Drawback time limits extended with hierarchical extension powers and application fees under amended Drawback Rules.
Amends Drawback Rules to extend standard claim periods to three months, authorise hierarchical extensions by Assistant Commissioners, Deputy Commissioners and Commissioners after application and enquiry with written reasons for refusals, and impose tiered application fees tied to FOB export value capped by fixed amounts; also requires refund or adjustment following recovery to be made within three months of realisation of sale proceeds provided such realisation occurred within the Reserve Bank of India permitted period, with Commissioner power to further extend that period on application and fee payment.

Re-export drawback extensions gain tiered authority, inquiry requirements, written refusal reasons, and application fees based on export value
The amendment revises the time-extension framework for re-export drawback claims. The Assistant or Deputy Commissioner may extend the prescribed three-month period by up to three months, and the Commissioner may grant a further extension of up to six months. Extensions require an application and inquiry, and refusal must be supported by written reasons. Application fees are payable based on the export FOB value, subject to the applicable monetary ceiling, with different rates for applications before the Assistant or Deputy Commissioner and the Commissioner. The amendment took effect upon Official Gazette publication.

Special Economic Zone designation: multi-product zone notified, approval recorded, committee constituted and area deemed an Inland Container Depot.
Notification designates a multi-product Special Economic Zone at Kendur and specified villages in Pune, Maharashtra, pursuant to the Special Economic Zones Act, 2005 and Rules, 2006, records grant of letter of approval to M/s. Khed Economic Infrastructure Private Limited, specifies the notified area by survey/gut numbers in the annexed Table, constitutes an Approval Committee with listed ex officio members and special invitee, and deems the SEZ to be an Inland Container Depot under the Customs Act for the stated commencement date.

Beneficial owner identification required: financial institutions must verify identities, maintain due diligence and prohibit anonymous accounts.
Financial institutions, banking companies and intermediaries must determine and identify any beneficial owner, verify identities using all reasonable steps, and exercise ongoing due diligence by examining transactions for consistency with the client's business and risk profile and, where necessary, the source of funds. Anonymous, fictitious or undisclosed beneficiary accounts are prohibited. On suspicion of money laundering or terrorism financing, or where prior identification is doubtful, firms must re verify identity, review due diligence measures and obtain information on the purpose and intended nature of the business relationship. Records of identity include identification data, account files and business correspondence.

Customer due diligence: firms must identify beneficial owners, verify identities and re examine relationships on suspicion of illicit financing.
Amendments require institutions to identify and verify beneficial owners, perform ongoing due diligence including scrutiny of transactions and source of funds, and prohibit anonymous, fictitious or undisclosed owner accounts. Where money laundering or terrorist financing is suspected or prior identification is doubted, institutions must re verify client identity and obtain information on the purpose and intended nature of the business relationship. Records of client identity include identification data, account files and business correspondence; cessation of transactions is defined as termination of an account or business relationship.

Special Economic Zone designation for electronic hardware and IT services declared, developer approval confirmed and ICD status assigned.
A sector specific Special Economic Zone for Electronic Hardware and Software including IT and ITeS is notified at specified survey plots in Dodda Basavanahalli and Chikkabasavanahalli, Hassan, Karnataka, identifying M/s. Opto Infrastructure Limited as developer, listing the parcel survey numbers and aggregate area, and recording prior grant of a letter of approval under the Special Economic Zones Act, 2005 for development, operation and maintenance of the zone.

Mandatory quality standards impose BIS certification requirement for galvanized steel sheet imports under a Foreign Trade Policy amendment.
The Central Government amends Schedule 1 (Imports) of the ITC(HS) classifications under the Foreign Trade Policy 2009-2014 to add IS 277 for galvanized steel sheets (plain and corrugated) to Appendix III, thereby making the applicable BIS standard mandatory for import of that product.

Fixation of tariff values: notification substitutes tariff value table for specified oils, brass scrap and poppy seeds under Customs Act powers.
Substitutes the existing tariff value Table in Notification No. 36/2001 Cus (N.T.) by exercise of powers under section 14(2) of the Customs Act, 1962, fixing tariff values in US dollars per metric tonne for listed commodities including crude palm oil, RBD palm oil, palmolein variants, crude soyabean oil, brass scrap (all grades) and poppy seeds, with most edible oil entries maintained at prior values and brass scrap and poppy seeds specified in the new Table.

Scientific research approval enables tax-favoured research funding subject to utilization, audit and reporting conditions.
Hirabai Cowasji Jehangir Medical Research Institute, Pune is approved as an Other Institution under clause (ii) of sub-section (1) of section 35 read with Rules 5C and 5E, subject to conditions: sums received must be used for scientific research carried out by faculty or enrolled students; separate books of account for research receipts and expenditure must be maintained and audited by a qualified accountant with the audit report furnished to the tax authority by the return filing date; and a separately certified statement of donations and amounts applied for research must accompany the audit report. Approval may be withdrawn for specified noncompliance or cessation of genuine research.

