Priority investment cooperation expanded as India and Russia set working groups to facilitate sectoral projects and exchange project information.
India and Russia established two working groups to promote bilateral economic collaboration: one on Priority Investment Projects to identify, promote and facilitate mutually agreed projects with company-formulated road maps across sectors including chemical, automotive, aviation, fertilizer, petroleum and pharmaceuticals, and another on Modernization and Industrial Cooperation identifying cooperation in aircraft and aero engines, fertilizer and phosphate development, mining and metallurgy, pharmaceuticals, steel modernization and power-sector equipment, with agreement to exchange project information and to hold the next meetings in India.

Exchange rate notification under Customs Act sets official foreign currency conversion rates for import and export valuation.
Determination of official foreign currency conversion rates under section 14 of the Customs Act, 1962, effective from 18th October, 2013, by the Central Board of Excise and Customs, superseding the prior exchange-rate notification; schedules prescribe separate rupee-equivalent rates for imported and export goods to be applied for customs valuation and related purposes.

Tariff values amendment standardises customs valuation for listed imported commodities and sets unit values for gold and silver.
Amendment to the Customs tariff valuation regime substitutes revised tariff value tables fixing US dollar tariff values for specified edible oils, brass scrap, poppy seeds and areca nuts, and sets unit tariff values for gold and silver where certain notification benefits are claimed, under authority of section 14(2) of the Customs Act, 1962.

Penalty recovery under competition law pursued through prosecution and tax-department enforcement for unpaid sanctions.
The Commission will pursue recovery and enforcement against parties who have not paid penalties imposed under the Competition Act, 2002 despite no pending appeals, including initiating prosecution under Section 42(3) and referring recovery certificates to the Income Tax Department for action.

Infrastructure policy incentives attract foreign capital through PPP promotion, VGF expansion, FDI liberalisation and IDF tax relief.
The speech notes government measures to mobilise foreign capital into infrastructure through encouragement of private infrastructure funds, promotion of Public Private Partnerships, expansion of the Viability Gap Funding scheme to new sub-sectors, liberalisation of Foreign Direct Investment rules, a Cabinet Committee on Investments to expedite approvals, and tax and withholding incentives for Infrastructure Debt Funds to attract long term debt from foreign institutional investors.

State capacity must be strengthened to ensure institutional delivery, accountability, and to recapture sustained economic growth momentum.
India's trend growth depends on six microeconomic fundamentals: demographics, international economic integration, a more capable financial system, sophisticated firms, a more skilled workforce, and democracy providing rule of law. Recent cyclical slowdown reflected global shocks and domestic constraints, but early recovery signs and a series of statutory and regulatory reforms - including an integrated Indian Financial Code, a new Companies Act, transfer of commodity futures regulation to the finance ministry, and a statutory defined contribution pension system - aim to strengthen institutions. The central policy priority is augmenting State capacity to resolve market failures, deliver public goods, and ensure accountability.

Gross direct tax collections rise, driven by increases in corporate and personal income tax and higher net collections.
Gross direct tax collections rose by 10.66 percent during April-September 2013-14 to Rs. 3,01,250 crore. Corporate tax collections increased by 7.93 percent to Rs. 1,92,308 crore, while personal income tax grew by 16.15 percent to Rs. 1,06,231 crore. Net direct tax collections were up 10.72 percent to Rs. 2,50,959 crore. Securities Transaction Tax receipts and Wealth Tax receipts also recorded growth.

Government securities auction via uniform price method with non-competitive facility and electronic bidding for allotment and settlement.
Sale by re-issue of four central government securities will be conducted through a price-based auction using the uniform price method by the Reserve Bank of India, with specified notified nominal amounts. Up to five percent of each notified amount is reserved for eligible investors under the Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically via the RBI's E-Kuber system within prescribed intra-day windows; results are to be announced on the auction date and payment/settlement effected on the subsequent scheduled date. The stocks are eligible for When Issued trading under RBI guidelines.

Credit agreement enables financing for the Jharkhand Tribal Empowerment Livelihood Project to support targeted rural livelihoods.
A credit agreement between the Government of India and IFAD, alongside a project agreement with the Government of Jharkhand, finances the Jharkhand Tribal Empowerment Livelihood Project through September 2021 to enable rural households in hill districts to adopt sustainable livelihoods, targeting small rural producers, women, scheduled caste households and youth, and is implemented through four components: Community Empowerment, Integrated Natural Resource Management, Livelihood Promotion, and Project Management.

Exchange rate determination for import and export goods set by CBEC, specifying separate import and export conversion rates.
Determination of exchange rates effective 4 October 2013 prescribes a dual-rate structure with separate rupee conversion rates for imported and export goods; SCHEDULE I lists per unit equivalents for major currencies and SCHEDULE II lists equivalents per one hundred units where applicable, and the notice supersedes the prior notification.

