Shipment deadline extension: exporters of specified coarse grains may ship under existing permissions until the extended deadline.
Extension of the last date of shipment is authorized for specified coarse grain (grain and flour of barley, maize, bajra, ragi and jowar excluding hybrid jowar grown as kharif crop) and maize, allowing exporters to complete shipments under the quantities and permissions already granted by earlier public notices; the extension is effected by administrative exercise of export policy powers and does not create new export allocations.

Preferential sugar quota for EEC exports; season revised and existing allocation conditions remain applicable under DGFT circular.
The Directorate General of Foreign Trade amended the prior policy circular to allocate 10,000 MTs of Free Sale white sugar from the season's production (2001-2002) for export to the EEC as a preferential quota, while retaining all other conditions and procedures specified in the earlier circular.

Release of foreign exchange: ceiling for currency component increased for travellers, allowing higher cash sales without prior permission.
Authorised dealers and Full Fledged Money Changers may sell foreign currency notes and coins up to US$ 2,000 or its equivalent to travellers without prior permission from the Reserve Bank, subject to being within their overall foreign exchange released to them; authorised persons must notify constituents and the directions are issued under the Foreign Exchange Management Act, 1999.

Rule 57CC payment shown separately may not be excise; recovery treated as excise triggers liability under Section 11D.
The former rule required computation of a charge on the total price of exempted products and did not contemplate separate realisation; if the computed amount is shown on the invoice as a non-duty charge, the excise recovery provision does not apply, but if any sum recovered is in substance or documented as excise duty, the recovery provision is attracted-a factual determination based on documents and how the amount is presented and collected.

Postal parcel screening urged to strengthen customs scrutiny and use X-ray screening to prevent smuggling.
Customs formations handling postal parcels must be alerted to new smuggling methods and strengthen supervisory controls and intelligent scrutiny. Documents and parcel particulars should be closely examined, and physical examination conducted where suspicion exists. X-ray screening should be installed and used at centres handling large volumes, while recognising that 100% opening of parcels is impractical; Commissioners should propose procurement of X-ray machines to the Directorate of Preventive Operations where required.

Valuation of plastic waste: segregated imported scrap must be valued at CIF for customs when cleared or transferred.
Segregated plastic waste and scrap arising from imported materials before they enter production in EOU/EPZ/SEZ units must be treated as un utilised material and valued for customs duty on the basis of the CIF value at the time of import when cleared to the DTA or transferred to other units; invoice transaction value treatment remains available only for waste genuinely generated by the production process under the Customs Valuation Rules, 1988.

Audit under EA-2000 to use a unified Audit Manual and Standard Audit Programme, with simplified working papers and training.
All Central Excise audits shall be conducted under the EA-2000 framework using the new Audit Manual, the Standard Audit Programme and Working Papers, replacing the earlier audit manual; a simplified Working Paper has been prepared for smaller, less complex units to optimize checks and resource use, and training for Internal Audit officers will be provided by Commissioners and the National Academy to ensure smooth implementation.

Transfer pricing rules: arm's length pricing, documentation and reporting obligations expand anti avoidance and compliance framework.
Finance Act, 2001 implements broad amendments: confirms income tax and TDS rate structures, revises surcharge and withholding scopes, expands statutory definitions to include electronic records, and restructures sectoral tax holidays and exemptions. It introduces a comprehensive transfer pricing framework requiring arm's length pricing, prescribed methods, mandatory documentation and accountant reports, and prescribes penalties for non compliance. Procedural rationalisations include unified filing and audit due dates, tightened time limits for assessments and refunds, mandatory PAN quoting in withholding returns, standardized interest rates for defaults, and fixed quantum penalties to improve compliance and expedite dispute resolution.

Minimum Alternate Tax requires companies to compute tax from book profits when normal tax is lower, with advance tax obligations.
Section 115JB constitutes a self-contained MAT code requiring that where tax on total income is lower than the prescribed benchmark based on book profits, tax shall be computed with reference to book profits; specified exempt incomes are excluded from MAT computation. The provision operates within the wider Income-tax Act for charge, assessment and recovery except as modified, and companies liable under MAT must compute and pay advance tax with the general provisions relating to interest on defaults applying where applicable.

Client confidentiality: brokers may share client information only with express client permission, otherwise disclosure limited to legal requirements.
Members must keep client registration details and other client information confidential and not disclose them except as required by law. Brokers may share such client details with parties beyond legal requirements only with the express permission of the client. The prior requirement to give intimation to the regulator has been removed and members are directed to implement this amended clause in the member-client agreement.

Monthly Development Report requirement mandates revised format with detailed settlement, funds and compliance disclosures by exchanges.
SEBI requires stock exchanges to submit a revised Monthly Development Report within seven days after month-end, with detailed disclosures on rolling and account-period settlements (turnover, deliveries, shortages, funds to be settled, shortfalls, and use of SGF/TGF), lists of members with pay-in shortfalls, and actions taken. The MDR also mandates exchange-level statistics, governance and committee composition, specific-purpose fund movements, regulatory actions (margins, suspensions, disciplinary steps), audit and inspection outcomes, investor complaints and arbitration case reporting, member defaults, computerisation status, and implementation of SEBI circulars.

