Import liberalisation: certain textile items shifted to Open General Licence allowing free importation under amended trade policy.
Notification amends the ITC (HS) classifications to transfer specified textile exim codes from the SIL route to the Open General Licence, permitting free importation. It enumerates product descriptions by fabric composition, weave, weight ranges and end-use distinctions (for example upholstery versus other fabric), and prescribes that the listed items are importable Free under OGL pursuant to the Foreign Trade Policy authority.

Realisation of export proceeds: special import licences require free-foreign-exchange realisation; rupee and forex exports count for recognition.
The Export and Import Policy is amended to provide that a Special Import Licence shall be granted only where export proceeds have been realised in free foreign exchange, and that exports realised both in free foreign exchange and in Indian rupees shall be taken into account for the purpose of recognition.

Exchange recognition renewal permits Jaipur Stock Exchange to operate for a further year in respect of contracts in securities.
SEBI, having considered the renewal application under the Securities Contracts (Regulation) Act and rules, exercised its Section 4 powers to grant Jaipur Stock Exchange Limited recognition in respect of contracts in securities for a further one-year period commencing on 9 January 1998 and ending on 8 January 1999, being satisfied that renewal was in the interest of trade and the public interest.

Tax exemption under Section 35AC extended for a specified eligible project, preserving tax benefit for further assessment years.
Exemption under Section 35AC is extended to the construction, furnishing and running of the Indian Craft Village project by Indian Craft Village Trust, with the Central Government specifying the scheme as an eligible project for a further period of three assessment years commencing from the assessment year 1998-99 following a National Committee recommendation that the project is being executed properly.

Tax exemption under section 35AC extended to Tiruvarur Lions Eye Hospital project for additional assessment years.
The Central Government, exercising powers under sub-section (1) read with the Explanation to section 35AC, specifies the construction, equipment and furnishing of Tiruvarur Lions Eye Hospital at Vandampalai, Tamil Nadu, carried out by Tiruvarur Lions Eye Hospital, as an eligible project for a further period of three assessment years commencing from assessment year 1998-99, pursuant to a recommendation by the National Committee and at the estimated cost set out in the notification.

Exemption under section 35AC extended to aquatic centre project, eligible for three further assessment years from 1999 2000.
The Central Government specified the construction and running of the Basavanagudi Aquatic Centre as an eligible project for exemption under section 35AC, and, following the National Committee's recommendation that execution was proper, extended that specification for a further three assessment years commencing from the assessment year 1999 2000 at an estimated cost of one hundred lakhs thirty thousand by notification under the Income tax Act.

Exemption under section 35AC: extension of eligible project status for school hostel construction following National Committee recommendation.
Exemption under section 35AC: the Central Government specified the construction, equipment and furnishing of a school hostel at Village Boxma by Sanatan Rishikul Ashram Sewa Trust as an eligible project; after a National Committee recommendation that the project was being executed properly, the Government extended the project's eligibility for a further one assessment year period.

Exemption under section 35AC extended for Primary Health Project, qualifying donations remain eligible for tax relief.
The Central Government specifies the Primary Health Project executed by Dalmia Bharat Seva Trust in 30 villages of Sundergarh District as an eligible project under Section 35AC, following the National Committee's recommendation, and extends its eligibility for a further two assessment years commencing from the assessment year 1999-2000 at the recorded estimated project cost.

Tax exemption eligibility extended for a charitable TB project, preserving continued donor deduction eligibility and project status.
The Central Government specified continuation of eligibility for the World Memorial Fund T.B. Project - four mobile teams in Sikkim, Himachal Pradesh, Surat and Delhi - as an eligible project under the tax exemption mechanism, following prior notifications and a recommending report by the National Committee; the project is specified for a further three assessment years from assessment year 1999-2000 at an estimated approved cost of rupees forty lakhs forty-one thousand six hundred.

Section 35AC exemption extended for sports complex project, specifying continued eligibility and administrative approval for further assessment years.
The Central Government specifies the construction and furnishing of the Memnagar sports complex by the Ahmedabad Government Employees Tennis Association as an eligible project under section 35AC, following a National Committee recommendation that the project was being executed properly, and extends the scheme's eligibility for a further three assessment years commencing from assessment year 1999-2000.

