Regulatory amendment to Company Law Board jurisdiction updates state listings and adds Jharkhand and Chhattisgarh.
Amendment to the Company Law Board Regulations, 1991, made under section 10E(4B) and (6) of the Companies Act, 1956, coming into force on Gazette publication, modifies Annexure I by inserting Jharkhand after West Bengal in S. No. 1, substituting a revised list of States and the Union Territory of Chandigarh for S. No. 2, and inserting Chhattisgarh after Maharashtra in S. No. 4.

Tariff classification revisions update customs notifications by substituting HS codes and inserting entries effective from next year
Notification No. 135/2001 amends multiple prior customs exemption notifications by substituting and clarifying tariff classifications and commodity descriptions in the First Schedule to the Customs Tariff Act, 1975. The changes replace specified HS sub-headings and phrasing, insert new serial entries and associated classifications, and omit or correct listed tariff numbers as set out in the annexed Table. The amendments operate prospectively, subject to the proviso that they do not affect acts or omissions completed before the amendments come into force.

Commencement of amendment to First Schedule of Customs Tariff-operative date appointed to implement Finance Act changes.
The Central Government, under clause (b) of section 119 of the Finance Act, 2001, appoints the commencement date from which the First Schedule to the Customs Tariff Act, 1975 shall be amended in the manner specified in the Third Schedule to the Finance Act.

Anti-dumping duty on acrylic fibre imposed provisionally, with specified per kg rates and payable in domestic currency.
Provisional anti dumping duty imposed on Acrylic Fibre under sub headings 5501.30 or 5503.30 from UK, Germany, Bulgaria and Brazil, with exporter specific per kg rates prescribed under section 9A of the Customs Tariff Act and relevant anti dumping rules; duties effective until 30 June 2002 and payable in Indian currency, with the rate of exchange determined by the Ministry of Finance notification and the relevant date being the bill of entry presentation.

Constitution of Committee for Investor Education and Protection Fund establishes membership and fixed tenure for administration.
Constitution of a supervisory Committee to administer the Investor Education and Protection Fund under the Companies Act, with the Secretary, Department of Company Affairs as Chair and twelve named members from regulatory, professional and stakeholder backgrounds; Members to hold office for a fixed term of two years from publication of the notification.

Section 35AC eligible project extension and increased allowable project cost specified for a rural development scheme.
Specification under section 35AC designates the Keonjhar rural development project by Tata Sponge Iron Limited as an eligible project for a further three years from assessment year 2002-2003 following National Committee recommendation, and amends the prior notification by increasing the maximum permissible project cost for eligibility under the Explanation to section 35AC.

Section 35AC project eligibility extended for Maharaja Agrasen Hospital construction, permitting continued tax-deduction benefits for donors.
The Central Government specifies construction of Maharaja Agrasen Hospital at Agroha by Maharaja Agrasen Medical Education & Scientific Research Society as an eligible project under the Explanation to section 35AC for tax-deduction purposes, following prior notifications and a National Committee recommendation; the specification extends the eligible period for a further three years commencing with assessment year 2002-2003 and records the estimated project cost and administrative references.

Tax deduction eligibility under section 35AC: approved institutions and specified projects qualify for deductions within the notified period.
The Central Government, on National Committee recommendation, approves specified institutions and lists eligible projects for which donors may claim deductions under section 35AC, specifying a maximum deductible portion for each project and limiting the approval to the notification's stated multi year period; corrections to institutional names and entries are recorded but do not expand the scope beyond the listed projects and ceilings.

Anti-dumping duty on cold rolled stainless steel provisionally imposed; country-, grade- and producer-specific rates specified.
Provisional anti-dumping duty is imposed on imports of cold rolled flat products of stainless steel (width 600 mm or more) from the European Union, Japan, Canada and the United States, based on findings of dumping and injury. The notification prescribes country-, grade- and producer-specific duty rates per kilogramme with default rates for other producers/grades, requires payment in Indian currency, and directs use of Government of India exchange-rate notifications with the bill of entry date as the relevant date for conversion.

Cost audit report rules establish reporting framework and supersede prior cost audit report rules under Companies Act.
The Central Government promulgated the Cost Audit Report Rules, 2001 under powers conferred by the Companies Act, establishing the regulatory framework for preparation and submission of cost audit reports and superseding the Cost Audit (Report) Rules, 1996, except insofar as prior acts or omissions are concerned.

