Tariff value revision for specified imported commodities updates customs valuation rules, altering import duty assessment and compliance.
The Central Board amends the cited customs notification by substituting TABLE-1, TABLE-2 and TABLE-3 to revise declared tariff values for specified imported goods. The substituted tables establish new declared benchmarks in US dollar terms for vegetable oils (including crude palm oil, RBD palm oil, palmolein variants, and crude soybean oil), brass scrap, poppy seeds, areca nuts, and unit values for gold and silver where specified notification benefits are availed, directing customs valuation and import duty assessment to apply these revised figures.

Indirect transfer rules: fair market value computation and reporting requirements for transfers deriving value from Indian assets.
Deeming provisions treat income from transfer of shares or interests in a foreign entity as accruing in India where value derives substantially from Indian assets; the notified rules prescribe the manner of computing fair market value of the entity's Indian and global assets, set a framework for determining income attributable to assets situated in India, and specify the information and documents the Indian concern must maintain and furnish to enable assessment and verification of such attributable income.

Pay Matrix adoption overhauls central pay and pension structure, applies a uniform fitment factor and raises minimum pay.
Implementation of the 7th Central Pay Commission from 1 January 2016 replaces Pay Bands and Grade Pay with a new Pay Matrix (separate for civilians, defence and military nursing) and applies a uniform fitment factor across all levels for revision of pay and pension; the annual increment rate is retained and targeted enhancements to defence pay levels have been approved.

Appointment of CEO enables operationalisation of NIIF to mobilise domestic and international investment for infrastructure projects.
Appointment of the Chief Executive Officer (CEO) places executive responsibility for operationalising the National Investment and Infrastructure Fund (NIIF), advancing its mandate to attract domestic and international capital into commercially viable infrastructure projects, following a Search cum Selection Committee process; NIIF is incorporated under the Companies Act, 2013 as the authorised investment manager and establishment steps include investor engagement and initial budgetary support with further allocations as required.

Income declaration scheme: voluntary disclosure permitted with penalty and immunity from inquiry if made before the prescribed deadline.
The Income Declaration Scheme (IDS), 2016 provides a limited-time voluntary disclosure window enabling persons with undeclared income or assets to regularise them by paying a prescribed penalty and, in return, receive immunity from inquiry into the source of the disclosed funds; the government promoted the Scheme through extensive outreach and cautioned that tougher enforcement will follow after the disclosure period.

Exchange of tax information expanded by protocol, broadening information sharing and revising mutual assistance in tax collection.
Protocol amends the India-Belgium Agreement for avoidance of double taxation to broaden the scope of tax information exchange and to revise treaty provisions governing mutual assistance in collection of taxes, enhancing cooperation to prevent tax evasion and avoidance.

Arrest and detention powers: clarifies Income-tax Act provisions exist but are used sparingly; press claims unauthorized.
Clarifies that press reports announcing arrests of wilful tax defaulters were unauthorised; the Income-tax Act provides for arrest and detention by Tax Recovery Officers for non-compliant defaulters, but those powers are exercised extremely sparingly.

Government securities auction with reserved non competitive allotment and electronic E Kuber bidding, eligible for when issued trading.
Sale by auction of four re issued central government stocks will be conducted by the Reserve Bank of India through price based multiple price auctions; up to five percent of each notified amount is reserved for eligible individuals and institutions under the Scheme for Non Competitive Bidding Facility; competitive and non competitive bids must be submitted electronically via the Reserve Bank's E Kuber system within specified windows; results and payment dates are fixed; the stocks will be eligible for When Issued trading per RBI guidelines.

Small savings interest rates unchanged for the next quarter across designated government savings schemes, per official notification.
Quarterly notification sets scheme-specific interest rates and compounding/payment frequencies for government small savings instruments, listing each instrument with its effective rate for the applicable quarter and applying those rates according to each scheme's compounding or payout terms; covered instruments include savings and time deposits, recurring deposits, Senior Citizens Savings Scheme, Monthly Income Account, National Savings Certificate, Public Provident Fund, Kisan Vikas Patra (with stated maturity tenor), and Sukanya Samriddhi Account.

Taxpayer Services: facilitation focused administration adopting technology and widening the tax base while accelerating dispute resolution.
Facilitation and digitisation are to be central to tax administration, combining enhanced taxpayer services and outreach to non filers to widen the tax base. Operational priorities include readiness for GST, expansion of digital infrastructure, paperless assessments, standardisation of processes, exchange of information, targeted dispute resolution, and consolidation of circulars. Administrative actions call for capacity building, integrated customs risk management and single window facilitation, strengthening the Authorised Economic Operator scheme, infrastructure upgrades, secure official email allocation for assessors, and incentives for e assessment.

Money laundering enforcement prompting prosecutions, asset attachment and expedited auctions to recover funds for investor restitution.
Enforcement and recovery measures address alleged offences and payment defaults at NSEL through anti money laundering prosecutions, administrative penalties and show cause notices, and multiple asset attachments and auctions to realize proceeds for investor restitution. Parallel regulatory actions include merger proceedings subject to court restraint, directed inspections of broker books, proposals to augment investigative and judicial resources, and an emphasis on interagency coordination to expedite penalty recovery and refund of investors following due procedure.

