Tariff value adjustments for specified imported commodities update affecting palmolein, brass scrap, seeds, areca nuts, gold and silver.
The Central Board of Excise & Customs, under section 14(2) of the Customs Act, substitutes TABLE-1, TABLE-2 and TABLE-3 of Notification No. 36/2001-Customs by prescribing revised tariff values: US$ per metric tonne values for specified commodities (including palm oils, soyabean oil, brass scrap, poppy seeds, areca nuts) and unit US$ values for gold and silver where certain notification benefits are availed.

FDI caps consultation: ministry seeks regulator and press council input while maintaining existing policy until recommendations are received.
The Information & Broadcasting Ministry has referred proposed revisions to FDI caps in print and broadcasting to TRAI and the Press Council, and instructed DIPP to maintain existing FDI limits and entry routes under the consolidated FDI Policy 2013 pending their comments; this follows stakeholder consultations that produced divergent and incomplete responses and underscores the need for regulator input given potential sector-wide impacts.

Advance Pricing Agreement promotes certainty and transparency in transfer pricing, aiding resolution of tax disputes with foreign companies.
Government initiatives aim to resolve tax disputes with foreign companies by using Advance Rulings and the Advance Pricing Agreement scheme introduced in the Union Budget 2012-13 to provide certainty and transparency in the Transfer Pricing mechanism for cross border transactions.

Compulsory licensing and patent protection affirmed as WTO-compliant and subject to judicial review, affecting market access and investment.
Compulsory licensing, patent protection and market access were central, with Indian law confirming intellectual property rights and a WTO-compliant process for patent registration and compulsory licences subject to judicial review; restrictions on temporary relocation of knowledge workers were characterised as non-tariff barriers affecting trade, investment and India's aim to become a manufacturing hub.

Chairperson unavailability: scheduled meetings with income tax administration will not take place on announced dates.
Chairperson, Central Board of Direct Taxes (CBDT), issued an official notification that the Chairperson will be unavailable for meetings with members of the income tax family on Friday and Monday as specified in the press release, serving as an administrative informational notice to staff and stakeholders.

Direct tax collection rises in April-June quarter; corporate and personal tax receipts and other levies show growth.
Direct tax collection for April-June of fiscal 2013-14 rose overall, with gross receipts increasing by a double-digit percentage and net direct tax collection growing at a lower rate. Corporate tax receipts increased at a modest rate relative to gross collections, while personal income tax showed substantially higher growth. The release additionally reports receipts from Securities Transaction Tax and a marked percentage increase in Wealth Tax collections, indicating differing performance across tax heads during the quarter.

Auction re-issue of government stocks: uniform price auctions with competitive and non competitive bidding and reserved allocation.
Sale (re-issue) of central government securities will be conducted by the Reserve Bank of India through the Uniform price method with both competitive and Non-Competitive Bidding Facility bids submitted electronically via the E Kuber system on the scheduled auction date; a capped portion of each notified amount is reserved for eligible non-competitive bidders, auction results and payment dates are specified, and the re-issued stocks are eligible for When Issued trading under RBI guidelines.

Permanent Establishment rules determine source-state taxation and enable reduced withholding on cross-border passive income.
The agreement allocates taxing rights over business profits to the source state where a Permanent Establishment exists, defines types of PE, incorporates Associated Enterprises provisions to bolster Mutual Agreement Procedure for transfer pricing adjustments, and provides reduced withholding taxation on dividends, interest, royalties and technical service fees to encourage investment. It also establishes enhanced exchange of information, including banking data, an Article on Assistance in Collection of Taxes with conservancy measures, and limitation of benefits rules to prevent treaty abuse.

Institutional Placement Programme use to transfer government stake, allowing preferential allocation to state undertakings through allocation criteria.
The Department of Disinvestment requested the Government of Tamil Nadu to nominate a senior official to discuss with SEBI a proposal to transfer a government equity stake in Neyveli Lignite Corporation to State Undertakings. SEBI indicated the transaction could fall under the Institutional Placement Programme framework, subject to detailed discussions with Tamil Nadu, the Ministry of Coal and the Department of Disinvestment. Under IPP offer documents the seller may set allocation criteria to prefer particular classes of Qualified Institutional Buyers, allowing State Undertakings to receive preferential allocation if specified.

Voluntary Compliance Encouragement Scheme: industry concerns to be clarified; firms urged to disclose tax liabilities and seek scheme benefits.
The Revenue Department committed to addressing industry concerns about the Voluntary Compliance Encouragement Scheme, stating clarifications will be issued and urging defaulting persons and entities to disclose service tax liabilities, file returns and avail scheme benefits. Industry queries focused on audit initiation, eligibility criteria and requests for a negative list of ineligible categories and an internal departmental review; CBEC asked associations to submit doubts within two weeks for consolidated clarification.

