Tariff valuation revised for edible oils, metals and agricultural commodities under customs notification, updating import assessment rules.
The Central Board of Excise & Customs amended Notification No. 36/2001 Customs (N.T.) by substituting TABLE 1, TABLE 2 and TABLE 3 to prescribe revised tariff values for specified imports. TABLE 1 lists tariff values per metric tonne for edible oils and related products (crude palm oil, RBD palm oil, palmolein variants, crude soybean oil), brass scrap and poppy seeds. TABLE 2 prescribes unit tariff values for gold and silver where certain notification benefits are claimed. TABLE 3 sets the tariff value for areca nuts per metric tonne, updating the customs valuation schedule for these commodities.

Self-declaration for tax non-deduction simplified; deductors to allot unique identification numbers and retain forms electronically
Payees may submit self-declarations in Form 15G or 15H on paper or electronically. Deductors will not deduct tax on valid declarations and must allot a Unique Identification Number (UIN) to each declaration. Deductors are required to furnish the particulars and UIN of self-declarations in Quarterly TDS statements, need not submit physical copies to tax authorities, but must retain the Forms 15G/15H for record retention.

Tax policy consultation drives stakeholder-sourced reforms through sectoral and chamber meetings to promote higher investment and economic growth.
The Revenue Secretary has initiated structured consultations with industry chambers and sector delegations to solicit ideas for reforming tax policy aimed at accelerating investment and economic growth, using sequenced national, regional and sectoral meetings-covering industries such as electronics and IT, telecom, power, transport and financial services-and involving departmental secretaries to integrate stakeholder and departmental inputs into budgetary policy options.

Repo rate reduction signals policy support and urges transmission to boost investment and credit growth.
The Government endorses the repo rate reduction as reflecting moderated inflation and enabling policy support, commits to fiscal consolidation, and will facilitate transmission of monetary easing including by reviewing the small savings framework. It permits corporates to raise External Commercial Borrowings through rupee denominated offshore bonds with no end use restrictions, and expands a Medium Term Framework raising FPI limits in Government Securities while establishing FPI limits for State Development Loans to boost predictability, foreign participation and liquidity.

Loan agreement advances tourism infrastructure upgrades and heritage conservation, enabling facility improvements and community capacity building.
A loan agreement between India and the Asian Development Bank provides tranche three financing under a multi-tranche financing facility to upgrade tourism infrastructure and services in Punjab, Uttarakhand and Himachal Pradesh, funding conservation of heritage sites, new arts-and-crafts centres, eco-tourism facilities, and basic service improvements, alongside capacity-building for sector agencies and local communities including training of community members and establishment of community-based societies for site management.

No extension of filing deadline: due date for income tax returns and audit reports remains; disregard fraudulent extension orders.
No extension of the statutory due date for filing income-tax returns and audit reports is in effect; the deadline remains 30 September 2015. A circulated order dated 26 September 2015 purporting to extend the filing date is fraudulent and was not issued by the Government. Taxpayers and practitioners are advised to disregard the purported order and to comply with existing filing obligations by the original due date.

Capital increase and governance reform urged to reflect global order; World Bank pledges financing, knowledge and capacity support.
Finance Minister urged a capital increase and voice reforms at the World Bank to realign governance with the emerging global order. The World Bank Managing Director committed to partner with India through diversified financing, knowledge exchange and capacity building aligned with the Sustainable Development Goals. Discussions covered India's priority areas for Bank financing and reviewed a roadmap and timelines for the Bank Group's capital increase, shareholders' review, procurement arrangements and environment and social safeguards framework.

MAT exemption for foreign companies where resident in DTAA country without permanent establishment or not required to register.
Amendment excludes application of Section 115JB to foreign companies that are residents of a treaty partner country where the foreign company does not constitute a permanent establishment as defined in the relevant DTAA, and to foreign companies resident in non treaty countries that are not required to seek registration under the Companies Act; an appropriate amendment to the Income tax Act will be carried out.

Undisclosed foreign assets compliance: file timely declarations to secure confidentiality and avoid penalties and legal action.
Persons holding undisclosed foreign assets are advised to file declarations under the Black Money Act within the prescribed one-time compliance opportunity; the process allows online submission and is protected by statutory confidentiality provisions. Failure to declare is stated to attract higher penalties, possible prosecution, and potential forfeiture of assets under money laundering legislation.

Government securities auction using price-based multiple price method with non-competitive allocation and when-issued trading eligibility.
Re-issue auctions of central government stocks will be conducted by the Reserve Bank of India using a price-based multiple price method; bids must be submitted electronically on the E-Kuber system with up to five percent of each notified amount reserved for eligible individuals and institutions under the Non-Competitive Bidding Facility, and the re-issued stocks will be eligible for When Issued trading under RBI guidelines.

