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<h1>Amendment to Section 80R: Competent Authority Now Includes RBI for Granting Extensions in Foreign Exchange Matters.</h1> Section 80R of the Income-tax Act is amended effective June 1, 1999. The amendment replaces the phrase concerning the Chief Commissioner's authority with a provision allowing the competent authority to grant extensions. Additionally, an explanation is added to define 'competent authority' as the Reserve Bank of India or any other authorized entity under current laws for regulating foreign exchange transactions.