Parking of ECB proceeds allowed in term deposits pending utilisation, subject to compliance and unencumbered deposit conditions.
ECB proceeds for rupee expenditure may be parked in term deposits with AD Category I banks for up to six months pending utilisation for permitted end uses; this applies to both automatic and approval routes and requires compliance with ECB guidelines, exclusive borrower ownership, that deposits remain unencumbered, and that they be liquidatable as needed.

Territorial jurisdiction of Audit Circles in Kerala Zone reallocated; annexure lists divisions, taluks, villages and specified units.
Superseding Trade Notice No. 04/2014, the Chief Commissioner prescribes the territorial and functional jurisdiction of Audit Circles in the Audit Commissionerate, Kerala Zone as set out in the annexure, allocating Central Excise, Customs and Service Tax units by circle/division, taluk, village and specified industrial units, and directs Trade Associations to notify their members.

Import item description change: select SION entries amended for nomenclature while permitted inputs and quantities remain unchanged.
The Public Notice amends specified SION entries by altering the import item descriptions: SION A-1475's import item is re-described as PTA purification catalyst (0.50% palladium on carbon), and SIONs A-1839, A-1841 and A-1842 update the heat transfer fluid nomenclature. The modification is confined to product description; inputs, their descriptions and permitted quantities are unchanged.

Payment of taxes on immovable property acquisitions remains governed by applicable tax laws despite foreign exchange regulations.
Transactions involving acquisition or transfer of immovable property under the Regulations are subject to applicable tax laws in India; tax liabilities arising from such property transactions remain governed by relevant tax statutes and are not displaced by the foreign exchange regulatory framework. Authorised Dealers are instructed to notify their constituents, and the clarification is issued without prejudice to any permissions or approvals required under other laws.

Realisation and repatriation period shortened for export proceeds, applying uniformly to all exporters and requiring AD banks to notify constituents.
Exporters, including Units in SEZs, Status Holder Exporters, EOUs and units in EHTPs, STPs and BTPs, must realize and repatriate the full value of exports to India within a reduced period from the date of export; this uniform requirement applies until further notice. The separate provisions for exports to warehouses outside India remain unchanged. AD Category I banks should inform their constituents. Directions are issued under FEMA and are without prejudice to other statutory permissions.

Transaction value adjustment: retained sales tax treated as part of transaction value, increasing central excise liability accordingly.
Retained sales tax collected under an abatement scheme that is not actually paid to the State must be included in the transaction value and treated as part of the cum-duty price, so Central Excise duty is payable on that retained amount in addition to duty on the declared assessable value.

Geographical jurisdiction and addresses under Kolkata I Central Excise revised; annexure lists assessees and migration procedure.
The Trade Notice sets out the geographical jurisdiction and addresses of Divisions and Ranges under the re organized Kolkata I Central Excise Commissionerate and encloses a 124 page Annexure listing assessees with registration numbers, names and premises. Omitted assessees remain under the Range Officer where located; changes in Division/Range require documentary application to the Deputy/Assistant Commissioner, who must be satisfied before forwarding to the Commissioner for post facto approval, ensuring no disruption to day to day operations.

Cenvat credit time limit clarified: time bar applies only to initial credit; re credit after reversal permitted once conditions are met.
The six-month limitation in the CENVAT Credit Rules applies only to taking credit for the first time from the date of issue of an eligible document. Subsequent re credit of amounts reversed under the provisions dealing with non-payment for input services, write offs of inputs or capital goods before use, or non return of inputs from a job worker is not subject to the six month rule, provided the original credit was timely taken and the conditions for re credit are met.

Export control compliance: imports of US Crime Control and Regional Security items require documentary proof, undertakings, and DGFT authorization.
India permits import from the USA of items on the U.S. Crime Control and Regional Security lists only where the importer produces a Bill of Lading showing a U.S. port, gives a legal undertaking not to export or alienate the goods, and accepts an Actual User condition; subsequent exports require DGFT authorization and movement is restricted to EDI enabled ports; Import/Export Certificates with specified fields are required and do not replace any ITC(HS) licences.

Change of nominated officer: VAT circular corrects officer name and confirms remaining provisions unchanged as issued.
The circular amends the earlier VAT Circular No.15/2014-15 by substituting at Sl. No. 2 the nominated officer's name to Sh. Lokesh Chandra, AC-(Ward-16) in place of Sh. Manish Chaudhari, AVATO(W-10); all other contents of the original circular remain unchanged. The modification, dated 19/11/2014, is issued by the Policy Branch of the Department of Trade and Taxes and copies are forwarded to departmental officers and for website uploading to ensure records and public access are updated.

