Transaction value principle affirmed: imported goods valued by transaction value unless other valuation rules apply.
The amendment substitutes rule 3 to make transaction value the primary basis for valuing imported goods, subject to rules 9 and 10A, and requires sequential application of rules 5-8 if transaction value cannot be determined. It also inserts four conditions into the proviso to sub rule (2) of rule 4: sale in the ordinary course under competitive conditions; absence of abnormal discounts; absence of special discounts limited to exclusive agents; and existence of objective, quantifiable data for adjustments under rule 9.

Employee service regulations establish statutory authority to prescribe terms and conditions of employment for board staff.
The Board, exercising powers under section 30 of the Securities and Exchange Board of India Act, 1992, issues regulations defining the terms and conditions of service for its employees, establishing a statutory framework for employment governance and administrative control over staff service rules.

Renewal of recognition under the Securities Contracts (Regulation) Act: Mangalore Stock Exchange authorised for a one-year term pending conditions.
Renewal of recognition under the Securities Contracts (Regulation) Act renews Mangalore Stock Exchange Limited's authorisation to deal in contracts in securities for a specified term, subject to conditions that may be prescribed or imposed thereafter and contingent on ongoing regulatory compliance.

Anti-dumping duty on Pure Terephthalic Acid revised; specified exporters face set duties and payment in Indian currency.
Anti-dumping duty is imposed on imports of Pure Terephthalic Acid (PTA) from specified countries with exporter-specific US dollar-per-metric-tonne rates set in a schedule; the government has superseded a prior notification and accepted Tribunal-ordered modifications. Duties are payable in Indian currency, with the applicable exchange rate as notified under the Customs Act and determined as of the bill of entry presentation date.

Anti-dumping duty on paracetamol: imports priced below normal value trigger a differential duty based on landed value.
Anti-dumping duty is imposed on paracetamol (sub-heading 2922.29) from the People's Republic of China and Taiwan as the difference between a country-specific reference amount and the landed value per kilogramme; the measure is issued under section 9A(2) of the Customs Tariff Act read with rules 13 and 20, payable in Indian currency and effective until 5 March 2002. Landed value is defined as assessable value under the Customs Act, excluding specified tariff duties, and the exchange rate is the notified rate with the bill-of-entry date as the relevant date.

Anti-dumping duty on sodium ferrocyanide continued; imports from China subject to duty measured against landed value.
The Central Government has continued imposition of an anti-dumping duty on sodium ferrocyanide imported from the People's Republic of China, calculated as the difference between a specified reference price and the assessable landed value per metric tonne, payable in Indian currency. "Landed value of imports" is defined as the assessable value under the Customs Act excluding certain customs duties, and the applicable rate of exchange is the Ministry of Finance notified rate with the bill of entry date as the relevant date.

Specification of debentures under section 193: transfer benefit requires transferee to notify the issuer by registered post within sixty days.
Central Government specifies 13% unsecured non-convertible redeemable subordinated bonds (Series IV) issued by Dena Bank as covered by the Income tax proviso, subject to the condition that where such bonds are transferred by endorsement or delivery the transferee must inform Dena Bank by registered post within sixty days of the transfer for the proviso benefit to apply.

Registration exemption for foreign manufacturers applies to imports of gifts for registered charitable, religious or educational institutions when customs duty exempted.
Paragraph 6 of Chapter 1A (conditions regarding registration of foreign manufacturer/exporter with BIS) shall not apply to imports of gifts where the recipient is a charitable, religious or educational institution registered under society or trust law or approved by Central or State Government, and the gift has been exempted from payment of customs duty by the Ministry of Finance.

Exemption for cinematographic films exposed but not developed: recorded magnetic films for TV serials exempt from customs duty.
An insertion to Notification No. 17/2001-Customs adds entry 121A to the Customs Tariff, exempting cinematographic films exposed but not developed and recorded magnetic films used for producing television serials by specifying nil customs duty and nil additional duties for those tariff descriptions under the authority of section 25(1) of the Customs Act, 1962.

Corrigendum to income tax notification modifies specified assessing officer entries and replaces certain district entries.
Corrigendum modifies Notification No. 229/2001 by deleting the entry at Sr. No. 28 of column 4 ("(iii) Commissioner of Income tax, Chennai XI") and by replacing entries in column 3 at Sr. Nos. 42, 67 and 68 with the words "Thane," "Jalpaiguri," and "Durgapur" respectively; all other contents of the notification remain unchanged.

