Tariff value adjustment for gold: revised customs tariff values notified under Customs Act to govern import assessment.
Acting under section 14(2) of the Customs Act, 1962, CBEC amended Notification No. 36/2001 Customs (N.T.) by substituting Tables 1 and 2 with updated tariff values to be used as benchmarks for import assessment. The new schedule prescribes specific US dollar tariff values for listed commodities, and Table 2 assigns a tariff value of 459 per 10 grams for gold and 737 per kilogram for silver where the benefit of specified notification entries is availed.

Inflation-indexed government bond auction using uniform price method, with electronic bidding and reserved non-competitive allotment.
The Reserve Bank of India will conduct a uniform price, yield-based auction for ten-year Inflation Indexed Government Stock within the planned government borrowing programme, allowing competitive and non-competitive electronic bids via the E-Kuber system; up to twenty percent of the notified amount is reserved for eligible individuals and institutions under the non-competitive bidding facility, with specified submission windows, auction result announcement on the auction date, and settlement by successful bidders on the scheduled payment date.

Public debt management: gross and net market borrowings rose; maturities lengthened, yields eased and trading volumes increased.
Gross and net market borrowings in FY13 rose 9.4% and 7.1% respectively; Q4 auctions generally followed the announced calendar although a Rs.12,000 crore auction was cancelled after a review of cash balances. WAM of dated securities issued in Q4 was 13.50 years and weighted average issuance yield fell to 7.95% in Q4 (8.36% for FY13). Government cash remained in surplus in Q4; treasury bill gross issuance served cash management needs but net T-bill issuance declined. Total public debt rose modestly to Rs.40.83 lakh crore, internal debt was 91.1% of public debt, about 31% of dated securities mature within five years, and secondary market trading volumes and turnover ratios increased markedly.

Government securities auction announced with yield and price-based methods; allotment rules permit limited non-competitive participation.
Sale of four central government stocks will be conducted by auction using yield-based and price-based mechanisms under the multiple price method, with electronic bid submission via the Reserve Bank of India Core Banking Solution (E-Kuber). Competitive and non-competitive bids must be submitted within prescribed time windows; up to five percent of each notified amount is reserved for eligible individuals and institutions through the non-competitive bidding facility. Auction results and payment dates are fixed, and the stocks are eligible for When Issued trading under RBI guidelines.

Tax compliance drive using data-matching prompts letters to non-filers and establishes monitoring to boost voluntary reporting.
The Income Tax Department issued targeted letters to non-filers identified through data-matching to secure accurate income disclosure and tax payment, established a compliance management cell to monitor filing and payments, and launched a Data Warehouse and Business Intelligence project to integrate information for promoting voluntary compliance and deterring non-compliance.

Tax administration reforms to be advanced at annual conference, focusing on revenue augmentation, TDS strengthening and taxpayer services.
The Central Board of Direct Taxes is convening an annual conference of Chief Commissioners and Directors General to enable direct interaction among senior tax functionaries on operational measures to augment revenue. Deliberations will focus on tax administration reforms, strengthening the TDS machinery, widening and deepening the tax base, improving taxpayer services, and human resources management to enhance compliance and enforcement capacity.

Comptroller and Auditor General appointment: assumes office after presidential oath, bringing extensive public administration and financial services experience.
Shri Shashi Kant Sharma assumed the constitutional office of Comptroller and Auditor General after taking the oath of office and secrecy administered by the President, with formal reception by the Deputy CAG. He is a career IAS officer who most recently served as Defence Secretary and previously held senior central and state administrative and financial positions, and holds postgraduate degrees in Administrative Science and Political Science.

Quantitative easing relevance: foreign QE seen as unrelated to India's improving inflation and strong capital inflows.
Quantitative easing abroad is not material to India's macroeconomic condition; domestic indicators show falling inflation and copious foreign capital inflows supporting market stability. The Finance Minister reports budgetary provisioning and transfers to meet petroleum subsidy requirements and expects the oil subsidy burden for the year to be contained within available resources, with no additional claims anticipated beyond planned transfers and upstream contributions.

Sub national debt sustainability requires improved cash management, expenditure compression and intergovernmental coordination to address borrowing and inflation risks.
Reserve Bank's conference addressed State fiscal challenges from larger market borrowings, inflation risks and banks' excess SLR, urging States to improve cash management, fiscal information dissemination and expenditure compression. RBI will study sub national debt sustainability. States were tasked with removing supply constraints to manage inflation, coordinating surveillance on financial inclusion and illicit deposit schemes, and implementing operational measures including borrowing projections, cash flow forecasting, strengthening of Consolidated Sinking Fund/Guarantee Redemption Fund and migration of receipts/payments to electronic mode.

