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<h1>Universal Commodity Exchange in Mumbai Gains Recognition Under Income-tax Act, 1961; Subject to Rule 6DDC Conditions</h1> The Central Government has officially recognized Universal Commodity Exchange Limited, Mumbai, as a recognized association under clause (iii) of Explanation 2 to clause (e) of the proviso to clause (5) of section 43 of the Income-tax Act, 1961. This recognition is effective from the publication date of the notification in the Official Gazette. The recognition can be withdrawn if the conditions outlined in rule 6DDC of the Income-tax Rules, 1962, are breached. The notification remains valid until the Forward Markets Commission's approval is withdrawn, expires, or the notification is rescinded by the Central Government.