Research-expenditure approval conditions: donations to approved institution qualify subject to audit and separate accounts reporting.
Vedanta Cultural Foundation, Mumbai is approved as an institution eligible for research-expenditure recognition under section 35(1)(iii) for social science research, conditional on using received sums for research, conducting research through faculty or enrolled students, maintaining separate books and a separate statement of donations and research application, obtaining an audit by a qualified accountant, and furnishing the audit report and certified donations statement to the tax authority by the due date; approval may be withdrawn for failure to comply or for cessation or lack of genuine research activity.

Special Economic Zone approvals: amended rules mandate form based submissions, time bound developer approvals, review powers and e filing requirements.
Amendments prescribe that SEZ proposals and co-developer approvals be submitted in specified Forms to the Development Commissioner who forwards them to the Board within fifteen days with recommendations; developer letters of approval are time limited with procedures for extension and review by the Central Government on Board recommendation for sectoral or area changes; developers may generate and distribute power within SEZs and must meet minimum built-up construction timelines; demarcation duties and e-filing obligations are imposed and procurement is extended to include services.

Gratuity exemption increased for qualifying retirements, deaths or terminations on or after 24 May 2010.
The Central Government specified ten lakh rupees as the maximum exempt gratuity amount under Section 10(10)(iii) of the Income-tax Act, 1961, applying to employees who retire, become incapacitated prior to retirement, die, or whose employment is terminated on or after 24 May 2010, and superseding the earlier notification dated 20 January 1999.

Inland container depot designation added permitting unloading of imports and loading of exports at a newly notified site.
Amendment adds a new Inland Container Depot schedule entry authorizing the unloading of imported goods and the loading of export goods at the newly notified location under the principal notification, and records the issuing authority and administrative references for publication in the Gazette.

SEZ amendment: developer name and sector reclassified, changing an engineering SEZ to agro and food processing.
The Central Government amends an earlier SEZ notification to substitute the developer name "Ansal Kamdhenu Engineering SEZ Limited" with "Ansal Colours Engineering SEZ Limited" and to reclassify the SEZ sector from Engineering to Agro and Food Processing Products, thereby updating the operative entries for the sector-specific SEZ in Sonepat, Haryana.

Special Economic Zone approval committee composition altered, replacing one regional trade representative on the committee to update membership.
Amendment to the approval committee composition for the sector specific Special Economic Zone for information technology and information technology enabled services-C at Village Ulwe by substituting in Serial Number 3 the words "Joint Director General of Foreign Trade, Pune" with "Joint Director General of Foreign Trade, Mumbai," under powers of sub section (1) of Section 4 of the Special Economic Zone Act, 2005 and rule 8 of the Special Economic Zones Rules, 2006.

Designation of Central Public Information Officer for LLP matters under Right to Information centralises responsibility for information requests.
Pursuant to section 5(1) of the Right to Information Act, Shri Srikumar, Assistant Registrar, LLP, is designated as Central Public Information Officer for Limited Liability Partnership matters in the Ministry of Corporate Affairs with immediate effect and until further orders, establishing formal responsibility and a contact point for handling LLP information requests.

First Appellate Authority under the Right to Information Act designated for Limited Liability Partnership matters effective immediately.
Pursuant to sub section (1) of Section 19 of the Right to Information Act, the Registrar, LLP is appointed as First Appellate Authority to receive and decide first appeals concerning access to information on Limited Liability Partnership matters within the Ministry of Corporate Affairs, effective immediately and until further orders.

Duty free tariff preference for least developed countries expanded as preference rates increased and two countries added.
Amendments to the duty free tariff preference notification reduce the eligibility threshold from 80 per cent to 60 per cent, revise Appendix I column (4) by substituting higher tariff preference percentages throughout the table, and expand the Schedule of beneficiary countries by adding the Republic of East Timor and the Republic of Zambia.

Cognizability on complaint limits Companies Act prosecutions to authorized complainants and designated prosecuting officers.
Offences under the Companies Act are cognizable only on complaint by the Registrar, a shareholder, or the Government; the Central Government, exercising statutory power, authorizes specified officers in the Serious Fraud Investigation Office to file and conduct prosecutions under the Act, thereby designating prosecutorial authority to named officials for complaint-driven company-law prosecutions.

Public shareholding requirement raised; listed companies must meet minimum threshold through phased annual increases and continuous listing compliance.
The amendment defines 'public' excluding promoters, promoter group, subsidiaries and associates, and excludes shares held by custodians against overseas depository receipts from public shareholding. It amends listing rules to set public offer thresholds for allotment, provides transitional relief for pending drafts, and inserts a Continuous Listing Requirement obliging listed companies to attain and maintain prescribed minimum public shareholding through staged annual increases or to restore any shortfall within a specified remedial period as specified by SEBI.