Non-sectoral principles-based financial code proposes unified regulatory framework with independent regulators and ownership neutrality for market stability.
The FSLRC finds that fragmented, sectoral statutes and multiple regulators have created overlaps, gaps and regulatory ambiguity; it recommends a unified Indian Financial Code built on a non sectoral, principles based approach, independent regulators and ownership neutrality, outlining nine foundational components and providing a detailed draft code, while recognizing significant dissent and substantial legislative, capacity building and transition challenges for implementation.

Tariff value of gold set as the customs valuation benchmark, affecting import valuation references under notified tables.
Amendment substitutes Table 1 and Table 2 of Notification No.36/2001 Customs (N.T.) under the powers of sub section (2) of section 14 of the Customs Act, 1962, replacing tariff values for listed commodities and specifying unit bases; Table 2 sets the tariff value references for gold and silver in forms availing specified entries of Notification No.12/2012 Customs, with many entries noted as unchanged.

Withholding tax reduction on foreign investor interest extends to rupee bonds and government securities, broadening offshore debt investment incentives.
The government extended a reduced withholding tax regime on interest to cover rupee denominated long term infrastructure bonds and interest on bonds issued by Indian companies and government securities for foreign institutional and qualified foreign investors within the incentive period, and provided that the reduced rate applies even where the non resident investor's PAN is not furnished by the Indian payor for qualifying long term infrastructure bonds.

Voluntary tax disclosure urged to promote compliance; targeted data-driven outreach prompts return filing and payment.
The government deployed matched PAN-linked data and rule-based algorithms to identify non-filers, sent customised letters summarising financial transactions to high-priority cases, and established a Compliance Management Cell to track return filing and tax payment while developing an enterprise Data Warehouse and Business Intelligence project to support targeted outreach and compliance risk management.

Cenvat credit fraud: invoice-based availment without receipt uncovered via diverted consignments, seizures and enforcement action.
Fraudulent availment of Cenvat credit by claiming input tax on zinc ingots based solely on invoices and GRs without receipt of goods; physical consignments were diverted via third-party transport to traders' godowns while invoices were sent to the manufacturer to support irregular credit claims, resulting in seizures of goods, vehicles and unaccounted cash and prompting enforcement and further fiscal inquiry.

Exchange rate determination: notified conversion rates for specified foreign currencies for imports and exports under the Customs Act.
The central revenue board, exercising powers under the Customs Act, prescribes specific rupee conversion rates for listed foreign currencies for use in customs valuation and related statutory calculations, with separate rates for imported and exported goods set out in two annexed schedules and effective from the notified commencement date; earlier actions under the superseded notification remain unaffected.

Tariff valuation updated for specified imported commodities, revising customs reference values used for import assessment and compliance.
Amendment under the Customs Act, 1962 substitutes revised tariff value tables for specified imported commodities by replacing TABLE-1 and TABLE-2 in the cited notification; it lists affected tariff headings and commodity descriptions and sets the updated tariff values to be applied for customs assessment and compliance.

Economic and Financial Dialogue advances bilateral investment cooperation, regulatory coordination and infrastructure financing through ministerial and investor meetings.
The visit focuses on participation in the Economic and Financial Dialogue and bilateral meetings addressing macroeconomic coordination, trade and investment facilitation, infrastructure financing, financial services regulation, insurance and pension sector issues, and targeted discussions on OTC derivatives clearing, priority sector lending, an economic corridor project, visa facilitation, and investor engagement.

Miniratna CPSE performance: SPMCIL exceeded production targets, achieved self sufficiency in inputs and reported debt free status.
SPMCIL exceeded production and supply targets for bank notes, circulating coins and security products in 2012-13, increased per employee productivity, achieved in house production of security inks and met security paper targets; it reports becoming debt free and receiving consecutive 'Excellent' ratings while operating as a Miniratna Category I, wholly owned Schedule 'A' CPSE.

Government securities auction: multiple issues offered via price- and yield-based auctions with non-competitive allocation and electronic bidding.
Announcement of auctions for specified government stocks to be conducted by the Reserve Bank of India using the multiple price method, with price based and yield based offerings; up to 5% reserved for eligible bidders under a Non Competitive Bidding Facility; electronic bid submission via E Kuber within prescribed windows; auction results and payment/settlement on designated dates; securities eligible for When Issued trading per RBI guidelines.

Infrastructure debt fund ratings: top-tier rating assigned to initial mutual fund schemes under SEBI regulatory framework
India Ratings & Research assigned an IND AAAidf-mf rating to the initial three mutual fund schemes of IL&FS Infrastructure Debt Fund Series 1 launched under SEBI guidelines; the ratings' detailed rationale appears in the full IL&FS IDF Series 1 report, and Ind Ra published a special report explaining its approach to rating mutual fund schemes of IDFs.