Interest Equalisation Scheme extends export credit interest support to MSME and selected tariff lines, funded and administered via revolving reimbursements.
An Interest Equalisation Scheme offers a 3% interest concession on pre and post shipment rupee export credit for five years from 1 April 2015, available to MSME exports and exporters of 416 specified tariff lines but not to merchant exporters. Funding is to come from Department of Commerce allocations transitioning from non plan to plan funds, with the Ministry placing short term requirements with the central bank and monthly reimbursements via a revolving fund; the central bank will issue operational instructions and a three year impact study will be undertaken.

Currency swap framework extension permits bilateral swap agreements with SAARC nations, enabling negotiated drawdowns and temporary reserve support.
Extension of the Framework on Currency Swap Arrangement authorises the RBI to offer bilateral currency swaps to SAARC central banks sized to cover short-term import needs in USD, Euro or INR, subject to an aggregate ceiling. Amendments clarifying operational clauses were approved and any Framework modification requires Finance Minister approval. Bilateral agreements will be executed by RBI after government clearance. Extension alone has no fiscal impact, but drawdowns under bilateral swaps would temporarily deplete RBI foreign exchange reserves up to the agreed maximum and impose an interest obligation on the Receiving Party.

Trade deficit narrows as merchandise exports and imports fall, driven by reduced oil imports and services surplus.
Merchandise trade contracted in October 2015 and for April-October 2015-16 with exports declining and imports falling by a larger proportion, resulting in a narrower trade deficit year on year. Oil imports contributed substantially to the import decline, while non oil imports showed only marginal year to date change. Services trade for September 2015 showed a net export position with receipts exceeding payments.

Duty Drawback rates revised to reflect average duty incidence; brand rate extended to wheat with provisional post-export payments.
Notification revises the All Industry Rates of Duty Drawback effective 23 November 2015 to reflect average Customs, Central Excise and Service Tax incidence; adds new items to address higher duty incidence and classification issues; extends the brand rate route to wheat and provides for provisional post-export payment for brand-rate claims; an Expert Committee will consider Export Promotion Council feedback and make further recommendations.

Refund of CENVAT credit: provisional expedited payments to exporters of services upon auditor certification to unlock accumulated credits.
The scheme provides that exporters of services submitting a statutory auditor/Chartered Accountant certificate and claimant declaration will receive a provisional payment of 80% within five working days for accumulated and unutilised CENVAT credit claims pending as on 31-3-2015 that have not been disposed of by a sanction order, with detailed procedures set out in Circular 187/6/2015-Service Tax.

Indirect tax revenue growth signals expansion of the tax base after policy measures increased provisional collections.
Provisional indirect tax collections for April-October 2015 rose substantially year on year and exceeded the proportionate share of the budget estimate for the period. Central Excise registered the largest increase, Service Tax rose moderately, and Customs grew at a lower rate. The statement attributes part of the rise to government measures (excise increases on diesel and petrol, higher clean energy cess, withdrawal of exemptions, and an increase in Service Tax rates) and separately reports an exclusionary growth figure that nonetheless indicates expansion of the underlying tax base.

Foreign Trade Policy focus emphasizes long-term orientation and sectoral support to boost exports amid global slowdown.
The Parliamentary Committee reviewed declining exports and imports and the improved trade deficit; the Ministry emphasised Foreign Trade Policy 2015-2020 as a long term framework, reported expansion of the Merchandise Exports of India Scheme (MEIS), and outlined sectoral support and bilateral engagement to address non tariff barriers, promote export diversification, and bolster value added exports amid global slowdown.

Gold monetization mobilizes household gold into formal instruments to provide returns and reduce import reliance.
The announcement establishes three instruments-the Gold Monetization Scheme, the Sovereign Gold Bond Scheme, and India Gold Coins-to mobilize privately held gold into formal channels, provide returns on idle household gold, and substitute for imported gold by promoting domestic issuance and minting; implementation steps include an information portal and issuance evidenced by Certificates of Investment.

Exchange rate notification under Customs Act sets conversion rates for imported and export goods effective November.
The Central Board of Excise & Customs, under statutory authority, prescribes specific exchange rates for conversion between listed foreign currencies and Indian rupees for import and export goods, superseding a prior notification. The rates are set out in two schedules-Schedule I with per-unit rates and Schedule II with rates per one hundred units-and are effective from the operative date stated, with a savings clause for transactions completed before supersession.

Retrospective amendment of export incentive policy cannot withdraw vested entitlement unless no vested right had arisen.
The document explains that exclusions and restrictions to an export incentive scheme were imposed following evidence of widespread misuse, and that DGFT exceeded its procedural authority by excluding goods via Public Notice, which was ultra vires. The Central Government later regularised exclusions under statutory power. Delegated legislation is ordinarily prospective; statutory amendment power did not permit retrospective withdrawal of benefits where exporters had already acquired a genuine vested right. Amendments aimed at preventing misuse do not affect non accrued or ill gotten entitlements.

