Concessional duty extension for defence imports extended, altering customs notification to continue concessional treatment period.
The Central Government, exercising powers under the Customs Act, amends the Table to the principal customs notification by substituting the previously specified terminating month with a new terminating month in the Explanation against the relevant serial entry, thereby extending concessional duty treatment for defence imports for an additional year.

Income tax return form requires residents in specified areas to disclose luxury indicators and provide detailed income statements.
Substituted FORM NO.2C prescribes a return for persons not liable under section 139(1) but residing in specified areas who met any condition in the first proviso; it requires PAN and personal data, detailed disclosures for six specified trigger conditions (immovable property, motor vehicle, cellular subscription, foreign travel, credit card, club membership), a structured income and tax statement, attachments, and a verification declaring penal liability under section 277 for false statements.

Export allocation of onions: specified state trading enterprises authorised to export under existing terms with a fixed shipping deadline.
The notification permits an additional 50,000 metric tonnes of onions to be exported through specified State Trading Enterprises and agencies, allocating fixed quantities to each. Exports must comply with earlier terms and conditions except for the revised time-for-export provision in this notification; the released quantities must be shipped by the prescribed deadline and the shipment period for any unutilized balance from the prior release is extended to the same deadline.

Prudential norms for Nidhis: income on loans recognised only when realised, with staged provisioning for deteriorating assets.
Prudential norms require Nidhis to recognise income on loans only when realised and to reverse unrealised income on assets newly classified as non performing. Mortgage loans must be classified as Standard, Sub standard, Doubtful or Loss with prescribed provisions (no provision, 10%, 50%, 100% respectively) and collateral realisable value may be deducted where sale proceedings began within two years, capped at original assessed value. Loans secured by jewellery, government securities or deposits must be recovered within three months of default and attract 100% provision for unrealised amounts. Provisions must be charged to and disclosed in the current year's profit and loss account.

Nidhi regulations restrict non core activities and impose membership, deposit, lending and governance controls for Nidhi companies.
The notification establishes comprehensive regulatory controls for companies declared as Nidhi or Mutual Benefit Society, restricting non core business activities, prescribing membership minima, annual auditor certification, minimum Net Owned Funds and controlled branch expansion. It caps aggregate deposits relative to Net Owned Funds, prescribes permitted deposit products and application disclosures, mandates minimum shareholding by depositors, requires specified bank term deposit investments, limits member lending by security type and ceilings, regulates director tenure and eligibility, constrains dividend declaration and empowers appointment of a Special Officer for breaches, with transitional timelines and limited Central Government exemptions.

Exchange rate notification fixes rupee conversion rates for exported goods under section 14, governing customs currency conversion.
Fixes rupee equivalents for specified foreign currencies for conversion under section 14 of the Customs Act in relation to exported goods, effective 1 August 2001. The notification prescribes rupee values per currency unit, and per one hundred units for certain currencies, to be applied in export-related customs conversions; a separate simultaneous notification covers import goods.

Exchange rate notification fixes foreign-to-rupee conversion rates for imported goods under customs law, specifying per hundred treatment for some currencies.
Notification prescribes rupee equivalents for specified foreign currencies for conversion under section 14 of the Customs Act, 1962, applicable to imported goods and effective from the stated operative date. It lists individual currency rates and specifies that certain currencies are to be converted on a per-hundred-unit basis. A separate simultaneous notification deals with export goods.

Reporting of non-insurance commission now required in Forms 13 and 15AA under amended income-tax rules.
The Income-tax Rules, 1962 are amended to require Forms No. 13 and No. 15AA to expressly cover "commission (not being insurance commission) or brokerage" and to add schedules (Schedule IX and Schedule VIII respectively) that record the name and address of the person responsible for paying such commission or brokerage and the amount of that commission or brokerage.

Appointment of SEBI board member: substitution names a Reserve Bank representative as SEBI Member under statutory authority.
Amendment under section 3 read with section 4 of the SEBI Act substitutes the entry at serial number 3 in the principal notification, naming "Shri G.P. Muniappan, Member" and identifying him as Deputy Governor, Reserve Bank of India, by notification S.O. 704(E) dated 25th July, 2001.

Tax exemption under section 10(23G) granted to a lignite power project, subject to compliance and audit obligations.
Approval is granted to a 250 MW lignite based power project at Neyveli by ST CMS Electric Company Pvt. Ltd. for the purposes of section 10(23G) read with rule 2E, subject to compliance with those provisions. The approval is conditional on maintenance of books, audit by an accountant and furnishing the audit report as required by sub rule (7) of rule 2E; the Central Government may withdraw approval if the undertaking ceases to carry on the infrastructure facility or fails to meet those audit and reporting obligations.

