Due diligence obligations: local custodians must verify accounts and may rely on global custodian documentation for reporting compliance.
Reporting must be submitted in Indian rupee for the immediate reporting cycles and Form 61B will be modified to capture currency type. Fixed deposits opened without additional documentation may be treated as pre-existing accounts if linked to a savings account meeting specified cut-offs, due diligence on the savings account is complete or underway, and the accounts are treated as linked. Local sub-custodians must perform due diligence on global custodian end-clients but may rely on global custodian KYC/FATCA/CRS documentation; the local custodian retains reporting obligations. HUF accounts are treated as entity accounts; NBFCs are classified by activity for reporting. Registration and reporting procedures are being revised.

Exchange Rate Determination for foreign currencies: specified import and export conversion rates now apply to customs valuation.
The Central Board of Excise and Customs, under section 14 of the Customs Act, prescribes specific conversion rates for listed foreign currencies into Indian rupees (and vice versa) for valuation of imported and export goods, superseding the prior CBEC notification, with the operative rates set out in two annexed schedules that distinguish rates for imported goods and for export goods.

Reappointment of SEBI Chairman confirmed by central government notification, extending the incumbent's tenure under statutory authority.
The Central Government has reappointed Shri U.K. Sinha as Chairman of the Securities and Exchange Board of India under the powers of Section 4 of the SEBI Act, 1992 and Rule 3 of the SEBI Rules, 1992, with tenure commencing 18.02.2016 and extending until 01.03.2017 or until further orders, and a notification to that effect has been issued.

Conversion of firms to companies now requires partnership deeds, certified assets liabilities, stamp undertaking and latest income tax return.
Amendments expand the Companies (Authorised to Registered) Rules to include firm as defined under the Partnership Act and require firms converting to companies to file partnership deeds (including revisions and registration certificates), partner addresses, an undertaking on compliance with the Indian Stamp Act, a chartered accountant certified statement of assets and liabilities dated within fifteen days of URC-1 filing, and the latest income tax return; procedural language, publication, intimation to Registrar of Firms, affidavit/undertaking wording and Form URC-1 are correspondingly revised.

Tax rationalisation and simplification to promote growth and a level playing field for domestic manufacturers; emphasis on indirect tax reforms.
Tax rationalisation and simplification will be central to promote growth, employment and provide a level playing field for domestic manufacturers. The strategy emphasises strengthening indirect tax collections, phasing out distortionary exemptions while retaining targeted reliefs, expanding the effective tax base through withholding and online filing, reducing litigation by raising appellate thresholds and moderating penalties, and implementing a unified indirect tax regime through GST supported by administrative and IT preparedness.

Aadhaar-based KYC enables instant NPS enrolment and contribution via the eNPS platform without visiting service points.
PFRDA now accepts eAadhaar-based KYC on the eNPS platform as an alternative to PAN-and-bank-account verification, using UIDAI OTP authentication to verify identity and auto-populate address and date of birth. Aadhaar-based KYC is optional and permits instant PRAN generation and immediate online contribution after the subscriber completes mandatory selections, uploads signature, provides contact details, and makes the initial online payment. The subscriber must later submit a printed, signed form to the CRA within a specified period.

Inflation-indexed bond repurchase via reverse auction, price-based; electronic bids required on E-Kuber with same-day results.
Government to repurchase 1.44 per cent Inflation Indexed Government Stock-2023 by reverse auction for a specified aggregate face value as an ad hoc premature redemption using surplus cash balances. The auction will be price-based using a multiple-price method; electronic bids must be submitted on the Reserve Bank of India's E-Kuber system within the prescribed time window, and auction results will be announced on the same day.

Repurchase of government securities via reverse auction using multiple-price bidding; electronic bids required through E-Kuber, same-day results.
Repurchase of government securities is announced through a reverse auction to redeem specified government stocks prematurely by utilising surplus cash balances on an ad hoc basis. The auction is price-based using the multiple price method, with bids to be submitted electronically on the Reserve Bank of India Core Banking Solution (E-Kuber) within the prescribed bid window; results will be announced the same day.

Draft Companies (Accounting Standards) Rules 2016 update accounting standards, SMC eligibility and disclosure requirements for financial statements.
The draft Companies (Accounting Standards) Rules, 2016 propose superseding specified 2006 Accounting Standards, require companies (except those subject to Indian Accounting Standards) and their auditors to apply the Accounting Standards to General Purpose Financial Statements, define Small and Medium Sized Company (SMC) eligibility and transitional conditions for SMC reliefs, and include an Annexure restating operative provisions and disclosures of key Standards including AS 2, AS 4, AS 10, AS 13, AS 14, AS 21 and AS 29.

Recalibration of small savings interest rates to a quarterly G Sec linked reset aligning them with market yields and policy transmission.
Recalibration of small savings interest rates effective 1.4.2016 introduces a quarterly reset mechanism based on FIMMDA month-end G-Sec rates for specified reference months, with notification prior to each quarter to align small saving rates with market yields and aid monetary transmission.

