Tariff valuation update for specified imported oils, metals and agricultural commodities adjusts customs valuation basis for imports.
Amendment substituting TABLE-1, TABLE-2 and TABLE-3 of Notification No. 36/2001 Customs (N.T.) to prescribe tariff values for specified imports. The schedules set tariff values per metric tonne for edible oils, metal scrap, seeds and areca nuts, and per unit values for gold and silver when relevant notification benefits are availed, thereby updating the customs valuation basis for those goods.

Credit agreement for Uttarakhand watershed project secures international financing to support community-led watershed development and livelihoods.
A Credit Agreement between the Government of India and the World Bank finances the Uttarakhand Decentralized Watershed Development Project, with the State Government party to the Project Agreement. The project seeks to improve natural resource use efficiency and rain-fed agricultural productivity via community participation and comprises four components: Social Mobilization and Participatory Watershed Planning; Watershed Treatment and Rain-Fed Area Development; Enhancing Livelihood Opportunities; and Knowledge Management and Project Coordination. A project closing date is established.

Credit agreement advances rural water supply and sanitation, strengthening institutional capacity and service access under program timeline.
A credit agreement between the Government of India and the World Bank finances the Maharashtra Rural Water Supply and Sanitation Program and a Program Agreement was signed by Maharashtra. The Program supports statewide institutional strengthening for planning, implementation and monitoring of the rural water supply and sanitation sector and provides Water Supply and Sanitation service improvements in selected districts, with a defined project closing date for completion of eligible activities.

Credit agreement expands Uttarakhand rural water supply and sanitation financing, enabling disaster mitigation, reconstruction and program management.
A Credit Agreement between the Government of India and the World Bank provides additional financing for the Uttarakhand Rural Water Supply and Sanitation Project to restore services in disaster-affected areas and enhance RWSS effectiveness via decentralization. Funding establishes Component D for disaster mitigation with subcomponents for Sector Development, Reconstruction and Restoration, and Program Management Support and Monitoring and Evaluation, and sets a project closing date for completion of financed activities.

Assumption of ministerial office: new finance minister prioritises tackling inflation, boosting growth and fiscal consolidation.
Assumption of ministerial charge by the Union Finance Minister initiated an administrative transition; the Minister received departmental briefings and meetings with senior officials to review ongoing policy issues and identified priorities of managing inflation, boosting economic growth and pursuing Fiscal Consolidation as the immediate policy orientation.

Tax Deduction at Source seminar to address compliance, refund, cross-border TDS procedural challenges and treaty benefit issues.
Tax Deduction at Source (TDS) is presented as a primary revenue and compliance mechanism that generates interpretational and procedural challenges for payers and recipients; the seminar focuses on operational categories including payer obligations and recipient rights, TRACES and e filing, refund processing, domestic withholdings (salary, contractors, rent, commission, professional fees), withholding on property and specified payments, software and royalty withholding, ESOP/TDS interactions, and cross border/non resident withholding issues including treaty benefit administration.

Monetary allowance revision increases monthly benefit for recipients of presidential appreciation certificate and their widows.
Notification revises the monthly monetary allowance for recipients of the Presidential Award of Appreciation Certificate for exceptionally meritorious service at the risk of life, raising the monthly allowance for a first qualifying act and for subsequent acts. The revised rates are admissible to officers and staff already sanctioned the certificate and to future recipients and their widows, implementing the Central Board of Excise & Customs recommendation and aligning the allowance with periodic revisions made for comparable gallantry awards.

Exchange rate determination fixes conversion rates for import and export goods under Customs Act, superseding prior notification.
Determination under Section 14 of the Customs Act fixes distinct conversion rates for specified foreign currencies into Indian rupees for imported and exported goods effective 16 May 2014, superseding the prior notification; two schedules list one unit and per 100 unit rates applicable to import and export valuation.

Tariff value amendment revises customs benchmark valuation for selected edible oils, metals, and agricultural imports for assessment.
The Central Board of Excise & Customs substituted TABLE 1, TABLE 2 and TABLE 3 of Notification No. 36/2001 Customs (N.T.) with revised tariff values in US dollars for specified commodities, including selected edible oils, soybean oil, brass scrap, poppy seeds, areca nuts, and specified gold and silver entries, to serve as administrative valuation benchmarks for customs import assessment.

