Exchange rate determination sets new customs conversion rates for import and export transactions, varying by currency and use.
Determines the rate of exchange for specified foreign currencies into Indian rupees under section 14 of the Customs Act, fixing distinct conversion rates for imported goods and for export goods as listed in Schedule I (per unit) and Schedule II (per 100 units), effective 6th March, 2015, and superseding the earlier notification except for prior actions.

Prescribed authority designation: Commissioner of Income-tax (Exemptions) authorised for clause (23C) functions, with transitional jurisdictional mappings.
Notification designates a single specified date for rule 2CA under the exemption provisions and authorises the Commissioner of Income-tax (Exemptions) to act as the prescribed authority for the relevant sub-clauses of the exemption clause with effect from that date. A transitional proviso preserves jurisdiction of previously authorised authorities for applications made before the specified date, subject to specified jurisdictional reassignments where offices were redesignated or ceased to exist, and provides a regional fallback to the Principal Chief Commissioner where necessary.

Prescribed authority designation: Commissioner of Income-tax (Exemptions) authorised for clause 23C exemption matters, with transitional mappings.
The Board specifies 15th November, 2014 as the specified date under rule 2C and authorises the Commissioner of Income-tax (Exemptions) to act as the prescribed authority for the relevant sub-clauses of clause 23C with effect from that date. The notification supersedes an earlier Board notification but preserves pending proceedings by allowing previously authorised authorities to continue subject to mapped jurisdictional modifications transferring certain former Director of Income-tax (Exemption) territories to designated Chief Commissioners or, where necessary, the Principal Chief Commissioner.

Quay notified as customs unloading and loading place; area also specified as boarding station and customs jurisdiction.
The quay constructed by M/s. Nhava Sheva (India) Gateway Terminal Private Limited is designated as a place for unloading imported goods and loading export goods, subject to the Customs Act and instructions from the Government or Commissioner; port operations require a Commencement Certificate. The area is also specified as the Boarding Station for customs boarding/disembarkation and the limits of the Customs Area at Jawaharlal Nehru Port are fixed by coordinate points and an attached map.

Corrigendum to central excise notification corrects specified cross reference entries, substituting clause numbers in the published text.
Corrigendum to Notification No. 12/2015 Central Excise directs substitutions of cross reference numerals in the Gazette publication: specified page and line entries are to be read with corrected numeric references to amend transcription errors in the original notification, as issued by the Ministry of Finance, Department of Revenue.

Foreign investment cap in insurance set below half; automatic entry to lower threshold, government route required up to the cap.
Regulations amend Annex B to impose a 49 per cent combined foreign investment cap for insurance companies and designated intermediaries, allow investment on an automatic route up to a lower threshold with Government approval required for increases beyond that automatic threshold up to the cap, and require RBI-IRDA consultation for FDI in private banks with insurance JV/subsidiaries to ensure the insurance sector cap is not breached; compliance with Insurance Act, IRDA licensing, Indian ownership and control, portfolio investment rules and RBI pricing guidelines is mandated.

Anti-dumping duty extension on tyre curing presses permits continuation of duty for an additional year.
The Central Government amends the principal anti dumping notification concerning Tyre Curing Presses originating in or exported from the People's Republic of China by inserting a Paragraph 3 that keeps the notification in force up to and inclusive of the extended date unless revoked earlier, thereby continuing the anti dumping duty for an additional year following a statutory review and request for extension under the relevant Customs Tariff Act provisions and implementing rules.

De-notification of SEZ land reduces notified area, updating the Special Economic Zones Act designation and survey parcels.
The Central Government, exercising powers under Section 4 of the Special Economic Zones Act, 2005 and rule 8 of the Special Economic Zones Rules, 2006, de-notifies 11.83.2 hectares of the SIPCOT Sriperumbudur sector-specific SEZ following the applicant's proposal, the State Government's no objection and the Development Commissioner's recommendation, lists the specific survey parcels to be de-notified, and records the resultant SEZ area after the deletion.

Provident fund investment pattern rules set category limits, rating conditions, and trustee due diligence requirements.
The investment pattern for Non-Government Provident Funds, Superannuation Funds and Gratuity Funds is modified with effect from 1 April 2015, setting category-wise limits for Government securities, debt instruments, short-term instruments, equities, and asset-backed or trust-structured investments. The framework prescribes minimum ratings, listing requirements, maturity conditions, banking prudential criteria, and sub-category caps, while also regulating fresh accretions, turnover ratio, exit on rating deterioration, arms-length investment, due diligence, trustee responsibility, and cost control in fund management.

