Microfinance refinance institution to channel credit to last mile lenders and guarantee microenterprise loans under PMMY.
The Government proposes creation of the Micro Units Development and Refinance Agency (MUDRA) Bank by statute to provide refinance and credit support to micro enterprises via a Refinance Fund and a Credit Guarantee corpus. MUDRA Bank will operate through regional financing institutions to refinance last mile lenders-including microfinance institutions, small banks, cooperatives, SHGs and NBFCs-under a Pradhan Mantri Mudra Yojana framework, with lending priority for SC/ST enterprises; it will be initially operationalised as a SIDBI subsidiary pending enactment.

Tonnage Tax System: optional taxation regime for qualifying Indian shipping companies with specified opt in windows and filing disclosures.
Tonnage Tax System (TTS) is an optional tax regime for qualifying Indian shipping companies under Chapter XII-G (sections 115V-115VZC) of the Income Tax Act, effective from assessment year 2005-06. Companies could opt during the initial window from 1 October 2004 to 31 December 2005, while companies incorporated or qualifying later may opt within three months of incorporation or first qualifying. Reporting in income-tax returns shows 64 companies for 2012-13, 54 for 2013-14, and 46 for 2014-15 disclosed income under Chapter XII-G.

Interest relief for power distribution debt encouraged via lender rebates for prompt repayments by distribution companies.
The Scheme for Financial Restructuring of State Distribution Companies defines short-term liabilities to include short-term loans, working capital loans, payables to power suppliers and other loans (excluding capital expenditure borrowings), and nodal banks were asked to consider offering an interest rebate to incentivize prompt repayment of high-interest loans by distribution companies.

Enhanced State share in central taxes; horizontal devolution accepted per finance commission recommendations, altering intergovernmental fiscal transfers.
Acceptance of the 14th Finance Commission recommendations increases the State Share in Central Taxes, with the Government adopting the Commission's horizontal devolution formula to allocate the total devolved amount among States and reflecting a specified aggregate allocation in the Union Budget estimates for the fiscal year.

DIN duplication prompts mandatory PAN validation and MCA21 de-duplication to prevent multiple director identifiers.
Multiple allotments of Director Identification Numbers prompted investigations, issuance of show cause notices and some court complaints, and cancellations of DINs since 2013. To prevent recurrence, PAN validation is now mandatory in DIN applications, with acceptance conditioned on matching name, father's name and date of birth against PAN records, together with de-duplication within the MCA21 database.

Taxation of undisclosed foreign income and assets enforced at flat rate with stringent penalties and prosecution.
The Bill creates a separate tax regime for residents' undisclosed foreign income and assets, charging them at thirty per cent with no deductions or set offs; fair market value rules determine asset value and assets are taxed when noticed by the Assessing Officer. It prescribes severe civil penalties (including a sum equal to three times the tax computed) and criminal sanctions for willful nondisclosure or evasion, empowers tax authorities with discovery and recovery powers, provides a limited one time declaration window with tax plus equal penalty and embeds procedural safeguards and appeal routes.

Exchange rate determination for imports and exports establishes distinct conversion rates effective March under statutory customs authority.
Determination of rates of exchange for conversion of specified foreign currencies into Indian rupees for imported and export goods under section 14 of the Customs Act, 1962, effective 20 March 2015. The Board prescribes distinct import and export conversion rates for each listed currency and supersedes the earlier notification, with two schedules: per unit rates and per 100 unit rates to be applied in customs valuation and processing.

Exchange rate notification: Norwegian Kroner conversion rates updated, altering customs valuation for imports and exports.
Amendment under statutory power substitutes the Schedule entry for the Norwegian Kroner in a prior customs notification, prescribing distinct rupee-equivalent exchange rates for imported goods and for exported goods and stating an effective date for the revised rates, thereby changing the official exchange rates used for customs valuation and related procedures.

Disinvestment of oil PSUs proposed to meet revenue targets, including approved sale of government stake in a major oil firm.
The Government proposes disinvestment of equity in central oil Public Sector Undertakings to meet revenue targets, listing Government shareholdings in major oil PSUs and indicating plans to reduce those holdings through market sales. The Cabinet Committee on Economic Affairs approved the sale of paid-up equity capital from the Government's existing shareholding in a major oil company, a decision conveyed by a Minister in a parliamentary written reply.