Anti-dumping duty on polyester POY imposed provisionally, specifying exporter-specific rates and payable in local currency.
Provisional imposition of anti-dumping duty on polyester Partially Oriented Yarn (sub heading 5402.42) from Turkey and Korea RP, applying exporter specific duty rates set in the annexed Table; duties are payable in Indian currency and converted using the Government of India exchange rate notification with the bill of entry date as the relevant date for conversion.

Service tax amendment replaces a registration-based exclusion with an exclusion based on being other than a commercial concern.
The Central Government, under section 93 of the Finance Act, 1994, amends Notification No. 6/2001-Service Tax by substituting the exclusion "which is not registered under the law relating to Shops and Establishment or any other law of a State for the time being in force" with the phrase "other than a commercial concern", effective prospectively and preserving prior actions.

Exchange rate determination for exports sets schedule based currency conversion rates impacting export valuation and compliance.
Notification No. 64/2001 Customs (N.T.) determines specific foreign currency to Indian rupee exchange rates for conversion of export goods under the powers of Section 14 of the Customs Act, superseding the prior Notification No.59/2001 and prescribing schedule based rates to apply with effect from the stated implementation date.

Exchange rate notification: prescribed conversion rates for calculating stamp duty and customs liability on imported goods.
The Central Government prescribes exchange rates for computation of stamp duty and determines conversion rates for purposes of the Customs Act in relation to imported goods, superseding the prior notification. Two appended schedules specify per-unit and per-100-unit currency conversion rates to be applied for valuation and fiscal calculation of import-related obligations.

Export quota release for onions allows specified state trading enterprises to export under prior terms within revised time limit.
Release of quota authorises specified State Trading Enterprises and agencies to export allotted quantities of onions within the December/January export window to the prescribed cut off date in January, with each tranche allocated to named agencies for export directly or through registered exporters under the same terms and conditions as the earlier notification except for the revised time for export.

State Trading Enterprise substitution: Dhara DOFCO replaces NDDB for Niger Seeds export to USA under trade policy.
The entry for Code No. 1207 in Table B of Schedule II is amended to substitute the National Dairy Development Board with Dhara Vegetable Oil and Foods Company Ltd. as the State Trading Enterprise authorised to export Niger Seeds to the United States, effected under powers of the Foreign Trade (Development & Regulation) Act and the Export and Import Policy 1997-2002.

Defence imports exemption extended to a later effective date, altering the applicability period of the customs notification.
The Central Government, invoking its statutory power under the Customs Act, amends Notification No. 39/96-Customs by substituting the effective date stated in the Explanation to the table entry at S. No. 14, thereby extending the period during which the customs exemption for defence and internal security forces related imports applies.

Cost accounting obligations require electricity companies to maintain detailed activity-wise cost records and comply with prescribed proformae.
These Rules require companies engaged in electricity generation, transmission, distribution and supply to maintain detailed cost accounting records and statistical data, complete prescribed proformae within ninety days of the financial year end, and disclose bases and accounting policies for allocation of materials, labour, utilities, repairs, fixed assets and overheads. Methods must be equitable, reasonable and consistently applied; records must enable computation of activity-wise costs and support Cost Auditor reporting. Non-compliance attracts specified monetary penalties against companies and defaulting officers.

Deemed export benefits extended to supplies for nuclear power projects under competitive bidding, broadening eligibility.
Addition of sub paragraph 10.2(j) provides that supply of goods to nuclear power projects through competitive bidding, as opposed to international competitive bidding, qualifies for deemed export benefits, thereby extending deemed export treatment to domestically awarded competitive bid supply contracts for nuclear power procurement.

Anti-dumping duty on Vitamin AB2D3K imposed; duties calculated as difference between specified amount and landed value.
An anti-dumping duty on Vitamin AB2D3K is imposed as the difference between the specified per kilogram amounts in the notification and the landed value of the imports; differing specified amounts apply by product strength and by listed exporters/producers for Thailand, Singapore and the European Union. The duty is payable in Indian currency, effective up to and inclusive of 20 June 2002. "Landed value" means the assessable value under the Customs Act, 1962 excluding certain customs duties, and the applicable exchange rate is that notified by the Ministry of Finance for the bill of entry date.