Chief Adviser Cost appointment strengthens central advice on cost accounts and authorises cost investigations for government entities.
Chief Adviser Cost appointment: Shri D.C. Bajaj elevated to the post as senior-most officer of the Indian Cost Accounts Service, responsible for advising ministries and government undertakings on cost accounts matters and undertaking cost investigations on their behalf, providing central technical guidance and investigatory action on cost accounting across government entities.

Tariff value revision: customs notification replaces scheduled values for specified imported commodities and precious metals.
Amendment under the Customs Act substitutes TABLE 1, TABLE 2 and TABLE 3 of Notification No. 36/2001 Customs (N.T.), prescribing tariff values for specified imports. TABLE 1 lists per metric tonne values for various palm oils, palmolein, crude soybean oil, Brass Scrap (all grades) and Poppy Seeds, many noted as unchanged. TABLE 2 sets tariff values for Gold and Silver in specified forms when benefits of entries in a separate customs notification are availed, with values by weight unit. TABLE 3 records the per metric tonne value for Areca Nuts.

Credit agreement to strengthen gram panchayats through capacity building, state decentralization support, performance grants, and coordination.
A government credit agreement finances a Panchayat Strengthening Project to develop inclusive, responsive and accountable gram panchayats in six districts as a pilot for scaling. The project comprises five components: Gram Panchayat Sarkar Bhawan, capacity building for gram panchayats, strengthening State capacity for decentralization, panchayat performance grants, and project management and coordination, with a defined implementation timeframe and closing date.

Tariff value notification for areca nuts updated, altering import valuation and customs assessment under customs law.
The Central Government, exercising the power under Sub-section (2) of section 14 of the Customs Act, 1962, fixes the tariff value for imported areca nuts and inserts a new Table 3 into Notification No. 36/2001 Customs (N.T.), specifying the tariff value in US dollars per metric ton to be applied for customs valuation of areca nuts.

Disaster claim settlement: insurer directed to centralize and expedite payouts, relax missing person rules with indemnity bonds.
Constitute a special LIC team and open a centralized Dehradun office to settle Uttarakhand calamity claims on priority, applying simplified disaster norms used earlier; relax the usual seven year missing person rule by accepting an indemnity bond from claimants; publicize relaxed procedures and expedite settlements.

Tariff value notification updates valuations for specified imported commodities, retaining existing values for listed items.
An amendment substitutes TABLE-1 and TABLE-2 of the prior customs notification under sub-section (2) of section 14 of the Customs Act, 1962, prescribing US dollar tariff values for specified imported commodities including palm oil and palmolein variants, crude soyabean oil, brass scrap (all grades), poppy seeds, and unit valuations for gold and silver where certain notification benefits are availed; values marked as unchanged remain as stated.

Exchange Rate Determination: schedules prescribe conversion rates for import and export valuation under the Customs Act, effective from the notified date.
Under the empowering provision of the Customs Act, the Central Board of Excise and Customs prescribes specific conversion rates for various foreign currencies into Indian rupees for import and export goods, superseding the prior notification except as to past actions. Two schedules accompany the determination: Schedule I lists per-unit conversion rates with separate columns for imported and export goods, and Schedule II provides a per-hundred-unit rate for a specified currency; the rates take effect from the stated effective date for customs valuation and related statutory purposes.

Loan agreement funds National AIDS Control Project to scale prevention, behavior change, and institutional strengthening.
A loan agreement was executed to finance the National AIDS Control Project IV to support India's efforts to reverse the HIV epidemic by funding three components: Scaling up Targeted Prevention Interventions, Behavior Change Communications, and Institutional Strengthening, with a specified project closing date to conclude financed operations and transition responsibilities to national authorities.

Government securities auction: re-issue sale using uniform price method with non-competitive facility and e-bids and when-issued trading eligibility.
Sale by re-issue of four Central Government stocks is announced through price-based auctions using the uniform price method, with specified notified amounts. Auctions will be conducted by the Reserve Bank of India on the notified date with bids submitted electronically on the RBI Core Banking Solution (E-Kuber). Both competitive and non-competitive bids are allowed; non-competitive bids may receive up to five percent of the notified amount under the Scheme for Non-Competitive Bidding Facility. Auction results will be declared on the auction date and payment by successful bidders on the stated settlement date. The stocks are eligible for When Issued trading under RBI guidelines.