National Advisory Committee on Accounting Standards constituted to advise on formulation and adoption of accounting policies and standards.
Notification constituting the National Advisory Committee on Accounting Standards to advise the Central Government on formulation and laying down of accounting policies and accounting standards for adoption by companies. The Committee's membership is listed - including a Chairperson, professional body presidents, government and regulatory nominees, academic and industry representatives - with members to hold office for one year. The notification takes effect from its publication in the Official Gazette.

Tariff value amendment for crude palmolein sets a specific tariff value and prescribes exchange rate and relevant date rules.
Inserts a new tariff entry for Crude Palmolein into Notification No. 36/2001 Cus. (N.T.), specifying a tariff value for that item, and provides an explanation that the rate of exchange for conversion of the tariff value is the rate specified in the Government's exchange rate notification issued under the Customs Act powers, with the relevant date for that rate being the date of presentation of the bill of entry.

Exchange rate determination for export goods fixes administrative conversion rates and supersedes the prior notification effective from the stated date.
Determination of exchange rates for conversion of specified foreign currencies into Indian currency for exported goods under the statutory power in Section 14, superseding the prior notification and prescribing rates listed in two Schedules to apply from the stated effective date for export valuation and conversion.

Exchange rate notification updates prescribed currency conversion rates for imported goods affecting customs valuation and stamp duty.
Notification prescribes specified foreign currency conversion rates for use in calculating stamp duty and for Customs Act purposes in respect of imported goods, superseding the earlier notification and fixing the applicable conversion benchmarks through two appended schedules that list unit rates and rates per 100 units.

Corrigendum to notification correcting the registered name of the charitable entity in an Income Tax gazette entry.
Corrigendum correcting a prior gazette notification under the Income Tax framework to amend the identified beneficiary entity by replacing the previously notified name with the correct legal designation for the charitable trust associated with the eye institute.

Exemption from BIS registration permits import of valves for CNG kits where Chief Controller of Explosives approval is obtained.
Import of valves and valve fittings for exclusive use in cylinders of automobile CNG kits are exempt from the paragraph 6 BIS registration requirement of the cited notification, provided that such imports have been approved by the Chief Controller of Explosives, Nagpur; without that approval the registration condition remains applicable.

Jurisdiction of income-tax authorities affirmed: designated commissioners retain and may delegate territorial and functional powers.
Notification directs that specified Commissioners of Income-tax shall perform functions in respect of the territorial areas, persons, incomes and classes of cases they were handling immediately before the earlier Board notification; requires subordinate Joint Commissioners and Assessing Officers to perform corresponding functions; authorises written orders for delegation from Commissioners to Joint Commissioners and from Joint Commissioners to Assessing Officers; annexed schedule designates Central Commissioners, their headquarters and the class of centralised cases to which this allocation applies.

Name substitution in SEBI-related notification: Shri V. K. Dhall replaces Shri V. Govindarajan under statutory amendment.
The amendment replaces the name Shri V. Govindarajan with Shri V. K. Dhall in notification No. 195(E) dated 9 March 1992, effected under the powers conferred by section 3 read with clause (b) of sub-section (1) of section 4 of the enabling statute and issued as a further amendment dated 22 August 2001.

Tax free municipal bonds specified; tax exemption conditioned on holders registering their name and holding with issuer.
Central Government specifies tax-exempt municipal bonds under clause (15) of section 10 of the Income-tax Act to be issued by the Municipal Corporation of Ahmedabad during the specified financial year; the tax exemption is admissible only if the holder registers his or her name and the holding with the issuing Municipal Corporation.

Adjudicating authority appointment assigns Sahar Airport Commissioner to adjudicate a show cause notice to Honda Siel Cars India Ltd.
The Central Government, exercising the power under section 4(1) of the Customs Act, 1962, designates the Commissioner of Customs, Sahar Airport, Mumbai, to act as the Commissioner of Customs (General), New Delhi, for the specific purpose of adjudicating a show cause notice issued to M/s Honda Siel Cars India Ltd, thereby reallocating adjudicatory responsibility for that particular notice.