Extension of VAT return filing deadline allows submission of Delhi VAT and Central Sales Tax returns by extended due date.
An administrative order extends the time limits under the Delhi Value Added Tax Rules and Central Sales Tax (Delhi) Rules for furnishing returns in Form DVAT 16, Form DVAT 17 and Form 1 for the quarter/month ended 30th September 2008 until 5th November 2008, and directs publication in the Delhi Gazette with circulation to departmental offices and stakeholders for implementation and publicity.

Enlistment of Inspection Agency updates authorised inspection and certification list under Foreign Trade Policy compliance.
Administrative amendment to the Handbook of Procedures (Vol. I) enlists M/s Ravi Energie in Appendix Five (List of Inspection and Certification Agencies) under powers conferred by paragraph 2.4 of the Foreign Trade Policy 2004-09, updating the official roster of authorised inspection and certification agencies by public notice.

Alternate input permission: acrylic fibre allowed where acrylic tow import is permitted, in the same quantity as tow.
An amendment permits acrylic fibre to be treated as an alternate input wherever import of acrylic tow has been authorised under the General Notes for Textiles, allowing acrylic fibre to be imported in the same quantity as specified for acrylic tow when tow is an approved input.

External Commercial Borrowings liberalisation expands eligible end uses, permits onshore crediting of proceeds, and revises all in cost ceilings.
ECB policy now permits Automatic Route borrowings up to the prescribed single borrower annual ceiling for rupee and foreign currency expenditure on permissible end uses, removes the minimum average maturity requirement for certain large rupee infrastructure capital expenditure, and recognises payment for 3G spectrum as an eligible end use. Borrowers may park proceeds offshore or remit them to rupee accounts in India, subject to prohibitions on capital market, real estate and inter corporate investments. All in cost ceilings have been revised for specified maturity bands and SME unhedged FX exposures will be monitored; these changes are effective immediately under FEMA directions.

Service tax exemption on export-linked services: refund allowed where payment, no Cenvat claim, and documentary linkage are shown.
Refund-based exemption of service tax is available for specified taxable services used in export of goods, provided exporters establish linkage by showing service tax was paid, that Cenvat credit was not taken, and that drawback was not availed; claims are filed quarterly with jurisdictional Central Excise authorities, require original invoices and certified payment evidence, and are subject to verification of actual use for export and service-specific evidentiary conditions.

Internal audit requirement for brokers mandates independent practicing auditors and obliges exchanges to amend rules and report compliance.
Stock brokers, trading members and clearing members must carry out a complete internal audit on a half yearly basis by practicing chartered accountants, company secretaries or cost and management accountants without conflicts of interest. Stock exchanges are required to amend bye laws and rules for implementation, notify members and publish the provisions on their websites, and communicate implementation status to the regulator in the Monthly Development Report; other earlier provisions remain unchanged.

Amendment to Standard Input Output Norms updates Food Products export description and prescribes specified input allowances.
An amendment to SION in the Handbook of Procedures revises a Food Products SION entry: the export description covers specified rice, grain and prepared rice items with unit 1 Kg, and the prescribed import input allowances are canvas/jute packing material at 1.05 Kg per Kg of relevant packing; LDPE/HDPE/PP granules at 1.10 Kg per Kg of relevant packing; printing ink at 2 grams per sack of minimum 25 Kg capacity; and art paper at 1.05 Kg per Kg content in export packing; other import items remain unchanged.

Amendment to SION updates input specifications for certain oilseed exports, adding raw jute and polymer granules as inputs.
Amendment to the Standard Input Output Norms updates the SION entry for Natural Sesame Seeds, Sun Hemp Seeds, Safflower Seeds, Sesbenia Seeds and Castor Seeds by specifying Raw Jute and Relevant LDPE/HDPE/PP Granules as input items for the export product packaging, with import items otherwise unchanged, for incorporation into the Handbook of Procedures (Vol.2).

Duty credit scrip eligibility extended to barley under VKGUY, enabling exporters to claim benefits from the specified export date.
Amendment to the Handbook of Procedures, Vol. I RE2008 adds Table 14 to Appendix 37A listing new VKGUY products eligible for duty credit scrips. The Director General of Foreign Trade, under Paragraph 2.4 of the Foreign Trade Policy 2004-09, inserts an operative entry identifying barley as a VKGUY product entitled to duty credit scrip on exports made from the effective export date specified in the table.

Customs valuation: CVD on imported readymade garments charged on transaction value, not on retail price.
CVD on imported readymade garments must be determined with reference to the transaction value under section 3 of the Customs Tariff Act, 1975 read with section 14(1) of the Customs Act, 1962 and the Customs Valuation Rules, 2007. Readymade garments under Chapter 61 or 62 are not notified under Section 4A and therefore additional duty is chargeable on the basis of transaction value (CIF plus landing charges) and not on Retail Sale Price/Maximum Retail Price.