Sales tax retention treated as part of assessable value, increasing central excise duty liability under transaction-value regime.
Sales tax retained by a seller under an abatement scheme must be included in the assessable value for central excise under the transaction-value regime; retained sales tax constitutes part of the cum-duty price and Central Excise Duty is payable on it in addition to duty on the declared assessable value.

Certified organic export requirements require a NAB accredited transaction certificate and compliance with NPOP production, processing and packing standards.
Export as an Organic Product is allowed only when accompanied by a Transaction Certificate from a Certification Body accredited by the National Accreditation Body for Organic Products under the National Programme for Organic Production, and only if the product is produced, processed and packed in accordance with NPOP standards as amended; this Public Notice supersedes the earlier public notice on the procedure.

Extension of time for AGMs granted for companies in Jammu and Kashmir affected by floods to hold delayed meetings.
Registrar of Companies Jammu and Kashmir is directed to invoke the third proviso to section 96(1) of the Companies Act, 2013 and grant an extension of time to companies registered in the State that could not hold their Annual General Meetings (other than first AGMs) for the 2013-14 financial year due to the September 2014 floods, as administrative relief for the disruption caused.

Hazardous cargo handling restricted to authorised CFSs; unauthorised facilities must cease acceptance and shift stock under customs supervision.
Hazardous import and export cargo must be handled only at CFSs authorised under the Handling of Cargo in Customs Areas Regulations, 2009. CFSs not authorised shall cease receiving hazardous cargo after 21 days; hazardous cargo already at unauthorised CFSs must be transferred within 15 days to authorised CFSs under Customs preventive escort or Customs seal. Shipping lines are directed to nominate hazardous consignments in the Import General Manifest to authorised CFSs.

Revised duty drawback rates impose new caps and procedural limits and bar brand-rate fixation when AIR is claimed.
Notification effective 22.11.2014 revises All Industry Rates of duty drawback, recalibrating ad valorem and composite rates, adjusting residuary rates and caps, rationalizing tariff entries and metric bases, and creating new six digit distinctions. A transitory reduction applies to items from the former DEPB scheme. Project exports accompanied by ARE 1 are capped at the ad valorem rate on one and a half times the ARE 1 value with ARE 1 to be recorded pre Let Export Order. Claims under AIR bar Brand Rate fixation; exporters seeking brand rates must declare identifier "9801" in the shipping bill and follow Central Excise procedures. Commissioners must exercise due diligence to prevent misuse.

Deemed completion of assessment clarified as date assessment order is passed; settlement applications allowed after intimation.
Para 61.2 is replaced (with effect from 1 June 2007) to clarify that an assessee may apply to the Settlement Commission only during pendency before the Assessing Officer; intimation under section 143(1) is not an assessment order and does not bar filing an application after such intimation; and an assessment is deemed to have been completed on the date on which the assessment order is passed.

Valuation of exported iron ore: testing-based assessment and contract tolerances govern finalization of assessable value.
Valuation of iron ore exports requires sample drawal per Bureau of Indian Standards and testing at load and discharge ports; declared values are to be scrutinized against provisional invoices, contracts, weight and price and may be provisionally assessed under Section 14 and the Customs Valuation (Determination of Value of Export Goods) Rules, 2007. Where discharge tests affect price the value must be re determined under the Valuation Rules and averaging of load and discharge reports is not permitted; related party investigations and Bank Realisation Certificate monitoring must be followed.

Centralization of adjudication consolidates service tax decision-making and refund filings at Commissionerate VI administrative offices.
Adjudication and refund/rebate functions for Service Tax Commissionerate VI are centralized at the Commissionerate level; designated Assistant/Deputy Commissioners will decide adjudication matters subject to monetary limits set by the Board's Circular, and refund/rebate claims for all ten divisions must be filed before the designated Assistant/Deputy Commissioner (Refunds) at the Commissionerate office address provided.

Company Law Settlement Scheme extension announced; scheme extended through end of December under Ministry of Corporate Affairs approval.
Extension of the Company Law Settlement Scheme, 2014 is announced following stakeholder requests and prior circulars; the Ministry, with competent authority approval, extends the scheme's availability and directs Regional Directors, Registrars of Companies and other stakeholders to note the extension and to publish the circular on the Ministry's website.

Safeguard duty calculation offsets applicable anti dumping duty for Advance Authorization imports; negative amounts treated as nil.
Safeguard duty on carbon black imported under Advance Authorization is calculated by reducing the applicable safeguard ad valorem rate by the anti dumping duty amount that would be payable but for the Advance Authorization exemption; if the computed safeguard duty is negative it is treated as nil. Although Advance Authorization conditionally exempts ADD at import, the notional ADD is the reference for adjustment, and ADD becomes payable if the export obligation conditions are not fulfilled.