Exemption under section 35AC extended to indoor gymnasium construction project with authorised location change and renewed eligibility.
The Central Government specifies the construction of an indoor gymnasium hall and health club by the Allahabad Gymnastics Association as an eligible project for tax exemption under the income-tax statutory framework, extends eligibility for a further three assessment years commencing from the assessment year specified, authorises a change of project location to a plot in Beniganj, Tehsil Chail, Allahabad, and records the estimated project cost pursuant to a national committee recommendation and the income-tax rules.

Specified securities under section 54EA: shares and debentures of Shapoorji Pallonji with three-year transfer restrictions and one-year allotment condition.
Central Board of Direct Taxes designates shares and debentures of Shapoorji Pallonji Infrastructure Capital Company Ltd. as specified securities under section 54EA. The securities are subject to three year non transferability (and non convertibility for debentures) from allotment and must be issued and allotted to the assessee within one year of the notification, with specified aggregate issue caps.

Specified securities under section 54EB: non-transferable shares and debentures with seven-year lock in and one-year allotment.
The notification designates shares and debentures issued by Shapoorji Pallonji Infrastructure Capital Company Ltd as specified securities under section 54EB, subject to company-level issuance ceilings, a seven-year non-transferability/non-convertibility lock-in from the date of allotment, and the condition that the instruments be issued and allotted to the assessee within one year from the notification's publication.

Drawback rate amendments revise export drawback allocations for specified textile tariff headings and modify eligibility and allocation rules.
The Central Government amends Notification No. 22/97 Customs (N.T.) by substituting annexed table entries for specified Serial/Sub Serial numbers, revising drawback rates on an F.O.B. value basis and the allocation between Customs and Central Excise for designated textile and made up articles. The substitutions, effective from 1 January 1998, specify category wise drawback percentages, per piece maximums for certain garments, and treatment distinctions where Quantity Based Advance Licences or Modvat facility are involved.

Exchange rate determination for export goods sets prescribed currency conversion rates to govern customs valuation and compliance.
Determines the rate of exchange for conversion between specific foreign currencies and Indian currency for export goods, superseding an earlier notification and prescribing operative conversion figures in two schedules (per-unit and per-hundred-unit) to be applied for customs valuation and export compliance from the stated effective date.

Exchange rate determination prescribed for stamp duty and customs valuation for specified foreign currencies in import transactions.
Prescribes exchange rate determination for specified foreign currencies to be used in calculating stamp duty under the Indian Stamp Act, 1899 and for purposes of section 14 of the Customs Act, 1962 in relation to imported goods, superseding the earlier notification and declaring the conversion rates set out in Schedule I and Schedule II as the official rates for those purposes.

Subcontracting rights for EOUs permit job work in DTA or other units, subject to customs approval and norms.
EOU/EPZ/EHTP/STP units may subcontract parts of production as job work to DTA units or other exempt units with Customs permission based on input/output norms and undertakings; units using predominantly indigenous raw materials may be allowed subcontracting in the DTA. Such units may also import goods of any origin for reconditioning, repair and re engineering for export in freely convertible currency, with specified policy provisions not applying to these activities.

Processed pulses export exempted from restricted list when in consumer packs up to five kilogram or from duty exempt imports.
Processed pulses are removed from the restricted export list except for those in consumer packs up to five kilograms and those produced from pulses imported under the Duty Exemption Scheme or by an EOU/Unit in an EPZ, amending the entry in Chapter 16, Part II, Paragraph 16.2 of the Export & Import Policy 1997-2002.

Appointment under Section 35AC: reconstitution and member appointments for the national committee promoting social and economic welfare.
The Central Government, exercising powers under the income-tax statute and relevant rules, reconstituted the National Committee for Promotion of Social and Economic Welfare and appointed a chairman and members for a fixed three-year term beginning 2 January 1998, listing designated individuals and noting a substitution to an earlier member entry.

Rescission of anti dumping duty on polyvinyl chloride resin based on designated authority review and public interest.
Rescission of an anti dumping notification concerning polyvinyl chloride resin: the Central Government, invoking powers under the Customs Tariff Act and anti dumping rules, rescinds the earlier notification imposing anti dumping measures on polyvinyl chloride resin following a review by the designated authority and on grounds of public interest.