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Notifications
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Amends notification No. 12/1997-Customs (N.T.), dated the 2nd April, 1997
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Customs amendment adds Janori inland container depot permitting unloading of imports and loading of exports.
The notification amends the list of authorised inland container depots by inserting Janori, Taluka Dindori, Nashik District, as a location authorised for the unloading of imported goods and the loading of export goods under the powers conferred by section 7 of the Customs Act, 1962.
Amendments in Schedule-1 (Imports) of the ITC(HS) Classifications of Export and Import items, 2004-2009
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Import policy amendment: specified palm oil items free to import but prohibited from entry via Kochi port.
Amends Schedule 1 (ITC(HS)) to keep specified palm oil and palm kernel oil tariff lines as Free for import while expressly prohibiting their import through Kochi port; affected Exim codes are enumerated and the change is issued under the Foreign Trade (Development and Regulation) Act and paragraph 2.1 of the Foreign Trade Policy as a DGFT notification.
INCOME-TAX (ELEVENTH AMENDMENT) RULES 2007-INSERTION OF RULE 117C
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Tax Recovery Officer powers: may exercise Assessing Officer's rectification authority under section 154 concurrently after certificate under section 222.
Rule 117C authorises a Tax Recovery Officer, by written general or special order of the Chief Commissioner or Commissioner, to exercise or perform powers and functions of an Assessing Officer to rectify mistakes apparent from record in respect of an order where a sum is payable and the Tax Recovery Officer has drawn a recovery certificate; such powers are to be exercised concurrently with the Assessing Officer.
For the purpose of Section 80IA(4)(iii) - Industrial Park of M/s. Rajasthan State Industrial Development & Investment Corporation Limited, Jaipur notified
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Industrial park notification conditions tax benefits on meeting unit, infrastructure, operator continuity and compliance requirements.
Central Government notifies M/s. Rajasthan State Industrial Development & Investment Corporation Limited's undertaking as an industrial park under Section 80-IA(4)(iii), subject to annexure conditions including location, area, allocable industrial and commercial percentages, minimum number of units, proposed investments, and commencement date. Tax benefits are conditioned on the specified minimum units being located in the park and continued operation by the undertaking. The annexure requires minimum infrastructure expenditure thresholds, defines qualifying infrastructure, caps single-unit occupancy at fifty percent, mandates separate approvals for foreign investment, sets transfer intimation procedures, and provides for invalidation on misinformation, delay, or unauthorized amendments.
For the purpose of Section 80IA(4)(iii) - Industrial Park of M/s. Rajasthan State Industrial Development & Investment Corporation Limited, Jaipur notified
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Industrial park designation enables conditional tax benefits subject to infrastructure, unit count, and compliance requirements.
Notification under clause (iii) of sub section (4) of Section 80-IA designates M/s. Rajasthan State Industrial Development & Investment Corporation Limited's Sitapura project as an industrial park, specifying location, 1580 sqm area, manufacturing activity, 100% industrial allocation, minimum 20 units, March 2000 commencement, stated investment, infrastructure expenditure thresholds (50% general; 60% for built-up space), prohibition on single-unit occupation over 50% of allocable area, requirement for separate statutory approvals, conditional availability of tax benefits upon establishment of minimum units, continued operation by the undertaker, and grounds and procedures for invalidation, withdrawal, or transfer of approval.
For the purpose of Section 80IA(4)(iii) - Industrial Park of M/s. Rajasthan State Industrial Development & Investment Corporation Limited, Jaipur notified
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Industrial Park designation conditions tax benefit eligibility on infrastructure spending, minimum units, and ongoing operational compliance.
Notification designates M/s. Rajasthan State Industrial Development & Investment Corporation Limited's undertaking as an Industrial Park under clause (iii) of sub section (4) of section 80-IA, subject to annexed terms: specified location, area, allocable industrial and commercial shares, minimum units and investments, and commencement date. Conditions require minimum infrastructure expenditure proportions (higher if built-up space provided), cap on any single unit occupying over fifty percent of allocable industrial area, separate statutory approvals, continuity of operation by the promoter, tax benefits only after the minimum number of units locate in the park, fresh approval if commencement is delayed beyond one year, invalidation for misinformation or undisclosed material facts, and mandated notice on transfer of operation.
