Approval under 10(23G) enables tax exemption for infrastructure finance and requires CCIT monitoring with annual reports. Approval under 10(23G) exempts dividend, interest on long term loans and long term capital gains for investments in enterprises wholly engaged in infrastructure activity, subject to Central Government approval and Rule 2E guidelines. The CCIT must monitor approved cases, send annual reports to the Board, and propose withdrawal of approval where sub rule (8) of Rule 2E applies; for new companies the CCIT may advise Assessing Officers to undertake closer monitoring to ensure compliance.