Extension of shipment period allows completion of previously authorised onion exports under foreign trade regulations.
The Central Government, under the Foreign Trade (Development & Regulation) Act and relevant Export and Import Policy provisions, amended ITC(HS) classifications to extend the shipment period for the unutilized balance of a previously authorised onion export quantity, permitting shipment until a newly prescribed cut off to enable completion of authorised exports.

Foreign currency accounts by Indian entities: permitted for overseas branches to fund operations subject to remittance limits and conditions.
Authorises an Indian entity to open and maintain foreign currency accounts abroad in the name of its overseas office, branch or representative for normal business operations, subject to annual remittance caps, closure and repatriation rules where branches are not established or cease to exist, prohibition on contracts contravening foreign exchange law, and separate regulation for acquisition of immovable property; exempts EEFC-funded remittances and provides special treatment for certain export-oriented and technology park units.

Jurisdiction of Income tax directors clarified: specified directors granted territorial and India wide powers with delegation authority.
The notification prescribes which Directors of Income-tax (Inv.) shall exercise statutory powers and perform functions, directing certain Directors to exercise search and seizure powers India wide where specified and to exercise other powers within the territorial areas listed in the Schedule; it authorises those Directors to issue written orders delegating functions to subordinate Income tax authorities, supersedes prior orders insofar as Director jurisdiction is concerned, and takes effect on publication in the Official Gazette.

Advance Licence/DEEC exemption updated to include Garhi Harsaru alongside Bhilwara and Pondicherry in multiple notifications.
The Central Government amends multiple customs miscellaneous exemption notifications under section 25 of the Customs Act to substitute references to "Bhilwara and Pondicherry" with "Bhilwara, Pondicherry and Garhi Harsaru" in specified conditions, thereby extending the textual scope of Advance Licence/DEEC import exemptions to include Garhi Harsaru in the listed notifications.

Portfolio Investment Scheme restrictions: NRIs may buy shares under PIS but transactions in print media are prohibited.
Regulation 5(3) is replaced to allow NRIs to buy shares or convertible debentures on a stock exchange under the Portfolio Investment Scheme subject to Schedule 3, but bar purchases in the Print Media sector. NRIs and OCBs may buy securities on a non-repatriation basis outside PIS under Schedule 4, also excluding Print Media. Schedule 3 is amended to remove OCB references and to require the link office of the authorised dealer's designated branch to furnish daily reports of PIS transactions to the Reserve Bank in the prescribed format.

Board-authorised buyback: new notice and filing requirements plus specified disclosure obligations under the buyback framework.
A new regulation 5A permits buybacks authorised by a Board resolution, subject to: publication within two days of a public notice in one English national daily, one Hindi national daily and one regional language daily at the place of the registered office; inclusion of disclosures as specified in Schedule I; and filing a copy of the Board resolution with the Board and the stock exchanges within two days of passing the resolution.

Public deposit eligibility updated: companies below prescribed net owned fund cannot solicit deposits; penal interest applies for overdue deposits.
Amendment defines net owned fund by reference to the Reserve Bank of India Act and prohibits companies below the prescribed net owned fund threshold from inviting public deposits. It also adds a penal interest regime for overdue public deposits, applying a higher compoundable annual penal rate to deposits made by small depositors, and directs commencement upon publication in the Official Gazette.

Customs appointment for airports: expands permitted unloading and loading to cover tourist charter baggage, Nepal baggage, and import/export cargo.
Amendment under clause (a) of section 7 of the Customs Act substitutes column entries to specify permitted unloading activities-baggage from tourist chartered flights, baggage imported from Nepal, and import cargo-and permitted loading activities-baggage from tourist chartered flights, baggage for export to Nepal, and export cargo.

Customs description correction clarifies that other copper articles are covered by specified Customs Tariff headings.
Corrigendum corrects the description of goods against Serial/Sub-serial No.74.16 in Notification No.50/2001-Customs(N.T.) to read as other articles made of Copper only (covered by Customs Tariff Headings 74.07 to 74.19), replacing the prior shorter wording and clarifying the tariff classification scope for that entry.

Duty drawback rates amended to revise percentages, allocations, and product specific eligibility conditions for exports.
Amendment revises General Note No.2 to reference manufacture/export under Rule 18 and Rule 19 of the Central Excise (No.2) Rules and updates the drawback table by substituting and inserting chapter entries that set revised drawback percentages, allocation between Customs and Central Excise, product specific FOB value caps, and eligibility conditions tied to CENVAT non availment and manufacture from duty free finished leather for specified textile, leather, carpet, footwear and pen products.