Import licensing requirement enforced: authorities seized unauthorised Chinese firecrackers to curb smuggling and protect public safety.
Import of firecrackers is subject to a licensing requirement under the Foreign Trade Policy and no import licenses have been issued; enforcement authorities, acting on intelligence of concealment and mis declaration, conducted coordinated raids on over one hundred premises on 28 October 2015, recovered and seized various Chinese made firecrackers under the Customs Act, 1962, and have ongoing investigations to prevent smuggling of substandard, hazardous goods.

Export incentive expansion under MEIS increases product coverage and raises support for exporters via transferable duty credit scrip.
The Government expanded the Merchandise Exports from India Scheme (MEIS) by adding 110 tariff lines and revising rates or country coverage for 2,228 existing tariff lines; MEIS rewards remain payable as a percentage of realized FOB value by transferable duty credit scrips usable for specified duty payments. The revision extends global support to specified product categories, increases support for many MSME-manufactured items, broadens country coverage for selected base-metal and leather products, raises support for certain agricultural and textile products, and adds new product lines including bulk containers, medical instruments, sports goods and value-added rubber, chemical and plastic products.

Central Excise certainty and uniformity in assessment to reduce litigation and improve ease of doing business.
The conference resolved numerous issues to promote certainty in assessment, uniformity of practice across jurisdictions, and clearer understanding of legal questions affecting manufacturers; these resolutions are intended to reduce litigation and improve ease of doing business, and the meeting identified areas where further business-process simplification is needed.

Duty Free Tariff Preferences expand market access for least developed countries, urging African firms to use India's scheme.
Duty Free Tariff Preferences (DFTP) provide extensive duty-free market access for least developed countries and should be actively promoted by African and Indian stakeholders to expand bilateral trade and investment. Complementary measures include services cooperation, capacity building in Tourism, Healthcare, Hospitality and ICT, the Pan-Africa E-Network, and potential cost-effective credit facilities to strengthen African partners' ability to utilise preferential market access.

Arrest and prosecution thresholds raised for tax and customs offences, with no-lower-limit exceptions for high-risk smuggling.
Central Board of Excise and Customs consolidated and rescinded earlier instructions to raise monetary thresholds for arrest and prosecution in tax evasion, wrongful utilisation of input tax credit, and customs evasion by wrongful availment of exemption or duty drawback, and increased value benchmarks for appraisement-related import/export offences; it preserved no-lower-limit treatment for smuggling of fake currency, arms, explosives and endangered species, and specified procedural safeguards requiring strong prima facie evidence before invoking criminal powers.

Exemption for wind turbine components clarified: parts of wind operated generators are eligible for central excise relief.
Circular from the Central Board of Excise and Customs interprets Notification No. 12/2012 to confirm that parts and components of Wind Operated Electricity Generators-including tower, nacelle, rotor, blades and wind turbine controller-are eligible for Central Excise duty exemption, aiming to reduce litigation and facilitate ease of doing business in the non-conventional energy sector.

Duty Free Tariff Preference expansion frames India-Africa trade cooperation, enhancing market access and services support for LDCs.
India positioned Africa as a strategic partner and expanded the Duty Free Tariff Preference scheme, providing duty free access on the vast majority of tariff lines for Least Developed Countries, alongside a services package and visa fee waivers for LDC business visitors. The meeting reviewed prior commitments and prioritized cooperation in agriculture, manufacturing and pharmaceuticals, emphasized value addition, and addressed cotton technical assistance and WTO issues to translate market access into jobs and livelihood improvements.

Customs duty increase on wheat and excise exemptions for biodiesel inputs change import and manufacturing tax treatment.
Basic customs duty on imported wheat is increased to 25% until 31.03.2016 by Notification No.51/2015-Customs to counter import pressure. Central excise duty is exempted on RBD Palm Stearin, Methanol and Sodium Methoxide when used by actual users in manufacture of specified biodiesel, preventing CENVAT credit accumulation, under Notification No.42/2015-Central Excise until 31.03.2016.

Price stabilization for onions via public stocking, storage expansion and market intelligence to curb extreme volatility.
The note recommends a multi pronged framework to manage onion price volatility: dilute geographic concentration by promoting onion cultivation in additional states and kharif production with improved varieties and extension; institute public stockholding by central and state agencies to prevent market manipulation and provide supply cover; expand specialized storage infrastructure; and develop continuous monitoring, price forecast models and an early warning system to enable pre emptive procurement, export regulation and import actions.

Trade contraction in merchandise and services signals lower exports and imports, narrowing the trade deficit for the period.
Merchandise trade recorded substantial year on year declines in exports and imports for September 2015 and cumulatively for April-September 2015-16, yielding a reduced trade deficit. Oil imports fell sharply while non oil imports were broadly stable cumulatively, and services continued to show a positive net export position in August 2015.