Tax pass-through reforms for private equity aim to ease investor taxation and boost cross border investment flows.
The government introduced tax pass-through provisions for domestic private equity and measures for fund managers to reduce tax friction, while seeking procedural simplification for Foreign Portfolio Investors and proposing a dedicated income tax cell for foreign investors; concurrently, the National Investment and Infrastructure Fund and negotiations on a Double Taxation Avoidance Agreement with Hong Kong were advanced to steer infrastructure investment and facilitate cross border capital flows.

Repayment of Government Stock at par requires electronic credit or pay order and prior submission of bank particulars for holders.
Repayment at par of the Government Stock is due on maturity, with no interest thereafter; if the maturity date is a holiday under the Negotiable Instruments Act repayment occurs on the previous working day. Maturity proceeds are payable to the registered holder by pay order with bank particulars or by credit to the holder's bank account through electronic means in accordance with Government Securities Regulations; holders must submit bank account particulars in advance. Absent those particulars, holders may tender duly discharged certificates at designated paying offices twenty days before the due date to obtain repayment.

International investment outreach by finance minister promotes investor engagement and seeks pension fund participation in national infrastructure fund.
The Finance Minister's visit aims to promote international investor engagement by addressing investment summits, meeting senior political and financial leaders, and engaging sovereign wealth funds, pension funds and fund managers to solicit participation in the National Investment & Infrastructure Fund (NIIF) and to showcase developments in India's capital markets and investment opportunities.

Government debt issuance in Q1 FY16 fell; cash management remained surplus and yields marginally hardened.
Q1 FY16 saw the Central Government issue Rs.180,000 crore of dated securities (30% of BE) with net market borrowings at 23.6% of BE; WAM of issuance was 15.19 years and weighted average cut off yield 7.92%. Treasury bill operations mobilised a net Rs.63,425 crore for cash management. Outstanding public debt rose provisionally by 3.5% Q o Q to Rs.5,318,795 crore; internal debt was 92.3% and marketable securities 84.2% of public debt. Residual maturity and turnover metrics indicated low rollover risk and modest secondary market activity.

Tariff value notification updates customs valuation benchmarks for specified imported and exported commodities under statutory authority.
Notification substitutes TABLE-1, TABLE-2 and TABLE-3 of the earlier customs notification, updating declared tariff value benchmarks in US dollars for specified commodities: metric-tonne values for listed oils, brass scrap, poppy seeds and areca nuts, and unit tariff values for gold and silver as the valuation basis for customs import/export purposes.

Gold Monetization Schemes pair revamped gold deposit and loan mechanisms to mobilise and monetise domestic gold holdings.
A unified Gold Monetization Schemes framework pairs a Revamped Gold Deposit Scheme and Revamped Gold Metal Loan to mobilise household and institutional gold. The R GDS establishes BIS certified collection and purity testing, XRF preliminary tests, optional melting with fire assay, issuance of weight/purity certificates, Gold Savings Accounts denominated in grams of 995 fineness, specified tenures and differentiated redemption rules. Mobilised gold may be auctioned, credited to reserves, minted into coins or lent to jewellers under the GML. A Gold Reserve Fund will absorb price risk and tax exemptions consistent with prior schemes apply.

Indirect tax revenue growth shows marked year on year increase and substantial progress toward budgeted collection targets.
Indirect Tax Revenue (Provisional) Collections for July 2015 present month and cumulative figures for Customs, Central Excise and Service Tax, with year on year growth rates and percent achievement against the 2015 16 Budget Estimate. Central Excise shows the highest percentage increase; Customs and Service Tax record moderate increases. The release supplies these provisional metrics to monitor early fiscal year collection performance.

Promotion of Tax Commissioners to bolster dispute resolution capacity and reduce the backlog of taxpayers' appeals.
Approval of promotions to Commissioner of Income Tax for 153 IRS officers of the 1992-1994 batches is intended to fill leadership vacancies and staff posts dealing with dispute resolution. As part of the May 2013 cadre restructuring, these deployments aim to reduce the backlog of taxpayers' appeals and enhance taxpayer services in field offices by increasing capacity for appeal disposal and dispute management.

Concessional finance for Indian firms bidding strategic overseas infrastructure projects; foreign-government loan guarantees and committee oversight.
Scheme authorises EXIM Bank to provide concessional finance for Indian companies bidding for strategically important overseas infrastructure projects, with loan repayment guaranteed by the foreign government. A Committee chaired by the Secretary (DEA) and comprising specified ministries and the Deputy National Security Adviser will determine eligibility case-by-case, set conditions during the initial two years, monitor projects, consider participation by other public sector banks on same terms, and may require at least 75 percent domestic sourcing where compatible; the scheme will be evaluated after two years.

Ex-post approval for capital infusion supports growth of a state-owned infrastructure finance company, aligned with Demands for Grants.
Ex-post approval was granted for a capital infusion into India Infrastructure Finance Company Ltd. made during 2007-08 to 2012-13, ratifying contributions disbursed pursuant to the Demands for Grants with the consent of the Finance Minister to support the company's future growth.