Tariff value revision: new customs tariff values set for palm oils, oilseeds, precious metals and areca nuts.
The Central Board of Excise & Customs has amended the notified tariff valuation schedule by substituting TABLE 1, TABLE 2 and TABLE 3 with updated tariff values for specified imports. TABLE 1 prescribes per metric tonne values for palm oils, palmolein, crude soybean oil, brass scrap, and poppy seeds. TABLE 2 sets unit tariff values for gold and silver where specified notification benefits apply. TABLE 3 fixes the per metric tonne value for areca nuts. The substituted tables govern customs assessment and import valuation.

Memorandum of understanding for hosting an international infrastructure finance meeting allocates stakeholder duties and coordination arrangements.
India will host the AIIB annual meeting in Mumbai under a Memorandum of Understanding allocating duties among the Government of India, the AIIB Secretariat, and other stakeholders; a Special Committee at Department of Economic Affairs level and a state-nominated nodal agency are designated to coordinate inter-ministerial, state and operational arrangements for preparatory events, delegation facilitation, seminars and media registration.

PAN-Aadhaar linkage requirement extended to facilitate compliance after Supreme Court's partial stay on mandatory tax filing linkage.
The government requires PAN-Aadhaar linking for ITR filing and new PAN allotment and has extended the deadline to facilitate compliance. The tax authority stated it will not cancel PANs for individuals without Aadhaar or an enrolment ID while a judicial partial stay on implementation pending privacy review provides limited relief. Taxpayers are urged to complete enrolment or linkage within the extended timeframe to avoid future compliance issues.

Administrative suspension for alleged corruption follows investigation into officer's solicitation of bribe during tax assessment.
Allegations that a Deputy Commissioner solicited a bribe through the taxpayer's chartered accountant in a scrutiny assessment were supported by audio recordings; the Vigilance Directorate requisitioned case records and found serious lapses and irregularities. The Department, asserting zero tolerance for corruption, has placed the officer under administrative suspension pending the ongoing vigilance investigation.

Aadhaar PAN linking requirement extended to facilitate taxpayer compliance and completion of the linkage process before the revised deadline.
The statutory obligation requiring taxpayers possessing an Aadhaar Number or Enrolment Number to link that identifier with their Permanent Account Number (PAN) is reaffirmed; to address difficulties encountered by some taxpayers, the administrative authority has further extended the time allowed for completing the Aadhaar-PAN linkage to facilitate compliance.

Foreign trade policy introduces MEIS and SEIS to incentivize exports and extend benefits to SEZs.
The Foreign Trade Policy 2015-2020 consolidates export incentives into the MEIS and SEIS, issues transferable duty credit scrips usable for duties and taxes, extends incentives to SEZ units and e commerce exports, reduces EPCG export obligations for domestic procurement, lengthens certain authorisation validities including SCOMET, and restructures exporter recognition into a One-to-Five Star Export House system based on US dollar earnings.

Export incentive increase expands support and procedural relief for labour intensive and MSME exporters, easing duty free procurement and scrip transfer.
The mid term review raises MEIS and SEIS incentives for labour intensive and MSME exporters and restores duty free import entitlements to resolve post GST working capital blockage; it removes GST on duty credit scrip transfers, extends scrip validity, permits nominated agencies to import gold without IGST for exporters, enhances export credit insurance, and introduces a self assessment duty free procurement scheme initially for Authorized Economic Operators to expedite inputs without Standard Input Output Norms.

Foreign Direct Investment approvals: equity issuance permitted for restructuring; repatriation request for asset manager rejected.
Department of Economic Affairs approved issuance of equity shares to foreign parent entities to meet pre-operative/pre-incorporation expenses in connection with the proposed voluntary liquidation of the Indian subsidiary, and rejected a separate request seeking capital and profit repatriation and continuation as an asset manager without complying with minimum capitalization norms.

Public debt issuance remained elevated with low rollover risk amid surplus liquidity and intermittent cash stress.
The Quarterly Report for July-September 2017 states that dated securities and Treasury Bill auctions proceeded smoothly with higher issuance than the comparable prior quarter, reporting the weighted average maturity and yield of issuance. Liquidity remained in surplus while government cash was intermittently stressed, prompting temporary central bank advances and cash management measures; the Reserve Bank sold government securities under Open Market Operations. Public Debt rose provisionally with internal and marketable securities comprising most of the stock; about 27.8% of stock had residual maturity up to five years, indicating low rollover risk.

Technology-driven anti-smuggling enforcement urged to adopt data analytics for detecting sophisticated contraband and trade fraud.
The Finance Minister urges the Directorate of Revenue Intelligence to modernise investigative methods by adopting contemporary technological tools-notably data analytics-to identify and prevent sophisticated smuggling of sensitive contraband (including gold and narcotics), circulation of fake currency, illicit wildlife and environmental trade, clandestine antiquities export, and trade-based money laundering, and to detect import export related commercial frauds.

