excluded irrespective of thermoplastic application, and field formations are to assess anti-dumping duty accordingly.

Tariff rate quota allocation permits export of raw cane sugar to USA through designated exporter under existing certification procedures.
A Tariff Rate Quota of raw cane sugar from the non-levy (free sale) quota is allocated for export to the USA and must be exported through the designated exporter, M/s. Indian Sugar Exim Corporation Ltd., subject to existing preferential export procedures including issuance of GSP certificates and any other prescribed certification requirements.