PAN based registration requirement - temporary service-tax registrations must be converted and temporary numbers will be deactivated.
The notice directs conversion of temporary service-tax registrations into PAN based registration under Section 69 and Rule 4: applicants must apply in Form ST-1 and, after verification, receive Form ST-2; those without PAN were earlier issued temporary numbers but must now obtain PAN, submit a xerox copy and apply to convert within one month; holders of both PAN-based and temporary registrations must surrender the temporary registration; temporary registrations will be deactivated in the ACES system after the compliance period.

Cost audit independence: cost auditors barred from serving as internal auditors and must attend audit committee discussions without voting.
Master circular mandates that cost auditors must not serve as internal auditors for the same period to protect cost auditor independence, and that the statutory ceiling on appointments for a financial year counts consents and overdue reports. Appointment concludes on submission of the cost audit report to the Central Government; auditors remain subject to queries but may accept new appointments if the ceiling is not exceeded. Reports must fully disclose cost accounts, include prior-year data (with management-certified figures where applicable), and, where a firm is appointed, be signed by the responsible partner with membership number. Cost auditors must attend audit committee or board discussions on internal controls and cost-audit observations but are not members and have no vote.

Repo participation by mutual funds subject to exposure caps, AAA-only credit, six-month tenor and mandated disclosure.
Mutual funds may undertake repos in corporate debt securities subject to RBI directions and SEBI approval, with each scheme's gross exposure to such repos capped at 10% of net assets and cumulative exposure (repos plus equity, debt and derivatives) not exceeding 100% of net assets. Repos are restricted to AAA-rated corporate debt securities and repo borrowing tenors cannot exceed six months. Trustees and AMCs must adopt guidelines on counterparty category and rating, collateral tenor and haircuts, comply with the Seventh Schedule where applicable, and disclose repo transaction details in half-yearly portfolio statements, trustee reports and the Scheme Information Document.

Mandatory Applicant Identification Data updated for IEC applications requiring PAN, contact details and banker email for record verification.
Amendments to ANF2A require mandatory PAN details, telephone numbers, email IDs and the mobile number of the signatory on Part A; alternate email and website remain optional. Part B's bank certificate must state the banker's email ID and the issuing official's email to facilitate verification. The form mandates full individual names in the order First Name, Middle Name, Last Name without abbreviations, and provides an illustrative example; unstarred fields are mandatory.

Classification of TV tuners based on principal function: both internal and external tuners treated as television reception apparatus.
External TV tuners operate independently and receive and convert broadcast signals into audio/video and, though internal PCI tuner cards rely on ADP connection and software, their principal function remains reception and conversion of television broadcast signals; consequently, applying the principal function rule, General Interpretative Rules, and chapter notes, both internal and external TV tuners are classifiable as reception apparatus for television rather than as ADP parts or mere high-frequency signal isolating parts.

Location of Foreign Exchange: arrival desks only buy foreign currency and sell rupees; departure desks must be before customs.
Arrival hall counters should be after Customs or, if between Immigration and Customs, limited to purchasing foreign currency, selling Indian Rupees and issuing encashment certificates; departure hall counters must be before the first of Customs or Immigration and display notices advising non-residents about possession of Indian Rupees. Non-conforming authorised dealers and money changers are required to relocate and airport commissioners must ensure compliance and publicity.

Empanelment of chartered engineers for valuation of second hand imports-applications invited with documentation and interview; deadline specified.
Applications are invited from chartered engineers (individuals or companies represented by individuals) for empanelment for valuation of imported second hand machinery and related goods for customs purposes; candidates must submit the prescribed proforma with certificates and testimonials, undergo a formal interview by a panel of experts, and deliver applications in a sealed cover to the Joint Commissioner at Custom House by the stated deadline.

Duty credit scrips usable for bonded warehouse clearance under DEPB procedure, subject to Foreign Trade Policy conditions.
Duty credit scrips issued under Chapter 3 FTP schemes (SFIS, VKGUY, FMS, FPS, SHIS) may be used for clearance of goods from Customs bonded warehouses by following the same procedure as DEPB scrips and subject to the conditions and limitations of the Foreign Trade Policy.

Foreign direct investment in pharmaceuticals: greenfield allowed under automatic route; brownfield subject to government approval.
Amendment to the consolidated FDI policy inserts paragraph 6.2.25: greenfield pharmaceutical projects are permitted FDI under the automatic route, while existing (brownfield) pharmaceutical companies are permitted FDI only under the government approval route; the change takes immediate effect and will be reviewed after six months.

DEPB eligibility clarified for exports under free shipping bills; procedure for RA verification and issuance specified.
Procedure for granting DEPB on exports filed as "Free Shipping Bills": exporters must manually enter shipping bill details in the online application and submit an exporter attested hard copy to the Regional Authority. The RA will assess entitlement by comparing the shipping bill description with the relevant DEPB entry, and if satisfied will issue DEPB based on the FOB value of the shipping bill or the Bank Realisation Certificate.