Composition scheme reform for works contractors permits withdrawal and switching, adjusts forfeiture, purchase limits, and TDS treatment.
Amendments modify the composition scheme for works contract dealers to allow mid year withdrawals, scheme switching, and uniform scheme selection for all contracts in a financial year; require tax payment on opening stock when changing from a higher to a lower scheme and permit adjustment of carry forward tax credit against such liability; increase the allowable purchases from unregistered dealers; reduce forfeiture on non compliance to fifty percent; and alter main contractor-subcontractor treatment so subcontractor deduction is limited to tax computed at the lower of the two composition rates, with the main contractor liable to deduct VAT TDS on the differential where applicable.

Tariff valuation change for specified edible oils, metals and seeds alters import valuation and notification tables under customs law
Amendment substitutes TABLE 1, TABLE 2 and TABLE 3 of the principal customs notification to fix revised dollar denominated per unit tariff values for specified commodities including edible oils (various palm oil and palmolein types and crude soybean oil), brass scrap, poppy seeds, areca nuts, and per unit valuations for gold and silver where certain notification benefits are availed, thereby directing customs assessment to apply the substituted tariff values.

Current account deficit containment supported by fiscal consolidation to maintain budgeted deficit limits and attract capital flows.
The statement projects containment of the Current Account Deficit at US $70 billion, attributing Q1 elevation largely to exceptional gold imports and forecasting sharp compression in gold inflows after administrative measures. It relies on diversified capital flows-FDI, quasi sovereign bonds, ECBs by PSUs, NRI deposits and banking capital aided by an FCNR(B) swap window-to fully finance the CAD without reserve drawdown. Concurrently, the Government commits to fiscal consolidation to keep the fiscal deficit within 4.8% of GDP, noting revenue recovery, front loaded plan expenditure, and announced austerity measures.

SEZ and EOU policy: awards recognise export performance while highlighting scheme benefits and outstanding fiscal challenges to address.
Presentation of EPCES export awards recognised EOUs and SEZ units for outstanding export performance and noted that the SEZ Scheme attracts investment, technology and managerial practices while contributing to exports, manufacturing, employment and value addition. The EOU Scheme is under review after withdrawal of an income tax benefit, and the Ministry highlighted fiscal challenges such as the imposition of Minimum Alternate Tax and Dividend Distribution Tax. EPCES committed to stakeholder consultations and Open House meetings to resolve operational issues and continue recognising strong performers.

Uniform price auction of government stocks allows reserved non-competitive bids and mandates electronic E Kuber submission for participants.
Sale and re-issue of multiple Central Government stocks will be conducted by the Reserve Bank of India through price-based auctions using the uniform price method. Up to five percent of each notified amount is reserved for eligible individuals and institutions under a Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically on the Reserve Bank's Core Banking Solution (E Kuber) within specified submission windows, with auction results announced and payment obligations set by the issuing authority. The stocks are eligible for when issued trading under existing RBI guidelines.

Due-date extension for filing income tax returns: deadline moved for affected assessees after heavy rains and floods disrupted filings.
The Central Board of Direct Taxes has extended the due-date for filing Returns of Income for Income Tax assessees in the affected State, moving the previously prescribed September filing deadline to a later date in October 2013 as administrative relief in view of heavy rains and floods that disrupted normal life and filing processes.

International tax conference addresses APAs, safe harbour rules, transfer pricing, dispute management and cross-border indirect tax challenges.
The conference focuses on practical and policy responses to international taxation issues, centring on Advance Pricing Agreements (APA), Safe Harbour Rules, transfer pricing controversies and attribution of profits, alongside panels on emerging international tax developments and tax controversy management; separate sessions examine contentious indirect tax rules, cross-border service tax challenges and audits, and the event convenes government revenue officials and private sector tax practitioners to facilitate dialogue and technical exchange.

Unlisted companies permitted to list abroad on a pilot basis subject to jurisdiction, disclosure, FDI and use of proceeds rules.
Unlisted Indian companies may, on a pilot basis, list and raise capital abroad without prior or subsequent Indian listing, limited to exchanges in IOSCO/FATF compliant or SEBI agreement jurisdictions; they must submit to SEBI the returns filed with the foreign regulator for PMLA, meet SEBI disclosure norms, comply with the FDI Policy, use proceeds for specified overseas purposes or repatriate unused funds promptly into RBI recognised AD banks, with implementation via notifications from the MoF, DIPP and RBI.

Willful TDS non-deposit triggers criminal liability and imprisonment plus fines under income tax penal provisions.
Willful failure to remit tax deducted at source and failure to furnish TDS certificates constitute criminal offences under the Income Tax Act. The company deducted tax from salaries, dividends and contractor payments but did not deposit the amounts within the prescribed time and failed to issue required certificates. The managing director, as the responsible officer, was prosecuted under the penal provisions for TDS non-deposit and failure to provide certificates and was sentenced to imprisonment and fined for those offences.

Electronic audit report filing deadline extended; manual audit report still due by prescribed due date.
Extension allows electronic transmission of the report of audit under the proviso to sub rule (2) of Rule 12 of the IT Rules until October 31, 2013 to address uploading difficulties; assessees must nevertheless file the report manually with the jurisdictional Assessing Officer and file income tax returns electronically by the prescribed due date.