Automatic exchange of information: India and Switzerland agree timetable for bilateral CRS implementation and information sharing.
India and Switzerland agreed to negotiate a reciprocal bilateral arrangement to implement Automatic Exchange of Information under the Common Reporting Standard, with technical experts to meet before mid September 2016 and a view to concluding an agreement subject to parliamentary procedures; once signed, the arrangement would enable automatic receipt of financial account information of residents held in the other jurisdiction. The Secretaries also welcomed proposed Swiss amendments to permit cooperation on requests based on data obtained in breach of Swiss law and committed to enhanced administrative assistance under the Swiss Indian Double Taxation Agreement.

Tariff value revised for specified edible oils, metals and agricultural commodities; customs valuation adjusted for import duty purposes.
Central fiscal authority substitutes TABLE-1, TABLE-2 and TABLE-3 of a prior customs notification with updated schedules that prescribe revised tariff values in US dollars for specified imported goods, including various palm and soybean oils, palmolein, brass scrap, poppy seeds, areca nuts, and specified gold and silver entries when certain notification benefits are availed; these substituted tables serve as the benchmark values used in customs valuation and import duty calculation for the listed commodities.

Double Taxation Avoidance Convention amendment invites stakeholder submissions on implementation and consequential issues affecting cross-border investment.
A Working Group has been constituted by the Central Board of Direct Taxes, led by the Joint Secretary (FT&TR II) and including departmental officers and representatives of SEBI, custodians, brokerage firms and fund managers, to examine consequential issues arising from amendments to the Double Taxation Avoidance Convention between India and Mauritius; stakeholders are invited to submit comments electronically to the designated email address by the prescribed deadline for the Group's consideration.

Foreign Direct Investment approvals and referrals: FIPB cleared ESOP and investing-company proposals and recommended a reverse-merger acquisition.
Two FDI proposals were approved by FIPB: grant and exercise of ESOPs to non-resident employees of a pharmaceutical company, and approval for a company to act as an investing company for certain dormant or software-related subsidiaries. One proposal was recommended to CCEA for approval concerning an acquisition and reverse merger via share swap. Three proposals were deferred for further clarification and seven were rejected; one proposal was found not to lie before FIPB. Affected sectors include pharma, investing company transactions, telecom, power exchange, trade and distribution, publishing, NBFC, IT/ITES and wholesale trading.

Tariff value notification updated: substituted tables set tariff values for specified oils, metals, and commodities for customs valuation.
Central Board of Excise & Customs has amended the tariff-value schedule by substituting three tables into the existing customs notification, listing tariff values in US dollars for specified imported goods including specified palm oils, crude soyabean oil, brass scrap, poppy seeds, areca nuts, and valuation entries for gold and silver where certain notification benefits are availed, with the substituted tables replacing TABLE 1, TABLE 2 and TABLE 3 of the prior notification for application in customs valuation and import procedures.

Double Taxation Avoidance Agreement amendments prompt Working Group to examine consequential issues and report within three months.
A Working Group has been constituted, chaired by the Joint Secretary (FT&TR-II), to examine consequential issues arising from amendments to the India-Mauritius Double Taxation Avoidance Agreement; it includes departmental officers and representatives of securities regulators, custodians, brokerage firms and fund managers and must submit a consolidated report to the central tax authority within three months.

Tax administration conference advances taxpayer services and e governance reforms with coordinated senior revenue engagement.
A two day conference of senior CBDT and CBEC officials focuses on reviewing performance and coordinating initiatives to strengthen taxpayer services, e governance (including paperless assessments), business process standardisation, exchange of information with foreign jurisdictions, investigation of undisclosed foreign assets, and litigation and dispute management, supplemented by ministerial engagement and expert panels on service orientation and social media use.

Infrastructure financing secures loan to upgrade state roads and strengthen road safety planning and institutional capacity, promoting local jobs.
ADB and the Government executed a sovereign loan to upgrade designated state roads to two lane standards, finance pavement and ancillary works, develop a road safety master plan, and build the institutional capacity of the State Highways Authority of Jharkhand to manage design, safety and maintenance, with environmental and social measures and state counterpart funding to meet the project's total cost.

Public Sector Bank performance review to assess credit growth, financial inclusion and implementation of government financial schemes.
A quarterly administrative review will examine the operational and credit performance of Public Sector Banks for 2015-16, focusing on credit growth and sectoral flows to agriculture, insurance and micro and small enterprises, and on implementation of government financial inclusion schemes including Stand Up India, MUDRA, PMJJBY, PMSBY and APY. The meeting will also consider stalled projects, remedial measures, housing loan delivery, MSE credit and financial literacy, with CEOs of PSBs, financial institutions and senior finance ministry officials in attendance.