Percentage-of-completion accounting recognizes contract revenue as work progresses, matching revenue to costs under ICDS for contractors.
Contract revenue and contract costs must be recognised using the percentage of completion method applied per contract unless components or interrelated contracts warrant aggregation. Contract cost comprises direct and allocated costs, customer-specific costs, allocated borrowing costs and costs to secure the contract, net of incidental income. Stage of completion is determined by physical progress, survey, or proportion of costs incurred; in early stages revenue recognition is limited to costs incurred. Revenue is recognised only when ultimate collection is reasonably certain. Changes in estimates apply to the change period and thereafter. Disclosures must state recognised revenue, stage-measurement method, costs incurred, advances and retentions for contracts in progress.

Exchange Rate Determination for customs valuation sets separate import and export conversion rates for foreign currencies.
The Central Board of Excise and Customs, exercising statutory authority, prescribes specific rates of exchange between specified foreign currencies and Indian rupees for customs purposes relating to imported and export goods, superseding the prior notification; Schedule I gives per unit rates with separate columns for Imported Goods and Export Goods, and Schedule II gives rates per 100 units for specified currencies.

eBRC data sharing improves foreign exchange realisation transparency and reduces exporters' transaction costs through interagency MoU.
A memorandum formalises electronic sharing of Bank Realization Certificate information between the Director General of Foreign Trade and the Enforcement Directorate, enabling banks to upload export foreign exchange realisation (eBRC) to a central server to support export obligation discharge, incentive claims, and state VAT refund processing while reducing manual processes and exporter transaction costs.

Tariff value revision updates customs valuation for palm oils, oilseeds, brass scrap, spices, areca nuts and precious metals.
The amendment substitutes TABLE-1, TABLE-2 and TABLE-3 of Notification No. 36/2001 Customs (N.T.) to prescribe tariff values in US dollars for specified imports. TABLE-1 and TABLE-3 list tariff values per metric tonne for commodities including crude palm oil, RBD palm oil, palmolein variants, crude soyabean oil, brass scrap, poppy seeds and areca nuts. TABLE-2 sets unit-based tariff valuations for gold and silver where specified notification benefits are availed, thereby updating the customs tariff valuation schedule for the listed goods.

Financial assistance under Section 46(2) bridges Andhra Pradesh resource gap; balance released by central government to state.
Pursuant to the reorganisation Act provision, the Ministry of Finance allocated financial support to Andhra Pradesh to bridge the 2014-15 resource gap, issuing an initial ad hoc grant and later releasing the balance of the authorised assistance at the end of the financial year to complete the allocation.

Microfinance regulation: New MUDRA Bank to regulate and refinance MFIs and support last mile credit delivery.
Establishment of a statutory MUDRA Bank to regulate and refinance MFIs and channel finance to last mile financiers; responsibilities include policy guidelines, registration, regulation, accreditation and rating of MFIs, responsible financing and client protection, standardized covenants for last mile lending, promotion of last mile technology, and operation of a credit guarantee scheme to secure loans to micro enterprises under the national scheme.

International loan financing for MSME development enables SIDBI to expand early stage, service and manufacturing finance over a five year implementation.
A multilateral loan and guarantee arrangement channels World Bank financing to SIDBI to improve access to finance for Micro, Small and Medium Enterprises across early to growth stages in manufacturing and services. The project consists of three components-early-stage and risk capital finance, service-sector financing models, and manufacturing MSME finance-supports Participating Financial Institutions, enhances SIDBI's institutional capacity, and has a five-year implementation period with SIDBI as implementing agency.

External debt increase driven by long-term borrowings while short-term debt declines, shifting debt composition and currency exposure.
India's external debt at end-December 2014 stood at US$ 461.9 billion with a debt-to-GDP ratio of 23.2 per cent; the increase was driven by a rise in long-term debt-notably commercial borrowings and NRI deposits-while short-term external debt declined. Long-term debt accounted for the majority share, sovereign versus non-sovereign debt remained weighted toward non-government obligations, and currency composition was led by US dollar exposures followed by rupee, SDR, yen, and euro.

Liberalised Remittance Scheme remittances allow resident individuals to transfer funds abroad for permitted transactions subject to compliance.
The Liberalised Remittance Scheme allows resident individuals to remit abroad for permissible current and capital account transactions within an annual ceiling, authorising acquisition of overseas assets, foreign currency accounts abroad, and various investment instruments. It specifies prohibited remittances (including items under Schedule I/II, margin calls, certain secondary market purchases, and remittances to identified high risk countries or persons), sets gross basis treatment and family consolidation rules, and imposes compliance obligations on remitters and Authorised Dealers, including PAN, designated AD branch, due diligence and prescribed declarations. Credit facilitation and foreign currency accounts in India are disallowed under the Scheme.

