Data security standards require designated income-tax IT authorities to prescribe procedures for secure capture, transmission, archival and retrieval.
Amendments to the Income-tax Rules, 1962 substitute a clause reference in rule 114D(1) and insert a new sub-rule empowering the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) to specify procedures, data structures and standards for secure capture and transmission of data and to evolve and implement security, archival and retrieval policies related to the statement in sub-clause (i) of sub-rule (1).

Anti dumping duty on narrow woven Hook and Loop tapes from China reinstated, continuing trade protection and exchange rate conversion rules.
Imposition of a specific anti dumping duty on Narrow Woven Fabrics (Hook and Loop Velcro tapes) originating in or exported from China PR for five years under sub heading 5806 10, following a designated authority review that found continued dumping and likelihood of intensification; the duty includes fully processed but uncut fasteners and excludes certain unprocessed narrow woven fabrics, is levied per specified unit and currency, is payable in Indian currency, and uses the notified rate of exchange with the bill of entry date as the relevant date.

Exchange rate determination: fixed conversion rates set for specified foreign currencies for import and export purposes.
The Central Board of Excise and Customs fixed conversion rates for specified foreign currencies into Indian rupees for customs valuation, prescribing separate rates for imported and export goods in annexed Schedule I and Schedule II. These rates take effect from 07 October 2016, supersede the prior notification, and apply for conversion of each listed currency for assessing imported and export goods, with savings for actions under the superseded instrument.

Special Economic Zone land addition expands pharmaceutical SEZ, increasing total notified area under SEZ rules.
The Central Government, exercising powers under the Special Economic Zones Act and SEZ Rules, notifies inclusion of an additional 1.4585 hectares to the pharmaceuticals SEZ at Village Matoda, Sari and Chachanvadi Vasna, Taluk Sanand, District Ahmedabad, increasing the total SEZ area to 50.2885 hectares and listing the survey parcels 495/2, 474, 475/3 and 473/1 contributing to the added area.

Application for immunity under section 270AA allows taxpayers to seek exemption from penalties and prosecution initiation
Amendment to the Income-tax Rules inserts a new rule requiring applications for immunity from penalty and from initiation of prosecution to be made to the Assessing Officer in the prescribed Form No.68, and adds Form No.68 to Appendix II with fields for taxpayer details, particulars of the assessment order, payment records, and a signed verification undertaking that no appeal has been or will be filed during the statutory period.

Customs liability on failure to export: Federation and importer jointly liable for duties and interest; limited cap on Federation's liability.
The notification inserts a clause making the Federation and the importer jointly and severally liable to pay customs duties and applicable interest if goods are not exported within the prescribed period, with the Federation's liability capped at not more than ten per cent above the duties, and excluding Federation liability where goods are lawfully sold or disposed of in India on payment of duties as on import. It also removes references to Schedule III, omits two conditions in the first paragraph, expands Schedule II wording and adds entries for official displays/demonstrations and meetings or conferences.

Definition of payment actually made for spectrum fees governs timing of deduction and recomputation after termination.
Definition of payment has actually been made for spectrum expenditure: an upfront payment qualifies as payment made irrespective of the previous year in which liability arose under the assessee's accounting method; where deferred payment is allowed, the amount treated as payment made is that which would have been payable on an upfront basis irrespective of the previous year. If deferred payment scheme conditions are breached and the Department of Telecommunications terminates the allotment, the Assessing Officer shall recompute income by deeming the total amount paid up to termination as payment made and the spectrum to have been in force until termination for determining the relevant previous year.

Minimum Import Price continuation preserves import pricing controls for specified iron and steel HS codes for a further two-month period.
Continuation of Minimum Import Price (MIP) on 66 specified HS codes of iron and steel under Chapter 72 extends the operative effect of the prior notification for an additional two-month period, exercised under Section 3 of the Foreign Trade (D&R) Act, 1992 and relevant Foreign Trade Policy provisions, thereby maintaining the existing MIP regime and import policy conditions for those codes during the extension.

Special Economic Zone notified for IT/ITES, establishing an Approval Committee and deeming the area an Inland Container Depot.
Central Government notifies 1.34 hectares at Outer Ring Road, Doddanekundi Circle, Marathalli Post, Bengaluru as a Special Economic Zone for IT/ITES under the Special Economic Zones Act, 2005, records grant of letter of approval under section 3(10), and specifies the survey numbers. It constitutes an Approval Committee under section 13 for purposes of section 14 listing specified ex officio members and a developer representative, and appoints the date from which the zone is deemed an Inland Container Depot under the Customs Act, 1962.

