Notification under section 10(23C) requires detailed CIT proforma review, CCIT clearance and specific recommendations to the Board.
Commissioners of Income Tax must forward Form 56D applications for notification under section 10(23C)(vi) and (via) to the Board through the CCIT with specific comments and recommendations using a prescribed proforma. The proforma requires applicant identity and legal status, clause invoked, assessment years, objects, receipts, activities, assessment history, governance and trusteeship details, audited accounts and FCRA compliance, analysis of application of income, investment modes, any statutory contraventions, and a recommended/not recommended conclusion with period of exemption if applicable.

PMV declaration no longer required where FOB value caps are notified, and Customs will not verify PMV.
PMV declaration is not required for exported products for which an FOB value cap has been notified, irrespective of the DEPB rate; Customs will not verify PMV for such products and earlier circulars are amended accordingly.

DEPB rate corrections for specified export product groups revise incentive rates and value caps effective from the stated date.
The public notice corrects Appendix 28A of the Handbook of Procedures by prescribing revised DEPB rates and value caps for specified items in Product Group: Engineering (Product Code 61) and sets DEPB rates for listed items in Electronics, Chemicals and Plastic product groups; the revised rates and value caps are declared effective from 01.04.2000 under powers conferred by the Export and Import Policy, 1997-2002.

Pre-export DEPB Scheme withdrawal: existing scrips remain valid for duty-free imports until exhausted; no new scrips.
The Pre-export DEPB Scheme is withdrawn effective 1 April 2000 and no fresh pre-export DEPB scrips will be issued by Licensing Authorities. The amendment to Notification No.34/97-Cus. (via Notification No.66/97-Cus.) permitting duty-free import against pre-export DEPB scrips issued prior to that date remains in force, but will automatically become redundant once all such outstanding scrips are exhausted. Customs staff and trade are to be notified of this change.

CENVAT credit scope expanded to include capital goods and inputs used in manufacture, subject to use, return and documentation conditions.
CENVAT credit is available for a widened class of capital goods (including components, spares, moulds, dies, refractories) and for inputs used in manufacture, including inputs contained in waste or by products and inputs used in exempt intermediates. Air conditioners and computers qualify only if used in manufacture, not in office premises. Goods sent to job workers must be returned within 180 days or attributable credit must be debited; credit can be reclaimed on return. Credit from registered first and second stage dealers is permitted; installation is not required to claim capital goods credit, subject to a fifty percent claim limit in the initial year. Additional duty and import CVD component credits are allowed for corresponding duties, and documentary records are required.

Debonding under EPCG Scheme: corrigendum revises export obligation multipliers to lower multiples of depreciated asset value.
The corrigendum to the EPCG Scheme circular corrects the export obligation multipliers for debonding of EOU/EPZ units, replacing the earlier multipliers with lower multiples measured against the depreciated value of capital goods; licensing authorities and customs commissioners are to apply the amended export obligation calculation when processing debonding requests.

Deemed credit rule change shifts textile input credit to a new rule, altering eligibility and administrative authority effective April.
Independent textile processors regain abatement for closed, sealed stenters only when closed at least fifteen days, with abatement sanctioned by the Joint Commissioner. Annual capacity determination power is delegated to Deputy/Assistant Commissioners and declarations must be filed accordingly. Deemed credit previously under rule 57A is reallocated to rule 57AK with rescission and reissuance of notifications; manufacturers using declared inputs receive credit equivalent to declared duty. Deemed credit for texturised polyester yarn is extended to woven pile fabric manufacturers. The definition of texturised yarn now includes draw twisted and draw wound yarn. Independent texturisers cannot claim CENVAT credit for inputs used to produce the specified texturised yarn but may claim credit for inputs used in other goods, including actual credit for inputs in stock or received on or after 1 March 2000.

Ad valorem excise duty replaces capacity levy, finished stocks treated as duty paid and CENVAT credit rules clarified.
Withdrawal of the section 3A capacity based levy converts re rolling mills and induction furnace units to an ad valorem excise duty regime from 1 April 2000; finished goods on hand at the 31 March/1 April cut off are treated as duty paid and may be cleared without further ad valorem duty with appropriate invoice notation and stock records. CENVAT credit on input stocks as on 1 April 2000 is allowed only if supported by duty paying documents; no credit is admissible for capital goods received between 1 September 1997 and 31 March 2000. Waste and scrap on hand are exempt under the retained notification until 30 April 2000, and deemed credit for users is provided by notification No.29/2000.