Foreign liaison and branch office rules require RBI approval, specified activities, and compliance with reporting and renewal obligations.
Establishment and operation of foreign Liaison, Branch and Project Offices require prior application in Form FNC to the RBI through an Authorised Dealer and are processed under Reserve Bank or Government routes. Eligibility is assessed by track record and net worth; LOs have restricted liaison activities funded by inward remittances, BOs may carry out specified commercial and service activities but not retail or manufacturing, and POs require contract and funding/sanction criteria. Offices must submit Annual Activity Certificates, audited financials, obtain PAN/UIN, comply with reporting, renewal and closure formalities, and follow nationality and entity restrictions.

Special financial support approved for new capital infrastructure, enabling budgetary aid for essential amenities and official buildings.
Central government approved Special Financial Support under the Andhra Pradesh Reorganization Act to provide budgetary assistance for the new State capital, with funds split between essential urban amenities administered via the Ministry of Urban Development and a dedicated allotment for construction of Raj Bhavan, State Secretariat, State Assembly and High Court; the Ministry of Finance has conveyed approval to the Ministry of Urban Development to enable implementation.

Use of accounted money promoted to curb cash hoarding, with incentives for plastic payments and RuPay adoption.
The Finance Minister urged increasing use of accounted money by incentivising electronic instruments like credit cards, RuPay cards and cheques, and launching a campaign to promote RuPay and reduce cash hoarding; he also commended SPMCIL's modernization, capacity expansion, doubled production of coins and banknotes, strengthened finances through internal investment and loan repayment, and repeated excellent performance and governance gradings.

Bonus debentures issuance creates tradable secured debt with fixed coupon, listed trading, and enhances capital optimisation.
NTPC issued fully paid secured bonus debentures to shareholders, with the Government receiving its pro rata allotment and payment of dividend distribution tax. The debentures are fixed coupon, triple A rated, listed and tradable without lock in, redeemable toward the end of a ten year tenor, and proceeds are designated for capital expenditure to achieve capital optimisation.

Loan agreement for regional road connectivity advances cross border trade and includes long term repayment with grace period.
A Loan Agreement finances a multi tranche road connectivity program to improve trade corridors and last mile links in North Bengal and the North Eastern Region. Tranche one funds national and state road construction extending toward Myanmar, with the lender providing the majority of project cost and central and state governments providing counterpart finance. The loan features a long repayment term with an initial grace period and an interest rate under the lender's LIBOR based facility, and the tranche has a specified completion timeline.

Exchange rate amendment updates Norwegian Kroner import and export conversion rates under Customs Act, effective in March.
Amendment under Section 14 of the Customs Act substitutes the Schedule I entry for Norwegian Kroner to prescribe distinct conversion rates for imported goods and for export goods, and states that the revised rupee equivalents will become effective in March 2015 as a further modification to Notification No. 32/2015-CUSTOMS (N.T.).

Pro-active governance platform: centralised IT monitoring with mandated departmental and state updates ahead of monthly executive review.
A centralised IT-enabled platform establishes pro-active governance by integrating grievance redressal, programme implementation and project monitoring into a three-tier system linking the PMO, Union Secretaries and State Chief Secretaries. Issues are uploaded in advance, accessed via user IDs, and require departmental and state updates within a short prescribed timeframe; the PMO reviews inputs before monthly executive interaction. The system combines digital data management, video-conferencing and geo-spatial visuals, preserves directions for follow-up until finality, and interoperates with existing grievance and project databases to ensure e-transparency and sustained accountability.

Nuclear safety bonds proposed to mobilise insurance capacity for a national nuclear insurance pool following regulatory approval.
GIC Re proposes issuance of Nuclear Safety Bonds to mobilise part of the insurance capacity for the proposed Indian Nuclear Insurance Pool, has floated an Expression of Interest for professional firms to design bond issuance solutions, and seeks to cover nuclear Hot Zone risks and associated third-party liabilities excluded from conventional policies through a pooling-based risk transfer mechanism following in-principle regulatory approval.

Educational loan scheme guidelines allow moratorium and tenure extensions; chronic defaults may be settled via alternative dispute forum.
The Model Education Loan Scheme gives banks broad operational guidelines while allowing implementing banks discretion to adapt terms. The scheme currently lacks income based flexible EMI options, but permits moratorium period extensions and loan tenure extensions. Banks report they do not typically pursue settlement in alternative dispute forums immediately after default; chronic defaults may be offered settlement on mutually agreed terms through alternative dispute resolution.

Gold monetization scheme replacing prior deposit and metal loan schemes; enables income on deposited gold and metal loans.
The Gold Monetization Scheme replaces the Gold Deposit and Gold Metal Loan Schemes, allowing owners to deposit gold and earn income on metal accounts, while permitting jewellers and banks to obtain loans in metal accounts and to monetise deposited gold; it is distinct from traditional loan against gold products and is not expected to materially affect those existing bank credit products.

Income Computation and Disclosure Standards proposed to standardise tax accounting, imposing new disclosure and computation rules from next assessment cycle.
The Government proposed Income Computation and Disclosure Standards to standardise income computation and disclosure obligations for specified classes of taxpayers. Drafts were prepared by a committee of officials and professionals, published for stakeholder comments, revised, and re published; the standards are to apply from the specified forthcoming assessment cycle, implementing consistent computation methodology and disclosure requirements.