Rescission of excise notification withdraws prior exemption for packaged software's value portion representing transfer of right to use.
Rescission withdraws an earlier Central Excise notification that had exempted packaged or canned software from excise duty to the extent the assessed value under section 4 represented consideration for transfer of the right to use those goods, and is effected under the statutory power conferred by sub-section (1) of section 5A of the Central Excise Act, 1944, while preserving prior actions or omissions.

Packaged software duty on MRP allowed with abatement for off the shelf software under new central excise notification.
Packaged software or canned software is made subject to Central Excise valuation on the basis of maximum retail price (MRP) with a 15% abatement from MRP for duty assessment; the amendment inserts a tariff entry prescribing this valuation treatment and defines packaged or canned software as software developed for a variety of users and intended for sale off the shelf.

Customs exemption for shallots and onions: specified tariff entries now exempt from basic customs duty under amended notification.
The notification amends the principal customs tariff by substituting a duty entry with "Nil" and inserting a new tariff line for shallots (HS code 07031020) designated as exempt from customs duty, thereby removing basic customs duty on imports of these items through a formal amendment to the Table of the principal notification.

Rescission of exemption for packaged software restores standard customs duty treatment, preserving prior completed actions.
The Central Government, exercising powers under the Customs Act, rescinds Notification No. 31/2010 Customs that exempted packaged software, thereby removing that exemption and restoring standard customs duty treatment for such goods prospectively, while preserving actions done or omitted before the rescission under a savings clause.

Guarantee disclosure requirements ensure uniform reporting of government guarantees, covering classes, tracking, funds and invocation accounting treatment.
The Standard requires Governments to include a Statement of Guarantees in their Financial Statements prepared by the Accounting Authority, defining guarantees and related mechanisms, and treating guarantees as contingent liabilities. Financial Statements must disclose class-wise and sector-wise details in prescribed formats: maximum guarantees, opening and closing outstanding, additions, deletions, invoked guarantees (discharged or not), guarantee commission and other material details. Notes must report limits on guarantees, existence and balances of Guarantee Redemption/Reserve Funds, Automatic Debit Mechanisms, Structured Payment Arrangements, tracking unit details, and the accounting treatment when guarantees are invoked.

Rescission of appointment designating Director STPI as Development Commissioner ends prior IT/ITES SEZ notifications.
The central government, exercising its statutory power under Section 11 of the Special Economic Zones Act, 2005, has revoked all earlier notifications that had designated the Director, Software Technology Parks of India as Development Commissioner for Information Technology and Information Technology Enabled Special Economic Zones, thereby withdrawing that appointment designation.

Co-terminous validity of SEZ approvals tied to Letter of Approval, with biannual implementation progress reporting required.
Substitutes item (viii) in Form C (General Conditions) to provide that the approval's validity shall be co-terminous with the validity of the Letter of Approval issued to the Developer, and requires submission of implementation progress to the Government of India every six months.

Small account KYC relaxation permits limited monitored savings accounts with conditional verification and remittance restrictions.
The amendments define Designated Officer, expand acceptable identity documents to include job cards and Aadhaar letters, and define small account with prescribed transaction, withdrawal and balance limits; they permit opening such accounts on certified self attested photograph and signature or thumbprint, impose branch and system monitoring requirements, limit the relaxed KYC status to a time bound period subject to evidence of application for full documents, require full identity verification upon suspicion of money laundering or high risk, and prohibit foreign remittances into small accounts unless full identity documents are produced.

Anti dumping duty on SDH transmission equipment imposed, with producer specific CIF based rates and defined product scope.
Definitive anti dumping duty is imposed on Synchronous Digital Hierarchy (SDH) transmission equipment originating in or exported from China PR and Israel after the designated authority found material injury to domestic industry; duties are producer and exporter specific, set as percentages of CIF value in a tabular schedule, apply only to optical fibre SDH equipment and the SDH portion of mixed consignments, exclude specified non SDH systems, are payable in Indian currency for a five year statutory period unless earlier altered, and use the bill of entry presentation date for exchange rate determination.

Export contract registration for cotton required with DGFT; customs to verify registration before export clearance.
Prior registration of export contracts for cotton (ITC(HS) codes 5201, 5202 and 5203) is mandated with the Directorate General of Foreign Trade before shipment, with Customs to clear consignments only after verifying such registration; this replaces registrations previously handled by the Textile Commissioner and includes seasonal export management measures and subsequent amendments, with later substitutions moving specified cotton tariff items to prohibited status.