For the purpose of Section 80IA(4)(iii) - Industrial Park of M/s. Rajasthan State Industrial Development & Investment Corporation Limited, Jaipur notified
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Industrial Park notification: tax benefits subject to compliance, operational requirements and unit thresholds and transfer conditions.
Central Government notifies M/s. Rajasthan State Industrial Development & Investment Corporation Limited's undertaking as an Industrial Park under clause (iii) of sub section (4) of Section 80 IA, subject to specified terms: location, area, activity mix, allocable area percentages, minimum number of units, investment thresholds and commencement date. Infrastructure investment minimum, defined common facilities, single unit occupancy limits, required external approvals, and an obligation that the promoter operate the park during benefit period are prescribed. Tax benefits are available only after the specified minimum units are located; delays, misrepresentation, nondisclosure, unauthorized plan amendments, or transfer without intimation invalidate approval.
For the purpose of Section 80IA(4)(iii) - Industrial Park of M/s. Rajasthan State Industrial Development & Investment Corporation Limited, Jaipur notified
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Industrial Park tax benefit eligibility conditioned on infrastructure thresholds, unit-location requirements and operator compliance.
Designation of M/s. Rajasthan State Industrial Development & Investment Corporation Limited's undertaking as a Growth Center for purposes of section 80-IA(4)(iii) is subject to annexed terms: prescribed location, area, allocable industrial and commercial percentages, minimum units requirement, investment and infrastructure obligations. Key operative conditions require minimum infrastructure-expenditure thresholds, a single-unit occupancy cap of fifty percent of allocable industrial area, continuation of the operator during the benefit period, statutory approvals for foreign investment, tax benefits only after minimum units locate, fresh approval if commencement is delayed beyond the prescribed date, and invalidation or withdrawal of approval for misinformation, nondisclosure, unauthorized amendments or noncompliance.
Luxor Cyber City Private Limited, Haryana
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SEZ expansion adds designated land parcels to existing IT/ITES zone, updating the notified area and survey details.
The Central Government, under the Special Economic Zones Act and Rules, notifies the inclusion of an additional 7.904 hectares into the sector specific SEZ for information technology and IT enabled services at Sohna, Haryana. The notification lists specified survey numbers and areas to be added, following grant of a letter of approval under section 3 of the Act and satisfaction of prescribed requirements, and thereby formally expands the SEZ boundary to include the named parcels.
Appointment of Common Adjudicating Authority
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Appointment of Development Council members for pulp and paper sector establishes governance and designates Director as Member Secretary.
Central Government appoints members to the Development Council for Pulp, Paper and Allied Industries under the Industries (Department and Regulations) Act and the Development Council (Procedural) Rules, replacing the prior council whose tenure expired and setting the new term from publication in the Official Gazette. The specified appointees include industry leadership, ministry representation, industry association presidents, the Chairman of the Indian Institute of Packaging, and the Director of the Central Pulp and Paper Research Institute, who is also designated to carry on the functions of Member Secretary.
Renewal of recognition of the Cochin Stock Exchange Ltd.
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Renewal of recognition of a stock exchange permitted, conditional on operational Settlement/Trade Guarantee Fund approval by the regulator.
Renewal of recognition of Cochin Stock Exchange Ltd. is granted for one year in respect of contracts in securities, subject to conditions including that trading shall commence only after the operationalisation of a Settlement Guarantee Fund/Trade Guarantee Fund duly approved by the regulator.
Amendments in the ITC(HS) Classifications of Export and Import items, 2004-2009
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Export restriction on non-basmati rice - limited exports allowed for specified variety under registration, quality and port conditions.
Prohibition on exports of non-basmati rice is subject to narrow exceptions: exports of the PUSA-1121 variety are permitted only if grain length and length-to-breadth ratio criteria are met, contracts are registered with the designated authority prior to shipment, a prescribed minimum FOB price is observed, and shipments occur through designated ports. Exemptions for specified quantities to certain countries and PSUs, organic rice certified by APEDA, and humanitarian or bilateral supplies are allowed under notified procedural and procurement safeguards.
Amendments in the existing entries at Sl.No.44 of Table B Schedule 2 of ITC (HS) Classifications of Export and Import Items (1st September, 2004-31st March, 2009)
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Export control on onions: exports allowed only through designated canalizing agencies under prescribed conditions for public interest.