Risk-based supervisory framework prompts regulator readiness to act against market volatility and external sector vulnerabilities.
The Council emphasized monitoring macroeconomic and financial stability risks, noting external sector vulnerabilities including CAD and exchange rate volatility, and urged regulators and the Ministry of Finance to remain ready to take necessary action. It recorded progress on implementation of risk-based supervisory framework capital requirements for banks, Non-Legislative Recommendations of the FSLRC, account aggregation across asset classes, AMCs managing insurance and pension funds, State Level Coordination Committees, lending by insurance companies, and strengthening the Interest Rate Futures market.

Tax consultation forum identified systemic tax obstacles and prompted administrative clarifications and procedural changes to resolve disputes.
A government industry tax consultation forum chaired by a finance adviser met sectoral representatives to identify systemic tax obstacles and clarify disputes; it referred identified direct and indirect tax issues to tax Boards, leading to circulars and notifications and noting some matters would require legislative change, thereby facilitating early resolution of longstanding tax problems and preventing escalation.

Advance payment of income tax: use authorised bank branches or online payment channels to avoid end period congestion and queues.
Reserve Bank of India appeals to income tax assessees to remit dues sufficiently in advance and to use alternative channels - at Reserve Bank offices, at authorised agency banks, or via online payment facilities offered by those banks - to reduce end period congestion and the burden of queuing while ensuring timely receipt issuance.

Depository receipts issuance expanded to include any underlying securities and issuers, with sponsored or unsponsored options pending tax changes.
The Government accepted a committee report proposing a revised framework for Depository Receipts allowing issuance against any underlying securities (equity or debt) by any issuer (listed or unlisted), for fresh capital or existing/secondary securities, and either sponsored or unsponsored; Depository Receipts with voting rights will count towards public shareholding. FCCBs remain governed by the existing scheme until further notification and the new scheme will be notified after required tax amendments.

Withdrawal from conciliation prompted after taxpayer sought arbitration under bilateral investment protection treaty, and administration sought expedited domestic adjudication.
Proposal to withdraw from conciliation stemmed from the revenue authority's push for expedited adjudication of a transfer pricing appeal and the taxpayer's position that resolution required arbitration under the Bilateral Investment Promotion and Protection framework; after the taxpayer declined conciliation and served a notice seeking arbitration under the treaty, the authority moved again to the executive seeking approval to withdraw from conciliation.

Tax Deduction at Source (TDS) seminar covering compliance, refunds, non resident issues and TDS procedural updates; registration open.
ASSOCHAM, with support from the Ministry of Finance, is organising a national seminar on Tax Deduction at Source (TDS) to address payer obligations and recipient rights, TRACES and e filing of TDS returns, TDS refunds, withholding across payment types (salary, contractors, rent, commission, professional fees, retirement benefits, ESOPs, software income and royalties), TDS on acquisition and immovable property, and cross border withholding including non resident payments and the effect of double taxation agreements; practical, procedural and administrative consequences and registration details are provided for interested professionals.

Financial resolution framework strengthened by single Financial Resolution Authority and early Prompt Corrective Action triggers to manage failing institutions.
Recommendations propose a comprehensive statutory resolution framework for all financial institutions, aligning with international Key Attributes, and vesting resolution powers in a single, institutionally independent Financial Resolution Authority. The Group also recommends a structured early intervention regime through a Prompt Corrective Action (PCA) framework with clear trigger levels for regulatory escalation and handover to the FRA for last-stage resolution.

Rate of exchange determination updates conversion rates for specified foreign currencies for import and export purposes, superseding prior notification.
Determination under section 14 of the Customs Act revises conversion rates for specified foreign currencies into Indian rupees and vice versa, effective from 2nd May, 2014, superseding the prior notification; two annexed schedules prescribe distinct import and export rates (per unit and per one hundred units) to be applied for customs valuation of goods.

Tariff value revision for specified edible oils, metals and agricultural products updates import valuation and customs notification application.
Central Board of Excise & Customs amends Notification No. 36/2001 Customs (N.T.) under section 14(2) of the Customs Act by substituting TABLE 1, TABLE 2 and TABLE 3 to prescribe revised tariff values for specified commodities, including crude palm oil and derivatives, crude soyabean oil, brass scrap (all grades), poppy seeds, areca nuts, and specified gold and silver entries where benefits under Notification No. 12/2012 Customs are availed.