DEPB scheme exemption extended under Customs Act authority by amending the principal notification to postpone its expiry.
The Central Government, invoking sub-section (1) of section 25 of the Customs Act, 1962, amends Notification No.97/2009-Customs by substituting the deadline in para 2 and thereby extending the exemption for goods imported under the DEPB scheme as effected by Notification No.124/2010 and published in the Gazette of India.

Tariff value revision: updated tariff table sets a new value for brass scrap while poppy seeds remain unchanged.
The Board substitutes the tariff value table in notification No. 36/2001 Cus (N.T.) with an updated schedule setting per metric tonne benchmark import values for listed goods. Most values are unchanged; the tariff value for brass scrap (all grades) is revised while the tariff value for poppy seeds remains unchanged. The notification implements these tariff values for customs valuation and compliance.

De-notification of Special Economic Zone area reduces notified SEZ land and updates survey parcels under SEZ rules.
De-notification of 3.41 hectares from the Hebbal IT/ITES Special Economic Zone is approved under the second proviso to sub-section (1) of Section 4 of the Special Economic Zones Act, 2005 and rule 8 of the SEZ Rules, 2006, reducing the originally notified area of 25.45 hectares to 22.04 hectares. The notification specifies affected survey and plot numbers and records Government satisfaction with compliance of conditions under sub-section (8) of Section 3.

Companies Act amendment changes notified deadline, substituting the earlier date with 31-01-2011 to extend effect.
Central Government, under Section 210A of the Companies Act, 1956, amends the prior Ministry of Corporate Affairs notification S.O.1800(E) by substituting the figures "20-11-2010" wherever they occur with the figures "31-01-2011", thereby altering the operative date specified in the original Gazette notification.

Certification requirement for securities operations and risk management personnel to obtain NISM accreditation within prescribed periods.
Requirement that certain associated persons of registered stock-brokers, trading members and clearing members obtain NISM-Series-VII: Securities Operations and Risk Management certification for roles concerning investor assets, grievance redressal, internal control and operational risk; firms must ensure existing personnel and new hires obtain the required certification within the periods prescribed by the notification.

Anti-dumping duty extension on nylon filament yarn imports preserves existing measures for an additional specified period under tariff law.
The Central Government, acting on the designated authority's statutory review and recommendation under the anti-dumping rules, amends Notification No. 85/2006-Customs to add a provision preserving anti-dumping duty on specified nylon filament yarn imports (with stated exclusions) for an additional limited period, subject to earlier revocation.

Closure of HUF PPF accounts requires refund of balances after loan interest adjustments for accounts past the statutory duration.
The amendment requires closure of Public Provident Fund accounts opened on behalf of a Hindu Undivided Family before 13 May 2005 after fifteen years from the end of the year of initial subscription, and directs refund of the entire account balance after adjustments for any interest due on loans; accounts where the fifteen year period had already elapsed are to be closed at the end of the current year with the same refund and adjustment provision.

Amendment to PMLA notification adding Director General of Foreign Trade to specified authorities under PMLA powers.
Central Government, under clause (ii) of section 66 of the Prevention of Money Laundering Act, amends notification G.S.R. 381(E) dated 27-6-2006 by inserting a new serial entry to identify the Director General of Foreign Trade as an additional authority in the notification, effected by G.S.R. 957(E) dated 7-12-2010.

Research exemption under Section 35(1)(ii) enables donations to approved institutions subject to documentary and audit compliance.
Approval granted to Arogyaseva Medical Academy as an approved institution for Income Tax exemption under clause (ii) of subsection (1) of section 35, subject to: utilization of sums for scientific research; research conducted by faculty or enrolled students; maintenance of separate books of account for research receipts with an accountant-certified audit report filed by the income-tax return due date; and a separate auditor-certified statement of donations and amounts applied for research accompanying the audit report. Approval may be withdrawn for failures in these compliance obligations or if research is not genuine.

Research donation exemption approved for institute, subject to utilization, audit and reporting conditions under specified rules.
Approval is granted to Indian Institute of Technology, Hyderabad as an other Institution partly engaged in scientific research for the purposes of research-related tax exemption, subject to utilization of sums for scientific research; research through faculty or enrolled students; maintenance of separate books of account with an auditor's report filed by the income tax return due date; and a certified statement of donations and amounts applied for research. The approval may be withdrawn for failures to maintain accounts, furnish reports, certify donations, or for cessation/non-genuine research or non-compliance with the governing rules.