Amendment inserts entry 44A classifying onions (all varieties, including Bangalore Rose and Krishnapuram) under a controlled export regime: exports permitted only through designated canalizing agencies under conditions prescribed by the DGFT and routed via STEs, enacted under the Foreign Trade (Development & Regulation) Act and Foreign Trade Policy provisions.
Amends NotificationNo.36/2001-Cus (N.T.), dated, the 3rd August 2001 (Palm oil, Palmolein, Soyabean Oil (Crude) and Brass Scrap (all grades) - Traiff Values)
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Tariff value substitution updates import valuation for specified edible oils and brass scrap under Customs Act authority.
Amendment substitutes the tariff-value Table in Notification No.36/2001-Cus (N.T.), listing US$ per metric tonne values for crude palm oil, RBD palm oil, other palm oil, crude palmolein, RBD palmolein, other palmolein, crude soyabean oil, and brass scrap (all grades), most entries noted as unchanged, thereby fixing the applicable tariff values under the Customs Act authority.
Constitution of National Advisory Committee on Accounting Standards - Amendment in Notification No. S.O. 339(E), dated 9-3-2007
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Constitution of National Advisory Committee on Accounting Standards amended to substitute the professional representative on the committee.
The Central Government, exercising powers under the Companies Act, amends the National Advisory Committee on Accounting Standards' composition by substituting at serial number (4) the prior entry naming Shri Dhananjay V. Joshi, President of the Institute of Cost and Works Accountants of India, with an entry naming Shri Chandra Wadhwa as President, thereby updating the committee's membership in the earlier notification.
Special Economic Zones ( Second Amendment) Rules, 2007
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SEZ multi-product area requirement increased, with larger contiguous land and mandatory processing-area earmarking under amendment.
The amendment substitutes the multi product SEZ area requirement to mandate a contiguous land area between one thousand and five thousand hectares, with a reduced threshold of two hundred hectares for specified hill, northeastern, small-state and Union Territory locations, and requires at least fifty per cent of the area to be earmarked for the processing area. It omits a specified clause from the operational rules and alters the wording of a prior amendment notification; the rules commence on Gazette publication.
Foreign Exchange Management (Permissible Capital Account Transactions) (Amendment) Regulations, 2007
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Foreign exchange drawal limits for resident individuals increased and restricted from use with non-cooperative jurisdictions.
The amendment raises the annual ceiling on foreign exchange drawal by a resident individual for specified capital account transactions in phased steps, subsumes gift and donation remittances into that annual limit, and provides that where drawals exceed the annual ceiling the transaction-specific regulatory limit applies. It further prohibits using any portion of the annual ceiling drawal for remittances to jurisdictions designated as non-cooperative by the Financial Action Task Force, subject to the Act and related rules and directions.
Securities And Exchange Board Of India (Depositories And Participants) (Amendment) Regulations, 2007.
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Strategic Business Unit permission allows depositories to undertake regulator-assigned non-incidental activities with Board approval.
A depository may carry out activities not incidental to its depository functions if assigned by the Central Government or a financial-sector regulator, by establishing Strategic Business Unit(s) specific to each activity with prior Board approval and subject to Board-prescribed conditions, including possible transfer of the activity to a separate company within a specified time; a Strategic Business Unit is an organisational unit with its own mission, objectives and business strategy, and appropriate technological, financial and other segregations.
Approval and publishing of the Scheme of corporatisation and demutualisation of certain Stock Exchanges.
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Corporatisation and demutualisation: appointed dates designated after stock exchanges confirmed statutory compliance.
Approval is recorded of the Scheme for corporatisation and demutualisation of several regional stock exchanges, with specified dates on which each exchange satisfied the statutory compliance requirement indicating completion of conversion. Pursuant to statutory authority, SEBI designates those dates as the appointed date for each exchange, thereby fixing when the corporatisation and demutualisation framework takes effect following confirmation of compliance.
Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2007
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Overseas investment limits expanded, increasing permissible financial commitment and recognising full value of guarantees under amended FEMA rules.
The amendments expand permitted overseas investment exposure by increasing the total financial commitment ceilings for Indian parties, distinguishing higher limits for corporates and lower limits for registered partnership firms, and by recognising one hundred per cent of guarantees when calculating commitment. They define Venture Capital Fund, permit specified proprietorship exporters to form overseas ventures subject to Schedule II criteria and prior approval, and modify ESOP rules to allow acceptance, transfer and repurchase of foreign company shares with annual reporting and repatriation requirements.

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