Dispatch deadline for mutual fund annual reports shortened and abridged schemewise reports must follow Board prescribed format.
Regulatory amendments shorten the deadline for dispatch of mutual fund annual reports and abridged schemewise annual reports to unitholders from six months to four months from the date of closure of the accounting period, and require that the abridged schemewise Annual Report mailed to unitholders be in the format prescribed by the Board.

Revised exposure margin deferred due to settlement disruption risk; exchanges must implement the change the following trading day under SEBI authority.
Applicability of the revised exposure margin for gross open positions in single stock futures and gross short open positions in stock options is deferred by one trading day to address potential payment and settlement disruptions, with implementation mandated under the regulator's statutory powers and communicated to exchanges and clearing houses.

Cross-border securities lending disapproval: foreign investors barred from lending shares abroad pending domestic mechanism revisions
SEBI disapproves of Foreign Institutional Investors lending securities acquired in the Indian market abroad and directs use of the exchange based securities lending and borrowing facility; custodians must inform their FII constituents of this disapproval while SEBI reworks the domestic lending and borrowing mechanism.

Maximum permissible error in packaged cement allowed under statutory weighing rules for central excise levy; pending disputes to be adjusted.
Allowance of a maximum permissible error on net weight for cement bags is to be recognised for central excise levy, treating the tolerance permitted under the Standard of Weights and Measures (Packaged Commodity) Rules, 1977 as applicable to excise assessments; pending disputes from sample weighments and show cause notices should be decided in accordance with this allowance.

Valuation adjustments for debt securities expanded to allow wider discretionary yield adjustments so mutual funds reflect current market yields.
The circular expands the discretionary yield adjustments for valuation of rated and unrated debt securities held by mutual funds, with distinct treatment for instruments of up to two years and those over two years, increasing the allowable upward and downward adjustments and raising discretionary add ons over mandatory discounts for unrated instruments; other valuation provisions remain unchanged and the revisions take effect immediately to align net asset value with prevailing market yields.

Additional duty refund procedures clarified: electronic invoice submission and CA certification accepted to support refund claims.
Procedural clarifications for refund of Additional Duty under Notification No.102/2007: claims permitted within one year of duty payment; sale invoices may be submitted in electronic form with a paper declaration; a declaration that no Cenvat credit is admissible remains mandatory; ST/VAT discharge by cash or input tax credit is acceptable where recognised by State law; copies of ST/VAT payment documents with a Chartered Accountant's certificate that audits the importer's records under applicable statutes are acceptable in lieu of originals; unjust enrichment certification must be by a Chartered Accountant who certifies under Companies Act, ST/VAT Act or Income Tax Act; refunds for sales via consignment agents require authorization, invoice clarity and a CA certificate correlating payments; part consignment refunds may be allowed prior to one year in specified circumstances.

Code allotment following recognition of a new stock exchange requires exchanges to notify trading and clearing members for settlement.
Recognition of a newly recognised stock exchange was followed by formal code allotment, enabling the exchange to participate in trading and settlement infrastructure. Stock exchanges are instructed to communicate the code assignment to their trading and clearing members so that trading, routing and settlement processes correctly reflect the newly allotted code.

FII investment allocation flexibility allows unrestricted equity debt mix; holding limits for security receipts remain in force.
SEBI, with Government concurrence, dispensed with the prescribed allocation ratio for FIIs, allowing flexible allocation between equity and debt; FIIs investing solely in debt must form and register a dedicated debt fund with SEBI, and the existing tranche level holding limits for Security Receipts issued by Asset Reconstruction Companies continue to apply.

Computer Assisted Audit Programme: electronic records must be provided in readable non proprietary format for departmental audit.
The Computer Assisted Audit Programme (CAAP) enables trained Central Excise auditors to analyse copies of assessees' electronic accounting and transactional records on secure departmental computers using commercial and custom software. A feasibility meeting identifies hardware, software, data content, backup practices and export/conversion needs; auditors request specific files on removable media or in non proprietary formats. Provided data are copied, analysed without alteration, encrypted, access restricted, and securely erased or destroyed after audit completion unless the assessee requests return.

Disclosure of overseas securities lending by FIIs required daily to SEBI for consolidated public dissemination and monitoring.
FIIs must report quantities of securities lent abroad that underlie Overseas Derivative Instruments or effect short/synthetic short positions, using prescribed formats for cash and derivatives (Annexures A and B). These reports must be submitted daily to SEBI via [email protected] for collation and public dissemination; custodians are to notify their FII constituents and the circular is available on SEBI's website.