Cenvat credit: liberal nexus test allows input credit where processing, though not strict manufacture, relates to production.
A liberal interpretive approach to input credit was applied: strict textual reliance on the statutory definition of manufacture is not determinative for denial of Cenvat credit. Processes that alter or prepare duty-paid goods, even if not amounting to manufacture as narrowly defined, may be regarded as operations in relation to manufacture and therefore qualify for Cenvat credit if a reviewing authority finds a sufficient nexus between input use and the production or export activity.

Tariff value notification updates import valuations for edible oils and brass scrap, revising scrap valuation while preserving oil values.
The Central Board of Excise and Customs issued a notification dated 17 December 2007 announcing per metric tonne tariff values for specified edible oils, retaining existing values for six palm group oils and crude soybean oil, revising the tariff value for brass scrap (all grades), and listing poppy seeds with an unchanged tariff value for use in customs import valuation and compliance.

Indirect tax revenue growth reported for customs, excise and service tax with provisional monthly and year to date figures.
Provisional Customs and Central Excise collections for November 2007 present month and cumulative receipts with year over year growth; Service Tax figures are reported up to October 2007; Customs, Excise and Service Tax are consolidated up to October 2007 to show percentage growth, and excise totals are exclusive of cess not administered by the Department of Revenue.

Mandatory e-payment requirement for service tax to be enforced; penal action for non-compliance and contact support available.
Mandatory electronic payment of service tax is required for assessees meeting the prescribed threshold under the Service Tax Rules, 1994; authorised banks already provide e-payment facilities. The Service Tax Commissionerate, New Delhi, has directed divisional officers to enforce the e-payment mandate and initiate penal action against assessees who fail to comply, while offering assistance through designated divisional officers listed on the Service Tax Delhi public grievances and redressal webpage.

Foreign direct investment approvals and regulatory routing announced, with deferred, withdrawn, and one automatic route recommendation.
Approval of 16 foreign direct investment proposals across multiple ministries is announced, covering equity inductions, joint ventures, wholly owned subsidiaries, downstream and holding company investments, and share transfers; aggregate reported inflow is Rs. 647.47 crore. Ten additional proposals are recommended for deferral, involving holding company formations, share swaps, removal of trading prohibitions, FDI into telecom-related holding structures, FCCB issuances, and conversions to operating cum holding companies. Two proposals were withdrawn concerning transfers from an erstwhile OCB to non residents, and one proposal was advised to proceed under the automatic route.

Priority sector lending requirement for foreign banks shapes credit allocation and encourages rural and under banked branch outreach.
Foreign banks are subject to a priority sector lending requirement measured against their Adjusted Net Bank Credit or the credit equivalent of off balance sheet exposures, including sub targets for small enterprises and export credit, with no specific targets for agricultural or scheduled caste/tribe lending; branch expansion into rural and under banked areas is encouraged under the Reserve Bank's Branch Authorisation Policy, which gives weight to the nature and scope of services provided to common persons when considering branch applications.