Government securities auction: price-based multiple price sale with non-competitive allocation and electronic bidding windows.
Re-issue auctions for five Government stocks will be conducted by the Reserve Bank of India using the multiple price method, with specified notified amounts and an option to retain additional subscriptions; up to five percent of the notified amount is reserved under the Non-Competitive Bidding Facility. Bids must be submitted electronically via E Kuber within prescribed non competitive and competitive windows, auction results and payment dates are specified, and the stocks are eligible for When Issued trading per RBI guidelines.

Government to government financial cooperation agreement enables concessional loans and grants for urban mobility, sanitation, forest management and renewable transmission projects.
The Government to Government Umbrella Agreement formalises bilateral financial cooperation through concessional loans and accompanying grants for Climate Friendly Urban Mobility III and related projects, while four separate reduced interest loan agreements were signed for forest restoration and livelihood improvement in Manipur; urban sanitation, water supply and waste management in Madhya Pradesh; sustainable urban infrastructure in Odisha; and intra state renewable energy transmission in Maharashtra.

Terms of Reference require wide-ranging intergovernmental consultations and expert analysis to inform the Finance Commission's assessment.
The Commission commenced work on the Terms of Reference, resolved to conduct wide-ranging consultations with Union Ministries, State Governments, local bodies, panchayats and state political parties, and mandated analytical papers and inputs from research organisations, academics and think tanks to inform its assessments, while approving establishment of its Secretariat office in New Delhi.

National Pension System reforms expand participation and ease compliance, enabling online onboarding and investment flexibility.
PFRDA promoted the National Pension System (NPS) to corporates, clarifying onboarding, tax, POPs, transfer and annuity queries, and announced operational reforms: transfer process for superannuation/recognized provident funds; biannual change in investment choice; online account opening with e sign; introduction of Alternative Investment Fund asset class "A"; two new lifecycle funds LC 75 and LC 25; and a reduced Tier I minimum annual contribution.

Know Your Customer norms: simplified identity verification for courier imports and exports permitting specified ID documents and GSTIN or PAN.
KYC verification for courier imports and exports is simplified: individuals may use Aadhaar, passport, PAN, driving licence or voter ID with recording of delivery address by the courier; firms registered under GST may use GSTIN, and unregistered entities may use UIN or PAN for KYC purposes.

Advance Pricing Agreements provide transfer pricing certainty as CBDT concludes additional bilateral APAs expanding the APA programme.
Central tax administration entered into bilateral Advance Pricing Agreements covering cross border transactions in the Electronics and Technology sectors, specifying pricing for Distribution, Marketing Support Services and Business Support Services to provide transfer pricing certainty. The APA framework, introduced in 2012 with rollback provisions in 2014, is designed to reduce disputes by fixing pricing methods in advance and to promote a non adversarial, transparent approach to complex transfer pricing issues.

Tariff valuation update: amendment to customs notification substitutes tariff value tables for specified imported commodities.
The Central Board of Excise & Customs, invoking sub-section (2) of section 14 of the Customs Act, 1962, amends Notification No. 36/2001 Customs (N.T.) by substituting TABLE 1, TABLE 2 and TABLE 3 to prescribe revised tariff values for specified imported commodities including edible oils, crude soybean oil, brass scrap, poppy seeds, gold and silver (for specified concessional entries), and areca nuts for customs valuation and assessment purposes.

Assessment proceedings against post demonetisation depositors not filing returns after inquiry notices will be initiated in January.
Assessment proceedings will begin in January against taxpayers who deposited suspicious cash during demonetisation but have not filed returns; the CBDT has directed issuance of inquiry notices by December 31, permitting electronic, postal or, if necessary, personal service, and assessments or prosecutions will follow analysis of replies under Operation Clean Money.

Civil service training interaction highlights attachment learnings and readiness for initial ministerial postings and administrative challenges.
Interaction between Indian Economic Service Officer-Trainees and the Minister of State addressed learnings from attachments, practical experience in scheme implementation at state and district levels, and preparedness for initial postings to various Ministries and Departments; the Minister emphasised readiness for professional challenges and administrative adaptability.

Mutual Agreement Procedure acceptance expanded: transfer pricing MAPs and bilateral APAs accepted irrespective of corresponding adjustment clause.
Acceptance of applications for transfer pricing Mutual Agreement Procedure and bilateral Advance Pricing Agreements is confirmed even where the relevant Double Taxation Avoidance Agreement lacks a Corresponding Adjustment clause; absence of Paragraph 2 of Article 9 (or equivalent) in the DTAA does not bar initiation or acceptance of MAP or bilateral APA proceedings.