IEC updation requirement: non-updated IECs will block licence filings and halt customs clearance until updated.
Extension granted for submission of typed/hard copies to update Importer-Exporter Code (IEC) on the DGFT website due to delays in obtaining PAN. The deadline for physical submissions is extended to 28-4-2000; required documents are Appendix I-A and Appendix 2-A (Handbook 1997-2002) signed by the proprietor/partner/director, a photocopy of PAN, and a self-addressed envelope with postal stamp. From 1.5.2000, licence applications by non-validated IEC holders will not be accepted and customs will not allow clearance until IEC is updated.

Foreign investment in non-banking finance allowed via wholly foreign-owned downstream subsidiaries subject to mandated public divestment.
Holding companies meeting the prescribed minimum capitalisation may form wholly foreign-owned downstream subsidiaries to conduct specified NBFC activities; those subsidiaries must divest at least 25% of equity through a public offering within the prescribed timeframe. Press Note No. 4 (1997 Series) is amended to this extent, and other NBFC guidelines issued in earlier Press Notes continue to apply.

Amendments to SION norms update permitted textile import inputs and required input to export content ratios across affected entries.
Amendments update SION entries in the Handbook of Procedures, Vol.2, replacing specified textile norms with revised input-output rules that list permitted imported silk inputs and the input to export content ratios, and provide special ratio adjustments for garments and made ups.

Import of passenger vehicles without licence permitted for specified categories subject to customs duty and a no-sale restriction.
Amendment permits specified categories to import passenger cars and similar vehicles without a licence on payment of full Customs duty, subject to one-vehicle limits (with specified exceptions), entitlement for specially designed vehicles for the physically handicapped, a NO SALE restriction for two years endorsed by Customs and transport authorities, prohibition on foreign exchange remittance except for handicapped imports, DGFT discretion to relax conditions, and discharge of pre-31.03.97 bonds where the vehicle was not transferred.

Notification of Revised Handbook of Procedures effective 1 April 2000 under Export Import Policy paragraph 4.11 by DGFT
Notification under paragraph 4.11 of the Export and Import Policy, 1997-2002 issues the Handbook of Procedures (Revised Edition-March, 2000) as annexed to Public Notice No. 2 (RE-2000)/1997-2002 and brings the revised Handbook into force from 1 April 2000 as the operative procedural manual for export-import administration.

Handbook of Procedures revision notified; revised Vol.1 effective from 1 April under Export Import Policy authority.
Notification under paragraph 4.11 of the Export and Import Policy, 1997-2002, announces the revised Handbook of Procedures (Vol. I, March 2000) and prescribes that the version contained in the Annexure comes into force on 1 April 2000, thereby making the revised procedural provisions operative for export-import administration.

Drawback processing time limits set for EDI and manual claims; supervisory scrutiny required for delays.
Directs expedited clearance of drawback claims: EDI claims to be cleared within a short prescribed period and manual claims within a slightly longer prescribed period; supervisory officers must investigate delays and Commissioners must enforce these timelines strictly, with corrective action for deviations, and an earlier circular on the subject is withdrawn.

Administrative responsiveness required: officials must promptly and sympathetically consider public customs representations and inform authorities.
Field officers must treat genuine customs and excise representations and grievances from trade, industry and the public with sensitivity in line with the Citizen Charter, avoiding mechanical application of rules; pending matters of similar nature must be examined on merit on priority and appropriate action taken without delay, with intimation to the Board.

Export obligation exempts EOU/EPZ units from industrial licence requirements while maintaining stricter export commitments.
EOU/EPZ units manufacturing SSI-reserved items are exempted from obtaining an industrial licence even where foreign equity exceeds the stated threshold because their existing EOU/EPZ export obligation is higher; prior government approval for foreign investment is not required unless other conditions apply, and upon debonding non-SSI units must undertake to export a mandated portion of SSI-reserved items they produce.

Monetary limits for departmental appeals revised to restrict filings to cases exceeding revised tax effect; specified exceptions remain.
Revises monetary limits for filing departmental appeals and references in direct tax matters so appeals are filed only where the tax effect exceeds prescribed thresholds, applied to each case singly rather than on cumulative group effect; exceptions require contesting adverse orders irrespective of revenue effect, Special Leave Petitions require Ministry of Law consultation, the instruction applies to other direct taxes and excludes writ matters.

IEC modification extended filing period; updated IEC data required for clearance and penalty exemption maintained.
Modification of Importer Exporter Codes requires submission of Appendix applications to update IEC records without mandatory supporting documents or fees, with the Handbook of Procedure penalty exemption remaining applicable; customs clearance of consignments will be based on the updated IEC information once the update process takes effect.

Notification effective date: customs notifications take effect only upon publication in the official gazette, prompting case reviews.
Notifications under the Customs Act take effect only upon publication in the official gazette; contrary decisions have been set aside. The Board directs circulation of the judgment, immediate disposal of affected pending cases, and reporting of case details with revenue implications to the Board.