Regulatory coordination: inter-ministerial group to strengthen enforcement of rules for multi-level marketing, NBFCs and collective investment schemes.
A High-Level Inter-Ministerial Group has been constituted under the Additional Secretary, Department of Financial Services, with Joint Secretary-level representatives from key finance ministries, the Ministry of Corporate Affairs, the central bank and the securities regulator to improve enforcement of the regulatory framework for Multi-Level Marketing companies, Non-Banking Finance Companies and Companies running Collective Investment Schemes by strengthening coordination, information sharing and supervisory coherence among agencies.

Regulatory action ordered following an integrity expose; public sector banks directed to take immediate disciplinary measures and report compliance.
The Department of Financial Services directed public sector banks and the life insurer to take immediate disciplinary measures and submit compliance and action-taken reports following an integrity expose. Institutions have carried out administrative responses including suspensions, divestment of duties, and placement on leave, with additional action reports expected.

Viability gap funding approval for Hyderabad Metro Rail enables PPP DBFOT toll project implementation and government support.
Final approval was accorded for Viability Gap Funding (VGF) of Rs. 1458 crore to support the Hyderabad Metro Rail project proposed by the Government of Andhra Pradesh under the VGF Scheme, structured as a DBFOT (toll) public private partnership. The project spans 71.16 km with 66 stations across three lines and has a total project cost of Rs. 11,814 crore, with the approved VGF component specified relative to that total.

Government securities auction: multiple-price sale with competitive and non-competitive electronic bidding and reserved allocation.
Sale of central government securities by price-based multiple-price auction with competitive and non-competitive electronic bids submitted on the Reserve Bank's core banking system; a limited portion is reserved for non-competitive bids under the prescribed scheme. Auction results and the payment/settlement date follow the announced timetable. Re-issued stocks are eligible for When Issued trading in accordance with the Reserve Bank's guidelines on when-issued transactions.

Investment concession for substantial manufacturing plant investment introduced; employment deduction limited to factory-based hires under new income tax provisions.
A temporary investment concession allows manufacturing companies meeting the statutory investment threshold within the two-year window to claim a percentage deduction on the actual cost of new plant or machinery, allocated between the first and subsequent assessment years with the latter reduced by any earlier deduction. The employment-linked incentive is confined to Indian companies earning manufacturing profits in a factory and permits a proportionate deduction of additional wages paid to new regular workmen for a multi-year period including the year of employment.

Financial Stability and Development Council coordinates macroprudential supervision and inter-regulatory financial sector development across member agencies.
The Financial Stability and Development Council is a consultative body coordinating macroprudential supervision, inter-regulatory coordination, financial sector development, literacy and inclusion, and oversight of systemic risks; it has no separate funding and operates through members proposing agenda items to the Council and its Sub Committee, which deliberate and suggest appropriate steps for implementation by concerned agencies.

Exchange rate determination for customs conversions sets distinct import and export conversion rates for specified foreign currencies.
Determination of rate of exchange for conversion between specified foreign currencies and Indian rupees has been prescribed under section 14 of the Customs Act, 1962, superseding the earlier notification and fixing distinct conversion rates for imported and export goods. The rates take effect from 3rd May, 2013 and are implemented through two schedules: Schedule I setting per-unit exchange rates with separate import and export columns, and Schedule II providing a per-100-unit rate for Japanese Yen.

Withholding tax on interest to foreign institutional and qualified foreign investors applies to rupee bonds and government securities.
The Bill inserts section 194LD requiring deduction of tax at source on interest paid to Foreign Institutional Investors and Qualified Foreign Investors on investments in rupee-denominated bonds of Indian companies and government securities, with the payer obliged to deduct tax at the applicable rate and the interest eligible for the provision limited by a rate to be notified by the Central Government. Consequential amendments align related withholding, tax computation and exemption provisions across the Income-tax Act.

Tariff value revision updates import valuation rules for specified edible oils, metals and precious metals under customs notification.
Exercising powers under section 14(2) of the Customs Act, the Board substitutes TABLE-1 and TABLE-2 of the cited customs notification to set revised tariff values. TABLE-1 fixes US dollar per metric tonne values for specified edible oils (including crude palm oil, RBD palm oil, palmolein variants, and crude soyabean oil), brass scrap and poppy seeds; TABLE-2 prescribes US dollar unit valuations for gold and silver where specified notification benefits are availed.

Wealth tax clarified: agricultural land excluded, preventing unintended taxation and preserving existing exemption under finance amendment.
Clarifies that agricultural land recorded and used as such is excluded from urban land for wealth tax purposes, with a declaratory amendment to dispel uncertainty. Introduces measures to attract foreign investment into rupee denominated long term infrastructure bonds by deeming certain foreign currency flows as borrowings and providing a concessional withholding tax regime for specified foreign investors; carves out PAN withholding exceptions for interest on qualifying bonds; tightens withholding on cash bullion and jewellery sales; retains one percent TDS on immovable property transfers excluding agricultural land; and reclassifies commodity derivatives for speculative treatment under a commodities transaction tax.

