Customs exemption amendment adds three pharmaceutical drugs to the exempted list under Customs Act authority, changing tariff applicability.
The Central Government, exercising powers under the Customs Act, amends Notification No. 21/2002-Customs by inserting Capecitabine, Daclizumab and Ganciclovir into List 3 of the Annexure, thus including these pharmaceutical products within the notification's exemption regime.

Anti-dumping duty on Vitamin C enforces margin-based charges to prevent dumped imports causing injury to domestic industry.
Imposition of a definitive anti dumping duty on Vitamin C addresses findings that imports from the People's Republic of China were dumped below normal value and caused cumulative material injury to the domestic industry. The duty is calculated as the difference between a specified reference amount per kilogram (in U.S. dollars) and the landed value of the imported goods, is payable in Indian currency, and applies to goods under tariff item 2936 27 00 described as Vitamin C or its synonyms, with specified origin/export combinations captured.

Tax exemption recognition under section 10(23C)(iv) grants conditional charitable status to a notified trust subject to compliance.
Central Government notifies the Church of South India Trust Association, Chennai for recognition under clause (23C)(iv) of section 10 of the Income-tax Act for assessment years 2001-2002 to 2003-2004 subject to conditions: exclusive application or accumulation of income to objects; investment restrictions to forms permitted by Section 11(5) (with limited exceptions); business income only if incidental with separate books; regular filing of returns; and transfer of surplus and assets on dissolution to a charitable organisation with similar objectives.

Safeguard Director General appointment: new Director General designated under Customs Tariff safeguard duty rules, superseding prior notification.
Appointment of Director General (Safeguard) under sub rule (1) of rule 3 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997: Shri Sri Krishna, Chief Commissioner, is designated as Director General (Safeguard). The notification supersedes earlier notification No. 72/2002 CUSTOMS (N.T.) for the purposes of those rules.

Approval under section 35 triggers research accounting and annual audited reporting obligations, including submission to designated authorities.
Approval under section 35 is granted to M/s Indian Cancer Society as an Institution for 1.4.2002-31.3.2005, subject to maintenance of separate research accounts, annual return of scientific research activities to the designated scientific department by 31 May each year, and submission of audited annual accounts and audited income-and-expenditure accounts for research to the tax exemptions office, the scientific department, and the local tax authority by 31 October each year, in addition to filing its income-tax return.

Approval under section 35 research-exemption requires separate research accounts and annual audited submissions to authorities.
Approval for the organisation as an Institution under the statutory research-exemption regime is conditional on maintaining separate research accounts, furnishing an annual return of scientific research activities to the Department of Scientific & Industrial Research by the annual deadline, submitting audited annual accounts and an audited income-and-expenditure account for the research activities to the tax exemption office, the Department of Scientific & Industrial Research and the jurisdictional tax commissioner/director by the annual deadline, and filing the tax return with the assessing officer; renewal applications should be made in triplicate through the tax exemption office and copies sent to the Department.

Research institution approval under income tax law granted, subject to separate research accounts and annual audited reporting requirements.
Approval is granted to M/s Ved Vignan Maha Vidya Peeth as an Institution for the purposes of clause (iii) of sub section (1) of section 35 of the Income tax Act for 1 April 2002 to 31 March 2005, subject to maintaining separate books for research, furnishing an annual scientific research return to the Secretary, Department of Scientific & Industrial Research by 31 May, and submitting audited annual and research income & expenditure accounts to tax and research authorities by 31 October, plus applying in triplicate for renewal.

Research institution approval under income tax law requires separate research accounts and annual audited submissions to tax and research authorities.
Approval is granted to Dalmia Institute of Scientific & Industrial Research as an Institution for purposes of clause (ii) of sub section (1) of the Income tax Act read with the Income tax Rules, subject to compliance. The institution must maintain separate books of accounts for research; furnish an annual return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by 31 May; and submit by 31 October audited annual accounts and an audited income and expenditure account for research to the Director General of Income tax (Exemptions), the Secretary, Department of Scientific & Industrial Research and the Commissioner/Director of Income tax (Exemptions), in addition to filing its return of income. The institution should apply in triplicate for renewal and send three copies to the Secretary, Department of Scientific & Industrial Research.

Notification under clause (23C)(iv) - trust recognised for tax-exempt status subject to specified operational conditions and reporting obligations.
Notification grants tax-exempt recognition to the named trust for assessment years 2002-2003 to 2004-2005 subject to conditions: income must be applied or accumulated solely for the trust's objects; investments limited to authorised modes except certain tangible voluntary contributions; business income excluded unless incidental and maintained in separate accounts; regular filing of income-tax returns required; and on dissolution surplus assets must transfer to a similar charitable organisation.

Anti-dumping duty extension on acrylic fibre maintained pending completion of review, preserving the existing import duty regime.
The Central Government, exercising powers under the Customs Tariff Act read with the anti dumping rules, amended the principal notification to extend the anti dumping duty on acrylic fibre originating in or exported from Japan, Spain, Portugal and Italy, so that the notification remains in force up to and inclusive of 16th November, 2004, unless revoked earlier, pending completion of the review initiated by the designated authority.