Mutual Agreement Procedure resolves cross-border double taxation, easing disputes and boosting investor certainty through treaty competent authority engagement.
Use of Mutual Agreement Procedure under Double Taxation Avoidance Agreements enables designated competent authorities to negotiate treaty-based adjustments for cross-border tax disputes across sectors, reducing litigation and providing certainty to foreign investors through bilateral case resolution with treaty partners.

Tariff value revision updates import valuation for specified palm oils, soyabean oil, metals and agricultural commodities.
Amendment revises tariff values for import valuation by substituting TABLE-1, TABLE-2 and TABLE-3 of Notification No. 36/2001-Customs (N.T.), updating US dollar tariff values and unit specifications for listed goods including palm oils, palmolein variants, crude soyabean oil, brass scrap, poppy seeds, areca nuts, and designated gold and silver entries eligible under specified notification benefits.

Non-tax receipts digitalisation enables online payments to government, streamlining collection and reconciliation through NTRP platform.
The document announces a centralized online platform for Non-Tax Receipts enabling electronic payments via Credit Card, Debit Card or Net Banking through a Payment Gateway Aggregator (SBI e-Pay). The portal provides an end-to-end solution to replace physical instruments, improve timeliness of deposits, and support reconciliation and accounting by government Ministries and Departments; inaugural use included an interim dividend remitted by NTPC.

Advance payment of income tax dues urged; use authorised bank branches or online channels to avoid end period congestion.
The Reserve Bank of India urges assessees to remit income tax dues sufficiently in advance of the due date and to use authorised agency banks or the online payment facilities of those banks as alternatives to paying at RBI counters, thereby avoiding heavy end period queues and delays in receipt issuance.

Asset attachment under depositor protection law spurred prosecutions, auctions and follow up enforcement actions against the exchange and associates.
Authorities secured property attachments under the Maharashtra Protection of Interest of Depositors framework, initiated arrests and lookout notices, commenced auctioning attached properties, and pursued prosecutions and search-and-seizure operations under the Prevention of Money Laundering regime, alongside FIU penalties and CBI enquiries; administratively, the corporate merger/amalgamation process and market-regulator actions against defaulting brokers were directed and monitored.

Tariff value amendment: substituted tables set customs valuation benchmarks for specified commodities and precious metals.
The Central Board of Excise & Customs substitutes TABLE 1, TABLE 2 and TABLE 3 of Notification No. 36/2001 Customs to prescribe tariff values for specified imported goods. The substituted tables set tariff values per metric tonne for commodities such as Crude Palm Oil, RBD Palm Oil, palmolein variants, Crude Soyabean Oil, Brass Scrap, Poppy Seeds and Areca Nuts, and tariff values per weight unit for Gold and Silver where notification benefits are availed; each entry is indicated as unchanged.

Revised Schedule III for companies reporting under Ind AS mandates detailed presentation and expanded disclosures across financial statements.
The revised Schedule III creates Division II for companies complying with Ind AS, requiring financial statements to follow prescribed formats and classification rules while accommodating necessary departures where Ind AS or other law mandates. It mandates detailed face of statement line items and extensive note disclosures-reconciliations of carrying amounts, sub classification of assets and liabilities (including secured/unsecured/doubtful), related party and director exposures, equity reconciliations, borrowings and defaults, contingent liabilities, and additional disclosures in the Statement of Profit and Loss and consolidated statements, with specified presentation of comprehensive income and non controlling interests.

Auditor reporting requirements expanded to mandate specific disclosures on assets, loans, compliance and fraud in company reports.
The draft order prescribes expanded auditor reporting requirements for companies under the Companies Act, 2013, excluding specified company categories and consolidated reports, and requires auditors to include discrete statements on asset verification, inventory, title deeds, loans, investments, guarantees, deposit compliance, cost records, statutory dues and disputes, defaults on borrowings, application of raised funds, fraud reporting, managerial remuneration compliance, related party and non-cash director transactions, preferential allotments and Nidhi company requirements.

Pre-budget consultations emphasize cooperative fiscal federalism and urge States to deploy additional transfers for growth and social sectors.
Pre-budget consultations focused on cooperative fiscal federalism and the use of additional transfers after the Fourteenth Finance Commission to benefit the poor and build infrastructure. States urged emphasis on agricultural recovery, continuation of certain Centrally Sponsored Schemes on the old pattern, settlement of CST arrears, and incentives for dairy development. The Finance Minister noted recent reforms and State efforts to attract foreign investment and assured that the written suggestions would be examined for inclusion in upcoming Budget proposals.

Taxpayer data protection: Department affirms it never requests financial access details by email and urges phishing reporting.
The Income Tax Department advised that it never requests PINs, passwords or similar financial access information by email, directed taxpayers to report suspected phishing to the government cyber incident response agency, and implemented email authentication protocols (SPF, DKIM, DMARC). The advisory provides specific precautions-verify sender domains and headers, avoid opening attachments or clicking links, use updated antivirus and firewalls, and forward phishing reports for examination and blocking-to reduce spoofing and protect electronic taxpayer communications.