Tariff value notification updates import valuation for palmolein, brass scrap, poppy seeds, gold and silver.
The Central Board of Excise and Customs issued a notification revising tariff value entries for specified imported commodities, setting import valuation benchmarks for customs duty assessment. The notification lists commodity-level tariff values for palm oil products, brass scrap (all grades), poppy seeds and related oils, indicating which items are unchanged and which are adjusted, and separately specifies unit valuation bases for gold and silver where concessional entry benefits apply.

Accelerate investments: government urges swift decisions to remove bottlenecks after slowdown in fixed investment and support manufacturing recovery.
The Finance Ministry reports Q1 real GDP growth at 5.5 per cent, notes a prolonged quarterly deceleration trend, and identifies a sharp decline in fixed investment as a key concern. The Ministry emphasizes the need to accelerate investments and to remove investment bottlenecks-especially in manufacturing-while acknowledging strong construction sector growth and urging rapid policy action to stimulate investment.

Restriction on SMS transmission lifted, restoring unrestricted mobile messaging while maintaining measures against objectionable content circulation.
The Government revoked prior limits on the number of SMS messages individual mobile users could send, imposed to curb circulation of objectionable content; the revocation took immediate effect, restoring normal SMS transmission while retaining the objective of preventing dissemination of objectionable material.

Electronic payment access: government expands ATMs, PoS and free NEFT to extend banking inclusion nationwide.
Government and public sector banks are expanding ATMs and Point of Sale terminals, focusing on rural and semi urban areas, while reducing ATM interchange charges, issuing debit cards to all customers, and advising PSBs to make NEFT transactions up to a specified upper limit free of charge to promote financial inclusion under the Swabhimaan campaign.

Priority sector lending targets expand agricultural credit through mandated bank quotas and interest subvention support.
Mandated lending quotas require banks to direct a prescribed share of adjusted net bank credit to the priority sector with a specific sub-target for agriculture, supplemented by government-set agriculture credit flow targets. Complementary measures include the Interest Subvention Scheme for short-term crop loans with additional prompt-pay incentives, waiver of margin/security for small agricultural loans, issuance of Kisan Credit Cards and General Credit Cards to expand access, and an Agricultural Debt Waiver Scheme to relieve legacy indebtedness and restore farmers' eligibility for fresh loans.

Service tax exemptions expanded and consolidated under the mega exemption framework to cover additional specified services.
The government expanded and consolidated service tax exemptions to cover additional specified services-including inland waterway goods transport, cinematography copyright receipts, vocational training by institutes affiliated to the National Skill Development Corporation, bus hire to state transport authorities, erection and commissioning of water supply works, internet advertisement space sales, hoardings, specified intermediary services, transportation of import cargo and certain insurance schemes-bringing these items into the existing mega exemption notification to streamline the exemption framework.

Exchange of supervisory information enables cross-border banking supervision and referral to FIU for PMLA enforcement.
The MoU establishes a formal framework for exchange of supervisory information, cooperation on on-site examinations, crisis management and confidentiality, and provides that RBI will share FATF-related information with the Financial Intelligence Unit-India for necessary action under the Prevention of Money Laundering Act, 2002.

FII investment liberalisation: expansion of Qualified Foreign Investor access and raised caps to boost foreign portfolio inflows.
The Government expanded the Qualified Foreign Investor scheme to allow investments in mutual funds, direct equity and corporate bonds, and progressively raised FII caps for long term corporate bonds and Government securities to broaden market access and attract foreign portfolio inflows.

Small savings rate alignment with government securities restores attractiveness of retail savings through targeted rate and liquidity changes.
The Government aligned small savings interest rates with comparable government securities, maintaining a spread with higher specified spreads for the new ten year NSC and the Senior Citizens Savings Scheme; increased Post Office Savings Account interest and removed its balance ceilings; shortened MIS and NSC maturities and introduced a new ten year NSC; raised the Public Provident Fund annual investment ceiling; liberalised premature withdrawal rules for Post Office Time Deposits; and the Reserve Bank deregulated savings bank deposit rates subject to a uniform rate up to a specified threshold and optional differential rates above it.

Indirect tax clarity and administration: conference to promote a stable, non-adversarial tax regime and fair dispute resolution.
Clarity in indirect tax laws, a stable tax regime and a non-adversarial tax administration are primary objectives, with emphasis on a fair mechanism for dispute resolution and the role of an independent judiciary. The conference requires review of revenue performance and projections, explanations for shortfalls, departmental measures to support manufacturing and exports, efforts to project a trade-friendly image, performance in key operational areas, and identification of administrative constraints.