IFSC financial institutions treated as non-residents; permitted to transact in foreign currency under regulator oversight.
Financial institutions established in an IFSC and recognised by the Government or a Regulatory Authority are treated as persons resident outside India, permitted to conduct business in foreign currency and with such persons as the concerned Regulatory Authority determines, and, subject to the Act, are not bound by other Indian foreign exchange regulations unless expressly provided otherwise.

NRI subscription rights to chit funds permitted on a non repatriation basis through normal banking channels, without limit.
The amendment inserts sub paragraph (2C) in Schedule 5 permitting a Non resident Indian to subscribe, without limit and on a non repatriation basis, to chit funds authorised by the Registrar of Chits or an officer authorised by the State Government, provided such subscriptions are made through normal banking channels.

Non-resident Indian chit fund subscriptions become permissible through banking channels on a non-repatriation basis, subject to regulatory conditions.
Non-resident Indian subscription to chit funds is permitted when authorised by the Registrar of Chits or a State Government-authorised officer in consultation with the concerned State Government. Subscription must be made through banking channels on a non-repatriation basis and is not subject to an investment limit, subject to conditions prescribed by the Reserve Bank of India. Regulation 4(b) is amended to insert this additional explanation.

Diamond certification: new Surat laboratory added to the approved list under Foreign Trade Policy for diamond grading.
The Central Government amended paragraph 4A.2.1 of the Foreign Trade Policy 2009-2014 to add International Institute of Diamond Grading and Research India Private Limited, Surat, as an approved laboratory for certification and grading of diamonds, thereby recognizing the laboratory for certification/grading of diamonds at the Policy's specified carat threshold.

Clean Energy Cess exemption limits excess levy, exempting goods from levy above specified per tonne rate.
Exempts goods subject to the Clean Energy Cess from levy to the extent the cess exceeds the amount calculable at the rate of Rs. 200 per tonne, capping the effective per tonne cess liability, under powers of the Finance Act, 2010 and the Central Excise Act, 1944; the notification was issued 1 March 2015 and later rescinded by a subsequent notification.

Resident firm classification for advance ruling clarifies eligible business forms and residency criteria for customs rulings.
The notification specifies resident firm as a class of persons eligible for customs advance rulings and defines "firm" to include limited liability partnerships (including those without corporate partners), sole proprietorships, and One Person Companies. "Sole proprietorship" is treated as an individual engaging in the relevant activity for advance-ruling purposes, "One Person Company" adopts its statutory meaning, and "resident" for firms is determined by the income-tax residency definition as applicable to firms.

Rescinding notifications of central excise exemptions removes specified earlier exemptions while preserving actions taken before rescission.
The Central Government, invoking powers under section 5A(1) of the Central Excise Act read with specified Finance Act provisions, rescinds two specified central excise exemption notifications, withdrawing their prospective effect while expressly preserving effects of actions or omissions completed before the rescission.

Excise rate adjustment for DTA clearances from EOUs/EHTP/STP units updates specified tariff table entries.
The notification amends Notification No. 23/2003-Central Excise by omitting serial numbers 1A and 1B from the table and substituting revised excise rates in column (4) against serial numbers 5A, 6 and 7A for clearances from EOUs, EHTP and STP units to the Domestic Tariff Area.

Exemption from Secondary and Higher Education Cess removes the cess on First Schedule goods, including goods from fully export oriented units.
Exemption from Secondary and Higher Education Cess is granted on all goods falling within the First Schedule to the Central Excise Tariff Act, 1985, under section 5A of the Central Excise Act read with sections 136 and 138 of the Finance Act, 2007, removing the whole of the cess leviable thereon; the exemption also applies to excisable goods produced or manufactured by fully export oriented units brought to any other place in India in accordance with the Foreign Trade Policy.

Education Cess exemption removes cess liability on First Schedule central excise goods, including specified export oriented unit transfers.
Exempts from Education Cess all goods in the First Schedule to the Central Excise Tariff Act, 1985, removing the whole of the cess leviable under the Finance Act; the exemption extends to excisable goods produced or manufactured by a hundred per cent export oriented unit and brought to any other place in India in accordance with the Foreign Trade Policy.

Excise exemption for agarbatti: goods consumed within the factory for agarbatti manufacture exempted from central excise duty.
The amendment adds a new tariff entry to Notification No. 10/96-Central Excise making full exemption from excise duty available for goods consumed within the factory in the manufacture of agarbatti, by inserting a new serial entry in the notification table under powers conferred by the Central Excise Act, 1944.