Director disqualification for statutory filing and payment defaults prompts mandatory disclosure, auditor reporting, and public listing of names.
Rules prescribe director disqualification where public companies fail to file annual accounts and returns for three consecutive years, or fail to repay deposits, interest, redeem debentures, or pay declared dividends where such failure persists for one year; disqualification extends to all directors who held office during the relevant period and to reappointment. Companies must file Form DD-B and directors must file Form DD-A; statutory auditors must report annually on director disqualification. Registrar files and forwards returns to the Central Government, which publicizes and updates disqualified directors, and officers in default face penalties for noncompliance.

Director disqualification exemption for government companies affirmed by central government notification under statutory enabling power.
Central Government, using its statutory enabling power under the Companies Act, directs that the director disqualification provision shall not apply to government companies; the exemption was issued after the draft notification was laid before both Houses of Parliament and published in the Gazette.

Foreign exchange derivative regulation amendment broadens eligibility to parties permitted by the Reserve Bank under Schedule Three of the regulations.
The amendment inserts the phrase "or as permitted by the Reserve Bank" into Schedule III, paragraph 1 of the Foreign Exchange Management (Foreign exchange derivative contracts) Regulations, 2000, thereby extending eligibility to enter foreign exchange derivative contracts beyond those engaged in export-import trade to include persons authorised by the Reserve Bank. The regulation, titled the Fourth Amendment Regulations, 2003, comes into force on publication in the Official Gazette and is made under Section 47(2)(h) of the Foreign Exchange Management Act, 1999.

Foreign exchange hedging: expanded permission for residents and non residents to use forwards and cross currency contracts for specified exposures.
Residents in India may, subject to Reserve Bank of India terms and conditions, enter into forward contracts with authorised dealers to hedge exchange risk on transactions denominated in foreign currency but settled in Indian rupees. Non resident Indians may, under RBI conditions, enter into cross currency forwards (excluding the rupee) to convert FCNR(B) balances between permitted foreign currencies. Persons resident outside India may, subject to RBI conditions, enter forward sale contracts to hedge currency risk on proposed foreign direct investment, and non resident investors may take forward cover including the rupee to hedge dividends where the rate is Board approved.

Anti-dumping duty on methylene chloride imposed covering imports from EU, South Africa and Singapore; definitive duties apply.
Anti-dumping duties are imposed on Methylene Chloride (tariff item 2903 12 00) after findings that exports from the European Union, South Africa and Singapore were dumped and caused material injury. The Central Government, invoking section 9A and relevant rules, prescribes definitive duty rates in a Table distinguishing form (bulk/packed), origin and export permutations, with duties stated in foreign currency per metric tonne. Duties are effective from the provisional duty date, payable in Indian currency, and converted using the exchange rate applicable on the bill-of-entry date.

Customs tariff amendment adds integrated receiver decoders to the tariff table, altering duty and exemption entries.
Amendment to Notification No. 21/2002-Customs substitutes clause (c) in the proviso to defer a Table entry and alters the Table by omitting S. No. 316A, inserting a new S. No. 316C for tariff heading 8528 described as Integrated Receiver Decoder (Set-top Box), and specifying the corresponding duty and column entries as provided.

Import duty on set-top boxes: new tariff entry added, changing exemption status and imposing customs duty.
The notification amends the customs exemption table by omitting former serial No. 316A and inserting serial No. 316C classifying Integrated Receiver Decoder (Set-top Box) under heading 8528, thereby assigning a specific customs duty rate and altering the exemption status of set-top boxes under the principal notification.

Customs exemption: Avgas now expressly exempted from basic customs duty following amendment to tariff notification.
Amendment to Notification No. 21/2002 Customs inserts a new table entry specifying Avgas under the customs tariff heading and declares its basic customs duty rate as Nil, effected under the powers conferred by the Customs Act, 1962 and recorded as a further amendment to the principal notification.

Tariff exemption amendment: substitution of Nil for a table entry altering the exemption status under central excise powers.
Amendment substitutes "Nil" for the entry in column (4) against S. No. 32A in the Table to Notification No. 6/2002 Central Excise, effected under the Central Excise Act as a public interest amendment and recorded by Notification No. 74/2003 CE, with reference to the principal notification and subsequent amendments.

Specified Diseases Deduction: amended rules define eligible ailments and require specialist certification for medical deduction.
The amendment substitutes rule 11DD to specify eligible ailments for deduction under section 80DDB-including neurological diseases (with a disability threshold), malignant cancers, full-blown AIDS, chronic renal failure, and hematological disorders-and requires certificates from prescribed specialists in Government hospitals; where the specified specialist is unavailable, a full-time specialist with a recognised postgraduate degree in General or Internal Medicine may issue the certificate with prior hospital head approval. The certificate must be furnished in Form No. 10-I with the return of income.