Tariff value revision for edible oils and selected commodities adjusts import valuation and applicable notified rates.
Amendment under the exercise of powers conferred by section 14(2) of the Customs Act substitutes TABLE-1, TABLE-2 and TABLE-3 in Notification No. 36/2001-Customs (N.T.), prescribing specific tariff values and units for listed imported commodities including edible oils, brass scrap, poppy seeds, areca nuts, and specified entries for gold and silver to be applied for import valuation and customs administration.

Digital life certificate enables Aadhaar-based biometric authentication so pensioners can submit proof of life without in-person visits.
Jeevan Pramaan establishes an Aadhaar-based biometric authentication system allowing pensioners with Aadhaar to submit life certificates digitally; integrated pension disbursing agencies access the certificates electronically, eliminating the need for in-person submission and supported by government outreach measures.

Market access cap for foreign banks limits annual branch approvals; licensing subject to asset-share threshold and RBI allocation policy.
India's WTO financial services commitment caps collective annual branch approvals for foreign banks and makes new branch licences contingent on the combined on and off balance sheet asset share of foreign bank branches relative to the banking system; the RBI allocates centres to foreign banks under an inclusive banking policy and foreign banks receive universal banking licences when authorised.

International Financial Services Centres to be established in SEZs to develop India as producer and exporter of financial services.
The Government proposes establishing International Financial Services Centres within Special Economic Zones to enable India to become a producer and exporter of international financial services; the first IFSC is planned at GIFT City in a notified SEZ and a regulatory framework was announced for issuance in March 2015.

Securities trading using wireless technology: regulatory safeguards required for secure access, authentication and client disclosures.
The SEBI August 27, 2010 circular governing securities trading using wireless technology requires secure access, encryption aligned with telecommunications policy, user identification and authentication, unique client identification, disclosure of risks in broker-client agreements, industry-standard network protocols, sound audit trails, periodic exchange oversight of broker systems, and inclusion of wireless trading in investor education.

Easy registration for mobile banking: banks must offer multiple onboarding channels and minimize service activation time.
The Reserve Bank of India directed banks to provide easy registration for mobile banking through multiple channels to avoid branch visits and to ensure minimized activation time between customer registration and service activation, with further procedural details in the RBI circular dated 4.12.2014 and on the RBI website.

Delisting norms streamline exit process, revise offer pricing via reverse book building and shorten completion timelines.
SEBI proposes amendments to the SEBI (Delisting of Equity Shares) Regulations to simplify delisting by setting conditions for success, using reverse book building to determine offer price, and shortening timelines. Concurrently, SEBI replaces the 1992 insider trading regime with strengthened regulations, introduces Listing Obligation and Disclosure Requirements to consolidate listing rules, and proposes an Electronic IPO framework to use secondary market infrastructure for bid collection and broaden retail investor access.

Direct Benefit Transfer for LPG moves subsidies into bank accounts to reduce duplication and prevent leakage.
The Government deregulated petrol and diesel prices and implemented a universal Direct Benefit Transfer (DBT) scheme for LPG from 1 January 2015, transferring subsidies directly into bank accounts of cash transfer compliant customers (Aadhaar and non Aadhaar holders) to avoid duplication and leakage. The Government also initiated end to end computerization of the Public Distribution System and a drive for universal Aadhaar enrolment; eleven States have joined the National Food Security Act framework, with further roll out contingent on system readiness.

Customs appraisal counter enables departure valuation of high value jewellery for foreign bound passengers, improving declaration and clearance.
The Government established a Customs appraisal counter at the international departure terminal to provide on site valuation of high value items such as gold and precious jewellery, facilitating accurate departure valuation, passenger declaration, and customs clearance for foreign bound travellers during specified weekday working hours.

Financing of innovations: banks urged to create dedicated services, mentoring and linkages to support innovators and start-ups.
The address urges strengthening the role of the banking sector in financing of innovations, calling for dedicated banking services, tailored credit products, mentoring and market linkages to convert ideas into marketable enterprises, with collaboration between banks, the National Innovation Foundation, universities and district-level mentor pools to support grassroots innovators and start-ups.

Bank autonomy: Public sector banks urged to take commercial decisions without fear or favour, focus on asset quality.
The government urges financial autonomy for Public Sector Banks, directing them to take commercial decisions without fear or favour while strengthening public grievance redressal, adopting capital augmentation plans and innovative instruments to meet Basel III requirements, and coordinating measures to improve asset quality through joint lenders' forums, project resolution and additional debt recovery tribunals.