Exchange rate determination for exported goods prescribes official currency conversion rates under Section 14(3)(a) of the Customs Act.
Determination of official exchange rates for conversion of foreign currency for exported goods under Section 14(3)(a) of the Customs Act, superseding the earlier notification and taking effect from 1st December, 2001. The notification prescribes specific exchange rates in two appended schedules: Schedule I (rate per one unit of currency) and Schedule II (rate per 100 units) to be applied for export-related customs calculations.

Exchange rate notification: prescribed conversion rates for foreign currencies to Indian rupee for stamp duty and customs purposes.
Prescribes the official exchange rate schedule converting specified foreign currencies into Indian currency, effective from the stated commencement date, for calculating stamp duty under the Indian Stamp Act and for specified applications under the Customs Act; supersedes the prior exchange-rate notification and appends two schedules listing unit and per-hundred-unit rates for use in stamp duty and customs determinations.

Duty drawback rate for bulk tea applicable where excise paid on procurement by fully export oriented units and EPZ units.
Director General of Foreign Trade fixed an All Industry rate of duty drawback for bulk tea, applicable only where excise duty has been paid on procurement of bulk tea by fully export oriented units and units in export processing zones, such procurement being treated as deemed exports under the Export and Import Policy.

Appointment of Adjudicating Authority under the Customs Act reallocates specified show cause notices to a single Commissioner for adjudication.
The Central Government, invoking sub section (1) of section 4 of the Customs Act, 1962, appoints the Commissioner of Customs, Bangalore to perform the functions of the Commissioners at Tiruchirapalli and two Chennai formations exclusively for adjudication of three specified show cause notices issued to M/s. Leela Scottish Lace Ltd., Mumbai, thereby consolidating adjudicatory responsibility for those listed departmental references.

Deemed export benefits extended to suppliers to specified power projects, bringing those supplies within customs exemption coverage.
Amendment to an existing customs exemption notification inserts a new sub clause in the Explanation to extend deemed export benefits to suppliers of goods to Vindhyachal Super Thermal Power Project Stage II and Kayamkulam Combined Cycle Power Project, thereby subjecting those supplies to the customs exemption regime under the principal notification.

Export classification change removes certification requirement for cotton waste exports, eliminating prior documentary restriction.
The notification removes the certification and registration requirement for exports of soft and hard cotton waste under ITC(HS) Code 5202 by deleting the restriction in Table B of Schedule 2 and deleting the corresponding conditional export entry in Appendix 1 to Schedule 2, thereby eliminating the prior requirement to produce a Textile Commissioner certificate and related reporting.

Anti-dumping provisional assessment requires bank guarantees for thermal sensitive paper imports, with liability if duty is confirmed on review.
Imports of thermal sensitive paper from M/s Papierfabrik August Koehler Ag, Germany are subject to provisional assessment pending review, requiring a bank guarantee calculated at the specified US dollar rate per square meter for imports during the investigation period. If the designated authority recommends anti dumping duty on review, importers will be liable to pay the duty on all imports from the date of initiation of the review. Anti dumping duty will be converted into Indian currency using the government notified rate of exchange applicable on presentation of the bill of entry.

Tariff change for edible oils adjusts duty rates and import aggregate triggers under revised customs notification.
Notification No. 119/2001-Customs inserts four entries distinguishing imports of crude sunflower/safflower oil and refined rape/colza/mustard oil into categories within an aggregate import limit and all other imports, applying differentiated ad valorem duty rates accordingly; it is made under section 25(1) of the Customs Act, 1962 and also substitutes the EXIM Facilitation Committee in the Directorate General of Foreign Trade for the Agricultural and Processed Food Products Export Development Authority in Condition No.1 of the Annexure.

Self-clearing member regulation introduces net worth and deposit requirements and extends clearing rules to self-clearing members.
The amendment creates a defined category of self-clearing member-a clearing corporation or clearing house member who clears and settles only its own and its clients' transactions and not for other trading members-and integrates that category across the regulations. Applicants must meet existing sub-regulatory requirements plus a prescribed minimum net worth and deposit with the clearing corporation or house. Provisions applicable to clearing members are extended mutatis mutandis to self-clearing members, forms and schedules are revised to include the category, option turnover computation rules are clarified, and an annual fee obligation is imposed.

Exemption from special additional duty for mobile handset parts granted, subject to specified notification conditions and annexure.
A new tariff entry exempts parts, components and accessories of mobile handsets from special additional duty by declaring goods corresponding to the referenced serial in an earlier notification to be chargeable to nil special additional duty, subject to the conditions specified in that earlier notification's annexure.