Extension of export obligation period requires a bank guarantee covering customs duty and interest and is subject to strict eligibility.
Holders of Advance Licences for physical exports issued on or after 1 April 1997 who failed to meet the original export obligation timeframe may apply for a limited extension upon submission of a Bank Guarantee covering customs duty plus interest on unutilised exempt material; the guarantee is forfeitable on non fulfilment. Applications must be filed with the original licensing authority within the prescribed window, with certificate proof where a Customs bond already exists. Extensions are barred for licences tainted by misrepresentation, fraud, or adjudicating orders, and non availing applicants will face adjudication. Exports after the notice date may discharge obligations subject to provisional Customs clearance and regularisation by composition fee where applicable.

Tariff classification of CD Rom drives as storage units confirmed when designed to work with ADP machines.
CD Rom drives designed to operate with an automatic data processing machine and satisfying the Chapter 84 eligibility note qualify as storage units for tariff classification; existing practice and WCO precedent support classifying such drives under the storage-unit tariff heading, and pending provisional assessments should be finalised accordingly.

Out of turn hearing requests must state detailed reasons; filings allowed only for substantial revenue implications.
Applications seeking out of turn hearing before the tribunal must set out specific and detailed reasons; routine or cryptic requests lacking justification are liable to be dismissed. Out of turn hearings are ordinarily appropriate only where the amount involved is substantial or the issue carries significant revenue implications, and Commissioners should file miscellaneous applications only in deserving cases with due justification.

Filing cross objections or submitting considered comments ensures departmental representation before the tribunal within the prescribed time.
Field Commissioners must, in matters involving important law points or revenue above the stated threshold, either file a Cross Objection within forty five days of the tribunal notice or send their considered comments with relevant documents to the regional departmental representatives within the same period; where the impugned order was passed by a Commissioner, the Zonal Chief Commissioner must forward a draft review order, case records and the memo of appeal to the Board within ten days for authorization to file the cross objection.

Central Excise Computerisation mandates electronic reporting of monthly excise returns and discontinues specified manual reports.
Electronic data captured by Commissionerates will replace manual reports from January 2002, after the Directorate of Statistics & Intelligence evaluates the first six months' electronic data against manual data for accuracy. Corrective action will be taken in November-December 2001 and the systems directorate will report results by 1 December 2001. From January 2002 the monthly telegraphic summary will be replaced by web-posted CRRS data, E.R.1 returns will be electronically compiled and submitted within thirty days, and specified manual reports will be discontinued.

Export authorisation for sandalwood oil requires certified legal procurement and physical stock verification before HQ endorsement.
A quantitative ceiling for sandalwood oil exports is allocated between a state forest corporation and private exporters; only oil from specified sandalwood classes procured from State Forest Departments qualifies. DGFT authorisations require submission of prescribed application forms, a confirmed export order or irrevocable letter of credit, and an original Legal Procurement Certificate (Annexure I). Applications are assessed by the Export Facilitation Committee with Ministry consultation; authorisations are issued by DGFT Headquarters after a Certificate of Physical Verification of stocks is produced and the procurement certificate is endorsed. Exports must be completed within the stipulated shipment period.

Sandalwood export licensing: allocation with required legal procurement and physical verification, size limits and licence conditions.
Allocation for export requires an Export Licence from the DGFT; applicants must submit the prescribed form within thirty days with a valid export order/irrevocable LC and the prescribed Legal Procurement Certificate. Licences are granted by the Exim Facilitation Committee subject to quantitative ceilings, a Minimum Export Price, and size/weight limits for chips and flakes. Sandalwood dust from manufacturing waste may be exportable to manufacturer-exporters under licence and ceilings. Licences will be issued by DGFT Headquarters only after receipt of the original Legal Procurement Certificate and a Certificate of Physical Verification of Stocks from the designated regional forest authority.

Single stock futures risk framework: cash settlement, portfolio based margining, and multi tier position limits required for market integrity.
Regulatory introduction of Single Stock Futures mandates prior approval, initial cash settlement, and parity of lot size/multiplier with corresponding options. A portfolio based margining regime measures worst scenario loss across a client's combined derivative positions, with specified scan ranges and minimum initial margin floors enforced by adjustment of scan parameters where necessary. Calendar spread charges and multi tier exposure and position limits (client, member, market) must be implemented, alongside staged client identification systems, frequent intraday scenario updates for margin computation, prescribed closing price methodologies, and comprehensive exchange submissions for approval.

Fixation and modification of input output norms updates SIONs, adding and revising product specific input allowances and conditions.
Fixation and modification of input output norms updates the Standard Input Output Norms by prescribing amendments, substitutions and additions to product specific input lists and permitted quantities across multiple sectors. The Director General of Foreign Trade directs corrections of item descriptions, replacement of norms, insertion of alternative inputs and clarifying notes (including pro rata rules, net to net accounting, AU conditions for fuels and packing policy references), and publishes Annexures A-D listing detailed norm level changes and new entries.