Infrastructure Debt Funds gain credibility as AAA-rated IDF-NBFC unlocks long-term refinancing and private capital mobilisation.
India Infradebt Limited, the first IDF NBFC, received a 'CRISIL AAA' rating reflecting its viable business model, regulatory framework, rigorous appraisal, strong capital base and governance; the rating enhances competitiveness in the refinancing market and enables access to long term funds from domestic and institutional investors, and Infradebt has issued its first sanction letter for refinancing an NHAI bid road project.

Exchange rate notification sets distinct conversion rates for import and export goods under customs authority, effective on the stated date.
Determination under statutory power sets distinct conversion rates of specified foreign currencies into Indian rupees for customs valuation of imported and export goods, superseding a prior notification and effective from the stated date; two annexed schedules list per unit and per 100 unit rates with separate columns for imported and export goods for use in customs transactions.

External assistance for reconstruction to be mobilised via multilateral funding with grant-loan pass-through to support state recovery.
The central government will secure external assistance from Multilateral Development Banks for Uttarakhand reconstruction, with MDB loans passed through to the State on a concessional grant and loan basis to rebuild damaged infrastructure. A joint ADB-World Bank mission led by the Department of Economic Affairs will visit the State to assess needs, firm up long term recovery project proposals and fast track needs assessment, project preparation and approval in coordination with State officials.

Government securities auction: uniform price re issues with non competitive allocation and electronic bidding timetable and payment schedule.
Re issue of central government stocks will be offered by uniform price auction conducted by the Reserve Bank of India, with up to five percent of each issue reserved for eligible applicants under the non competitive bidding facility. Bids must be submitted electronically on the RBI E Kuber system within specified windows for non competitive and competitive bids; the announcement sets the dates for auction results and payment. The stocks are eligible for When Issued trading per RBI guidelines.

Transfer pricing for captive R&D: TNMM preferred for low risk contract centres; PSM cautioned due to data limitations.
The Committee recommends that Indian captive Development Centres that cumulatively satisfy factual parameters of a contract R&D service provider with insignificant risk should be benchmarked using the Transactional Net Margin Method (TNMM) with an appropriate cost plus markup, while application of the Profit Split Method (PSM) is often impracticable due to lack of reliable global profit allocation data and should be applied only with extreme care. The Committee also advises issuing updated FAR guidance and circulars and clarifies that on site development deemed as export, SoWs govern scope over MSAs, DTM is eligible when connected to software development, R&D services should be notified as eligible for export deductions, slump sale transfers preserve tax holidays, separate books are not mandatory, and parity must be maintained in turnover computations.

Transfer pricing guidance for development centres clarified; profit split circular rescinded and contract R&D criteria reissued for certainty.
Transfer pricing for development centres is clarified: arm's length price must be determined by the most appropriate method under section 92C and Rule 10C, weighing factors such as transaction nature, functions, assets, risks, data reliability, comparability and necessary adjustments. CBDT rescinded the prior profit split circular and will amend and reissue guidance on contract R&D centres to refine criteria and terminology, and indicates safe harbour rules under section 92CB will be issued to further bring certainty to assessments.

Chief Adviser Cost appointment strengthens central advice on cost accounts and authorises cost investigations for government entities.
Chief Adviser Cost appointment: Shri D.C. Bajaj elevated to the post as senior-most officer of the Indian Cost Accounts Service, responsible for advising ministries and government undertakings on cost accounts matters and undertaking cost investigations on their behalf, providing central technical guidance and investigatory action on cost accounting across government entities.

Tariff value revision: customs notification replaces scheduled values for specified imported commodities and precious metals.
Amendment under the Customs Act substitutes TABLE 1, TABLE 2 and TABLE 3 of Notification No. 36/2001 Customs (N.T.), prescribing tariff values for specified imports. TABLE 1 lists per metric tonne values for various palm oils, palmolein, crude soybean oil, Brass Scrap (all grades) and Poppy Seeds, many noted as unchanged. TABLE 2 sets tariff values for Gold and Silver in specified forms when benefits of entries in a separate customs notification are availed, with values by weight unit. TABLE 3 records the per metric tonne value for Areca Nuts.

Credit agreement to strengthen gram panchayats through capacity building, state decentralization support, performance grants, and coordination.
A government credit agreement finances a Panchayat Strengthening Project to develop inclusive, responsive and accountable gram panchayats in six districts as a pilot for scaling. The project comprises five components: Gram Panchayat Sarkar Bhawan, capacity building for gram panchayats, strengthening State capacity for decentralization, panchayat performance grants, and project management and coordination, with a defined implementation timeframe and closing date.

Tariff value notification for areca nuts updated, altering import valuation and customs assessment under customs law.
The Central Government, exercising the power under Sub-section (2) of section 14 of the Customs Act, 1962, fixes the tariff value for imported areca nuts and inserts a new Table 3 into Notification No. 36/2001 Customs (N.T.), specifying the tariff value in US dollars per metric ton to be applied for customs valuation of areca nuts.