Physical production requirement: non-integrated DGFT authorizations must be presented in hard copy for customs registration.
On-line verification via message exchange is available only for Advance Authorization, Export Promotion Capital Goods authorization, Duty Free Import Authorization and DEPB; all other authorizations, including Annual Advance Authorization, Annual EPCG, SHIS, restricted/SCOMET authorizations and Chapter 3 Reward Scheme instruments, must be registered or operated by customs only upon production of the physical authorization document with no on-line verification.

Exchange rate applicability for composition fee determines shortfall calculation based on authorization issue date for export obligation regularization.
Where there is a shortfall in FOB value the authorization holder must deposit an amount equal to 1% of the shortfall payable in Indian rupees, and the exchange rate for determining that shortfall is to be the date of issue of the authorization.

Trade Facilitation Committee established to address import and export issues through quarterly meetings and nominated representatives.
A Trade Facilitation Committee is constituted at Coimbatore under the Commissioner of Customs to hold quarterly meetings to resolve import and export issues. Designated trade associations, carriers, container depots, warehousing operators, banks and government offices are members and must nominate representatives. Problems at field formations (ICDs/ACC/Airport) must be submitted to the Chair through the Additional Commissioner of Customs; member organizations must provide nominee particulars and submit points within one month, after which the first meeting date will be notified.

Project imports eligibility clarified: construction equipment can qualify as auxiliary for initial project setup and be transferable.
Construction equipment is eligible under the Project Import Regulations, 1986 as auxiliary equipment when essentially required for initial setting up or substantial expansion of a registered project; such equipment may be transferred between registered projects after intended use on sponsoring authority recommendation, and the Plant Site Verification Certificate must record details of construction equipment to ensure proper utilisation.

Foreign direct investment share transfers permitted without prior RBI approval if compliant with FDI policy and SEBI pricing rules.
The circular permits certain share transfers without prior RBI approval where conditions are met: compliance with extant FDI policy and FEMA sectoral caps/conditions; pricing conformity with relevant SEBI regulations; and attachment of a Chartered Accountant's certificate to form FC-TRS filed with the AD bank. Resident-to-nonresident transfers require either prior FIPB approval plus RBI pricing/documentation compliance, adherence to SEBI (SAST) obligations with RBI requirements, or, where FEMA pricing is not met, FDI/SEBI compliance and CA certification. Transfers involving financial sector investees require NOCs from relevant financial regulators and adherence to FDI/FEMA conditions.

Renting/leasing of immovable property service: deposit half arrears and furnish solvent surety to secure the stayed balance.
Supreme Court directed deposit of 50% of service tax arrears on renting/leasing of immovable property in three instalments, provision of a solvent surety for the remaining 50% to the satisfaction of the jurisdictional Commissioner, and individual affidavits undertaking payment of the stayed balance; interest on stayed amounts is reserved for the successful party. The Trade Notice mandates submission of landlord and tax details, challan proof of payments, a bank guarantee or prescribed solvency certificate, and execution of a prescribed General Bond for compliance.

Foreign investment in infrastructure debt: FIIs allowed IFC bonds, reduced lock in for a tranche, and maturity rule clarified.
FIIs may invest in non convertible debentures/bonds issued by NBFCs classified as Infrastructure Finance Companies within the overall FII infrastructure debt limit; the lock in period for FII investment is reduced to one year for investments up to a specified sub limit measured from first purchase; residual maturity of five years is defined with reference to the instrument's original maturity at first purchase. Parallel changes apply to QFI investment in mutual fund debt schemes; FEMA transfer/issue regulations will be amended and AD Category I banks must notify constituents.

Round the clock transshipment operations enabled, with bonded trucking, seal controls and cost recovery for perishable export clearance.
Extension of 24x7 transshipment operations at ACC Bangalore establishes two shift Transshipment Cell where the Superintendent signs the Cargo Transfer Manifest and the Inspector serves as IFO/EFO to escort consignments. Bonded trucking requires custodians appointed under Section 45(1) to furnish running bonds with bank guarantees, insure cargo, provide secure trucks and apron warehouses with Customs Bottle Seals and double locking, and follow a five copy transshipment permit process for sealing, endorsement and verification at destination. Cost recovery applies for customs staffing and post hours export clearance of perishables.

Conversion of shipping bills can confer DEPB entitlement when customs authorized conversion before withdrawal, prompting claim admission and review.
Directorate General of Foreign Trade instructs Regional Authorities to admit DEPB claims where Commissioners of Customs had permitted conversion of free Shipping Bills to DEPB Shipping Bills during the interim period before the conversion facility was withdrawn, and to review past rejections that fall within that period; entitlement arises where Customs, having recorded reasons in writing, permitted conversion and the exporter did not avail the original scheme benefit.

Branch location flexibility for authorised money changers relaxes metro/non-metro ratio allowing diversified branch placement to meet tourist and customer needs.
The Reserve Bank removes the 1:1 metro to non-metro office ratio for authorised money changers, granting greater discretion over branch location while expecting diversified branches to meet tourist and customer demand; other instructions remain unchanged and non-compliance may attract penal provisions under the foreign exchange statutory framework.