Advisory Committee on Accounting Standards constituted to advise on company accounting policies and standards; term limited.
The Central Government, invoking sub section (1) of section 210A of the Companies Act, 1956, constituted the National Advisory Committee on Accounting Standards to advise on formulation and laying down of accounting policies and standards for companies under the Companies Act, 1956 and 2013; it specifies representative membership drawn from professional institutes, regulators, ministries and industry, and provides that the Chairperson and members hold office for two years from Gazette publication or until the National Financial Reporting Authority is constituted, whichever is earlier.

Re-importation time limits updated for exported goods, with specified extension powers for customs commissioners.
Amendment prescribes differentiated re-importation periods and extension authority: goods to Bhutan must be re-imported within seven years, with the Principal Commissioner or Commissioner allowed to extend up to three years; other goods (excluding DEEC/EPCG/DEPB exports) within three years, with the Commissioner able to extend up to two years; goods exported under DEEC, EPCG or DEPB must be re-imported within one year, with the Commissioner able to allow an additional one-year extension on sufficient cause.

Import bond requirement for gold and precious metals: exporter must export equivalent metal content within ninety days or pay duty.
Amendment requires importers of gold, silver or platinum under the Export Against Supply by Nominated Agencies scheme to execute a bond in form and for a sum specified by the Assistant Commissioner or Deputy Commissioner of Customs, undertaking to export jewellery or articles with equivalent metal content within ninety days from issue, and to pay on demand duty for any shortfall between issued quantity and metal content contained in the exported goods.

Customs exemption expanded for technetium radiopharmaceuticals by notification; tariff entry added and specified list item omitted
Further amendment to Notification No.12/2012-Customs inserts a new Table entry, serial 163B, for tariff heading 2844 naming Technitium-99m with Nil duty, and omits the goods specified against item (111) in List 4 of the principal notification.

Customs amendment adds designated inland container depots to eligible stations for export/import under export promotion schemes.
The Central Government amends multiple customs exemption notifications under section 25(1) of the Customs Act by substituting wording in specified conditions and table entries to add Kalinganagar and Tumb Village (Taluka Umbergaon, District Valsad) to the list of designated customs stations authorised for export/import under export promotion schemes, replacing earlier two-location references with an expanded roster of eligible stations.

Appointment of IBBI Chairperson under statutory authority establishes a fixed tenure subject to age limit and administrative terms.
Central Government appoints Sh. Madhu Sudan Sahoo as Chairperson of the Insolvency and Bankruptcy Board of India under powers conferred by the Insolvency and Bankruptcy Code, effective upon assumption of charge, for a term of five years or until the prescribed age limit of sixty-five years or until further orders, whichever is earlier, communicated by the Ministry of Corporate Affairs notification.

Establishment of Insolvency and Bankruptcy Board under section 188 of the Code appointed effective 1 October 2016.
The Central Government, exercising powers under sub section (1) and sub section (3) of section 188 of the Insolvency and Bankruptcy Code, appoints 1 October 2016 as the date of establishment of the Insolvency and Bankruptcy Board of India and specifies the Board's head office at New Delhi by official notification.

Company incorporation rules: SPICE introduced and conversion process for companies limited by guarantee into share companies.
Amendments establish SPICE (Form INC-32 with e-MOA INC-33 and e-AOA INC-34) as a simplified integrated electronic incorporation process and revise conversion procedures: filing Form INC-27 for conversions (including public to private) and a new rule permitting companies limited by guarantee to convert into companies limited by shares upon meeting share capital equivalence, passing a special resolution, filing MGT-14 and INC-27 within prescribed timelines, and obtaining Registrar approval with issuance of Form INC-11B.

Ex officio appointments to the Insolvency and Bankruptcy Board name four government nominees, effective until further orders.
Appointments of four ex officio members to the Insolvency and Bankruptcy Board of India: nominees from the Department of Economic Affairs (finance ministry), Ministry of Corporate Affairs, Department of Legal Affairs (law ministry), and the legal department of the central banking institution; each nominated under the statutory nomination clauses and appointed effective until further orders.

Recognition renewal for a clearing corporation granted for a limited term, subject to regulatory conditions and compliance.
Renewal of recognition is granted to Metropolitan Clearing Corporation of India Limited under Regulation 12 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 and relevant powers of the Securities Contracts (Regulation) Act, 1956 for a fixed one year term, on the basis that renewal is in the interest of trade, the securities market and the public interest, and subject to compliance with conditions specified by the regulator and any additional requirements that may be prescribed.

Recognition renewal for a clearing corporation granted, conditioned on ongoing compliance with SEBI-prescribed requirements.
SEBI grants renewal recognition to Indian Clearing Corporation Limited under Regulation 12 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 for a one-year term commencing on the third day of October and ending on the second day of October of the following year, subject to compliance with conditions specified by SEBI and any further conditions that may be prescribed or imposed.