Concessional duty extension for defence imports prolongs exemption period under the Customs Act, maintaining relief for eligible importers.
The Central Government, exercising powers under section 25(1) of the Customs Act, 1962, amends Notification No. 39/96 Customs by substituting the specified terminal month in the Explanation to S. No. 15 of the Table, replacing the earlier terminal month with a later terminal month to extend the concessional duty period for specified defence imports.

Anti-dumping duty on ferro silicon from Ukraine set provisionally against landed value to address dumping impacts.
A provisional anti-dumping duty is imposed on ferro silicon originating in or exported from Ukraine, calculated as the difference between an amount equivalent to US $ 761 per metric tonne and the landed value per metric tonne, payable in Indian currency and effective up to and inclusive of 19 January 2002. "Landed value" is defined as the assessable value under the Customs Act excluding certain Customs duties, and the exchange rate for calculation is the rate published by the Ministry of Finance, with the relevant date being presentation of the bill of entry.

Anti-dumping duty on 2-MNI imports: duty equals difference between reference value and landed value, payable in domestic currency.
Imposition of anti-dumping duty on imports of 2-MNI from the People's Republic of China is directed because the article was exported below normal value causing injury; the duty is calculated as the difference between a specified reference value and the landed value per kilogramme, payable in Indian currency. "Landed value" means the assessable value under the Customs Act excluding certain customs duties, and the applicable rate of exchange is the Government-notified rate as of the bill of entry date.

Anti-dumping duty on imported seamless steel pipes imposed, payable in local currency, equal to margin minus landed value.
The Central Government imposes anti-dumping duty on specified seamless tubes and pipes from listed countries and exporters; duty equals the difference between a stated US dollar amount in the annexed Table and the landed value of imports, applies to defined categories, is payable in Indian currency, and uses assessable value and a notified exchange rate for calculation.

Exemption extension for donated earthquake relief goods ensures continued duty relief for imports intended for rehabilitation.
The government amends Notification No. 7/2001 Customs by substituting the date in paragraph 2 so as to extend the terminal date for exemption of goods intended for donation for relief and rehabilitation of persons affected by the Gujarat earthquake, thereby continuing duty-free treatment for such donated relief consignments under the original exemption scheme.

Amendment to Central Excise notification adds specified Arunachal Pradesh industrial estates and development centres to the Annexure.
Amendment to the Central Excise notification uses powers under the Central Excise Act and related statutes to insert a new Annexure heading for Arunachal Pradesh, listing specified sites as Industrial Estates, Industrial Growth Centres, Integrated Infrastructure Development Centres, and Industrial Areas. Each entry identifies named localities by district, supplies precise boundary descriptors and area measurements, and thereby includes those geographically delimited parcels within the operative schedule of Notification No. 32/99-Central Excise.

Extension of exemption period: notification's operative expiry date extended to preserve existing Central Excise relief.
An amendment substitutes the previously specified expiry date in para 2 of Notification No. 43/2000 Central Excise with a later expiry, issued under the powers under the Central Excise Act to extend the operative duration of the original notification and thereby continue its miscellaneous exemptions for the extended period.

MRP based valuation for low priced timepieces establishes excise duty treatment where exemptions are not claimed.
Amendment adds two tariff entries prescribing MRP based valuation and specified excise duty rates for watches and clocks of retail sale price not exceeding Rs. 500 per piece, applicable where duty is paid under the First Schedule to the Central Excise Tariff Act and the manufacturer does not avail notification based exemptions; the entries modify the Table of Notification No. 5/2001 Central Excise (N.T.).

Taxable service reference updated by statutory amendment, revising the subsection citation that defines services subject to service tax.
Amendment substitutes the statutory reference to the taxable service provision cited in an earlier service tax notification, replacing the previously cited subsection with a different subsection number to alter the textual cross reference that identifies the taxable service covered by Notification No. 6/99-Service Tax.

Research institution approval under section 35(1)(iii) requires separate research accounts, DSIR returns and audited research accounts.
CARITAS India, C.B.C.I., New Delhi is approved as an institution for the research exemption under the Income-tax Act for 1-4-2000 to 31-3-2003, subject to maintaining separate research accounts; filing an annual scientific research return to the Secretary, Department of Scientific and Industrial Research by 31 May; and submitting audited annual accounts and audited research income-and-expenditure accounts by 31 October each year to the Director-General of Income-tax (Exemptions), the Secretary DSIR, and the local Commissioner/Director of Income-tax (Exemptions).