Zero loss claim clarified: loss arises only when mined coal is extracted and sold at an unacceptable price.
The Finance Minister clarified that neither he nor colleagues used the phrase zero loss, explaining that no loss arises while coal remains unmined in the earth; loss or gain can occur only when coal is actually mined and sold at an unacceptable price, and he corrected press misreporting that suggested a categorical claim of 'zero loss'.

Appointment of Governor on Board of Governors of African Development Bank and Fund: new primary and alternate representatives appointed.
The Finance Minister was appointed as India's Governor on the Board of Governors of the African Development Bank and African Development Fund, effective from the beginning of August 2012, replacing the prior incumbent. A senior departmental secretary in the economic affairs portfolio was appointed as India's Alternate Governor on the same Boards, effective from the beginning of August 2012, replacing the prior alternate representative.

Foreign investment approval permits Sanlam to acquire a minority stake in Shriram Capital via Shriram Financial Ventures.
Approval authorizes Shriram Financial Ventures (Chennai) Pvt. Ltd. to allot shares to Sanlam Emerging Markets (Mauritius) Limited and permits Sanlam, through Shriram Financial Ventures, to hold a minority equity stake in Shriram Capital Limited, following FIPB recommendation and Cabinet Committee on Economic Affairs clearance under the Foreign Direct Investment framework.

Conversion of government-held optionally convertible debentures restores majority shareholding and avoids open offer via SEBI exemption.
Immediate conversion of government-held optionally convertible debentures into equity at par will restore Government majority holding and, combined with public sector banks and financial institutions, render IFCI a Government company; the Committee of Secretaries recommended the conversion and that the Government seek exemption from making an open offer under the takeover regulations.

Foreign direct investment approvals expand foreign equity across multiple sectors after regulatory review and recommend deferment or rejection for proposals
The Foreign Investment Promotion Board recommended approval of ten FDI proposals permitting foreign equity inductions or acquisitions across multiple sectors, specifying modalities such as acquisitions, induction into investing/operating companies, and Offer For Sale mechanisms, while deferring sixteen proposals for further consideration, rejecting four for non compliance with policy, advising that one proposal required no specific approval, and recording one withdrawal.

External and domestic debt trends reported, showing year end increases and source attribution for fiscal statistics.
The press release reports central government external and domestic debt levels and year end series over five fiscal years ending March 2012, presenting tabulated figures that show rising indebtedness. It identifies the sources for domestic debt as the receipts/budget documentation and for external debt as the official monetary authority's statistics, and states the information was provided in reply to a parliamentary question by the Minister of State for Finance.

Service tax on film artists imposed; providers must collect from receivers and low value suppliers exempt.
Service tax has been applied to taxable services provided by film artists under the comprehensive service taxation regime introduced from 1 July 2012. Taxable services are defined by statute and exclude the negative and exempt lists; the tax is activity based and, as a consumption tax, its incidence is on the service receiver. The service provider is required to collect the tax from the receiver and remit it to the Government, subject to a general exemption for low value service providers below the prescribed annual aggregate threshold.

Bank recruitment policy relies on individual banks using IBPS common exam results, no revival of central board.
No proposal exists to revive the Banking Service Recruitments Board; individual nationalised banks recruit staff on an ongoing basis using results of the IBPS common examination, with manpower needs determined by business volume, growth, existing staff strength and retirements. The press release supplies the vacancy position in nationalised banks as on 31.03.2012 across officers, clerks and subordinate staff.

Field trial of polymer notes announced; pilot issuance in diverse locations to assess operational viability under guidelines.
A controlled field trial of polymer notes for the ten-unit denomination will be conducted in five geographically and climatically diverse locations to assess operational suitability; the Reserve Bank will conduct the pilot and related expenditure will be finalized in accordance with existing expenditure guidelines, as announced by the Minister of State for Finance.

Expeditious Disposal Requirement: DRT applications must be dealt with and disposed of within the prescribed statutory timeframe.
Significant pendency in Debts Recovery Tribunals is ascribed to increased filings, debtor adjournments and appeals under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act; the Government has implemented administrative measures-meetings with Registrars and Recovery Officers, trainings, and a conference of tribunal leadership-to remove bottlenecks and reinforce the statutory expeditious disposal obligation for final disposal within one hundred eighty days.