Money circulation ban extends to multi-level marketing, prompting model rules to classify MLM as prohibited schemes.
Multi-level marketing schemes enrolling a vertical chain of investors or agents qualify as money circulation and are banned under the Prize Chits and Money Circulation (Schemes) Banning Act, 1978. A multi-agency Group prepared Model Rules titled Money Circulation Scheme (Banning) Rules to explicitly cover MLM, and the Ministry of Finance has sent these rules to the States for notification to enable state-level implementation and enforcement.

Government securities auction: sale by multiple-price method with non-competitive bidding and electronic bid submission facility.
Sale of specified Central Government securities is announced through a price-based auction using the multiple price method with notified nominal amounts; up to five percent of each issue is reserved for eligible bidders under the Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically on the Reserve Bank's Core Banking Solution (E-Kuber) within prescribed time windows on the auction date; results, payment and allotment follow the announced timetable. The stocks are eligible for When Issued trading under existing RBI guidelines.

Collective investment scheme regulation prompts inspections, prosecutions, and orders to wind up schemes and refund investors.
Allegations of illegal deposit mobilisation by chit fund entities in eastern India triggered inspections, prosecutions and statutory inquiries into potential collective investment scheme violations, fraud and money laundering, including orders to inspect accounts, notices calling for explanations, directions to wind up schemes and refund investors, and parallel criminal, money laundering and tax investigations under respective statutory provisions.

Tariff value revision for gold under customs amendment alters import valuation for specified notified entries.
The Central Board of Excise & Customs, exercising powers under section 14(2) of the Customs Act, 1962, substitutes TABLE-1 and TABLE-2 of Notification No. 36/2001-Customs (N.T.), reproducing tariff values for listed goods (largely unchanged) and specifying revised tariff valuations for precious metals when benefits of specified entries in Notification No. 12/2012-Customs are availed.

Exchange of information under DTAA enables tax liaison units to obtain treaty-based data for assessments and investigations.
Establishment of Income-tax Overseas Units in Indian missions creates tax liaison posts to facilitate exchange of information, DTAA-related cooperation, Mutual Agreement Procedure, treaty reviews and representation, with operational units in Singapore and Mauritius assisting field officers by obtaining treaty-based information used in assessments and appellate proceedings; recoveries attributable to ITOU activity are not quantifiable.

Exchange rate determination for foreign currencies set under Customs Act applies to valuation of imported and exported goods.
Determination of exchange rates under section 14 of the Customs Act, 1962: the Central Board of Excise and Customs prescribes schedule-based conversion rates for specified foreign currencies into Indian rupees and vice versa for the valuation of imported and export goods, superseding the earlier notification and effective from 19th April, 2013, with separate columns for rates applicable to imported goods and export goods and a distinct schedule listing the rate for one hundred units of Japanese yen.

Tariff value change for precious metals: revised valuation framework affects import valuation and benefit claim entries under customs notification.
The Central Board of Excise & Customs, exercising powers under section 14(2) of the Customs Act, substituted TABLE 1 and TABLE 2 of the prior notification to set tariff value declarations for selected imported goods, retaining existing unit values for listed oils, brass scrap and poppy seeds, and specifying unit tariff values for gold and silver where benefit of specified notification entries is claimed.

Tariff value amendment updates import valuation for RBD palmolein and silver under customs notification, altering applicable tariff values.
The Central Board of Excise & Customs, invoking powers under sub-section (2) of section 14 of the Customs Act, 1962, substitutes the prior TABLE-1 and TABLE-2 in the customs notification to revise prescribed tariff values for specified imports, including RBD palmolein and silver, by listing new tariff value rates per metric tonne or unit for customs valuation purposes.

Government securities auction: price-based multiple-price sale with electronic competitive and non-competitive bids and reserved allotment.
Announcement of a price-based public auction for re-issue of government stocks using the multiple price method, to be administered by the central bank's Mumbai office. Bids must be submitted electronically on the E-Kuber system within prescribed windows for non-competitive and competitive bids. Up to five percent of each stock's notified amount is reserved under the Non-Competitive Bidding Facility for eligible individuals and institutions. Auction results and payment settlement will occur on specified subsequent dates, and the stocks will be eligible for "When Issued" trading per central bank guidelines.

Double Taxation Avoidance Agreement renegotiated to align with international standards and promote cross-border investment and cooperation.
India and Malta signed a revised Double Taxation Avoidance Agreement and Protocol replacing the 1995 arrangement to update provisions for avoidance of double taxation and prevention of fiscal evasion, align bilateral tax rules with international standards and domestic law changes, and to provide tax stability that facilitates cross border flows of capital, technology and personnel while strengthening mutual cooperation on tax matters.