Current Account Deficit focus: boost domestic oil and coal production and reassess FDI caps to attract investment.
Current Account Deficit containment is centred on increasing domestic production of oil and coal, curbing gold consumption, and financing CAD without depleting reserves. Policy priorities include operationalising stalled projects to boost production and reassessing FDI caps to attract investment, with an emphasis on restoring investor confidence and ensuring allocated energy blocks commence production promptly.

Customs exchange rate notification updates foreign currency valuation for import and export transactions under Customs Act.
The Board, under section 14 of the Customs Act, amends the cited notification by substituting Serial No. 4 in Schedule-I to set the foreign currency entry and two distinct rupee-equivalent rates: one rate for valuation of imported goods and a separate rate for valuation of exported goods, thereby fixing the exchange rate metrics applied for customs purposes.

Exchange Rate Notification updates customs conversion rates for specified foreign currencies used for import and export procedures.
The Central Board of Excise & Customs amends a prior customs notification by substituting entries in the notification schedules to set official rupee conversion rates for specified foreign currencies, providing distinct rates for imported and exported goods and establishing the exchange rates to be applied for customs valuation and related regulatory purposes.

Exchange rate depreciation driven by dollar strength; policy steps to reduce gold imports and ease portfolio inflows.
Exchange rate depreciation is largely due to global dollar strength and emerging market outflows, with seasonal CAD widening and elevated gold imports also contributing; net portfolio inflows between May and early June partially offset debt outflows. Recent RBI and Government measures are expected to curb gold imports and ease CAD financing, while further steps to facilitate portfolio inflows and raise FDI limits are planned to support sustainable growth.

Income tax collections story to be telecast on BBC World News; viewers encouraged to watch scheduled broadcasts.
A television news feature concerning income tax collections in India will be broadcast on BBC World News across specified airings on 9th and 10th June 2013 as part of business programming, with recipients requested to view the telecast.

International competitiveness assessment: Council to review transaction costs, market frameworks and governance reforms in financial sector.
A Standing Council of Experts in the Department of Economic Affairs is tasked to analyze the international competitiveness of the Indian financial sector, examine pecuniary and non pecuniary costs of doing business in Indian capital and financial markets versus competing destinations, and recommend measures to improve competitiveness. The Council will review policy and operating frameworks, market performance and completeness, and suggest reforms to enhance transparency, governance and investor protection while containing risks; it may invite additional experts to meetings and will meet as necessary, with the Government retaining the right to reconstitute or discontinue the Council.

Direct tax collections rise year on year, driven by personal and corporate tax growth despite mixed results in other tax heads.
Gross direct tax collections for the April-May period rose materially year on year, with gross collections up 21.10 percent; Corporate Tax grew moderately, Personal Income Tax grew strongly, net direct tax receipts increased at a lower rate than gross collections, Wealth Tax showed a marked percentage rise from a low base, and Securities Transaction Tax declined.

Facilitating small businesses: workshop to identify regulatory obstacles and form an agenda for stakeholder-led reforms.
A one-day "Facilitating Small Businesses" workshop brings state industry and small-business functionaries and entrepreneurs together to share success stories and operational challenges, with the objective of identifying regulatory obstacles to the ease of doing business. The Ministry of Finance will use these deliberations to develop an agenda to tackle the main impediments and to convene relevant stakeholder groups for follow-up work on targeted reforms.

Tax education initiative uses a televised quiz to engage school students on the importance of taxation in society.
A government tax administration launched a televised outreach initiative to communicate the importance of taxation in civil society to schoolchildren and youth through a twelve-episode quiz show, using city-based selection tests and national broadcast to promote civic tax awareness rather than enforcement.

Exchange rate determination for imports and exports sets prescribed currency conversion rates to govern customs valuation.
The Central Board of Excise and Customs, exercising powers under the Customs Act, supersedes the prior notification and prescribes exchange rates effective 07 May 2013 for conversion between specified foreign currencies and the Indian rupee, with separate rates for import and export goods set out in two annexed schedules to govern customs valuation and related procedures.

Call for comments on Financial Sector Legislative Reforms Commission report invites stakeholder submissions before specified deadline.
Government issues a call for comments on the Financial Sector Legislative Reforms Commission report, encompassing Volume I (Analysis and Recommendations) and Volume II (Draft Law), which has been placed on the Ministry of Finance website. Stakeholders are invited to forward feedback by e-mail or in hard copy to the FSLRC Cell at the Department of Economic Affairs, with contact details provided and a deadline specified for submissions.