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<h1>Gem & Jewellery Export Promotion Council gains tax exemption under Section 10(23C)(iv) for 1995-97, with strict compliance terms.</h1> The Central Government has notified the Gem & Jewellery Export Promotion Council, Mumbai under section 10(23C)(iv) of the Income-tax Act, 1961, for the assessment years 1995-96 to 1996-97. The notification stipulates that the Council must use its income solely for its established objectives, restrict investments to approved forms, and ensure business income is incidental to its objectives with separate accounting. Additionally, the Council must file regular income tax returns, and upon dissolution, transfer surplus assets to a similar charitable organization.