Foreign Currency Convertible Bonds Scheme specified under Section 115AC, making the depository receipt mechanism applicable for tax purposes.
The Central Government specifies the "Issue of Foreign Currency Convertible Bonds and Ordinary Shares (through Depository Receipt Mechanism) Scheme, 1993" as a Scheme for the purposes of Section 115AC of the Income tax Act, 1961, in respect of assessment year 2002-2003 and subsequent assessment years, and records the principal Gazette publication and subsequent amendment notifications through 2002.

Service fee schedule for mutual funds revised, altering tiered fee obligations and effective from the specified financial year.
Amendment substitutes a new SERVICE FEES PAYABLE BY MUTUAL FUNDS para in the Second Schedule prescribing a tiered fixed service-fee table tied to net assets as on 31st March, effective from the financial year 2003-2004, and renumbers two clauses in the Eighth Schedule; a footnote recording the principal regulation's issuance and subsequent amendment history is appended to the earlier 2002 amendment.

Tax-free bonds specified for Sardar Sarovar Narmada Nigam Limited; tax exemption conditioned on holder registration.
The Central Government specifies tax free bonds issued by Sardar Sarovar Narmada Nigam Limited, identifying four series with designated denominations, interest rates and tenures, allocating the aggregate issue among Series I A, I B, II A and II B with distinctive numbers. The tax exemption is conditional on the bondholder registering his or her name and holding with the issuing corporation.

Tax exemption for specified NHB priority sector bonds confirmed, conditional on holder's registration with the issuing bank.
The Central Government specified a tranche of 7.85 per cent NHB Priority Sector Bonds issued during 2001-2002 as tax-free for the purposes of section 10(15), identifying them by series and distinctive numbers, and providing that the exemption is admissible only if the holder registers his or her name and holding with the issuing bank.

Anti-dumping duty on Vitamin imports imposed, with retrospective application and prescribed calculation and exchange rate rules.
Imposition of an anti-dumping duty on Vitamin AB2D3K imports from the European Union, Thailand and Singapore, applied per kilogramme and set by exporter- and territory-specific entries; duty equals the difference between the prescribed US$ amount and the assessable landed value, payable in Indian currency, with retrospective effect from the provisional duty date and conversion at the notified rate of exchange determined by the bill of entry date.

Offshore Banking Unit operations limited to foreign exchange; transactions with residents barred without Reserve Bank permission.
Offshore Banking Units in notified Special Economic Zones are not regarded as authorised dealers under the Foreign Exchange Management Act unless directed by the Reserve Bank, and general regulations do not apply except as provided. OBUs shall not transact with residents in India without Reserve Bank permission. OBUs may undertake foreign exchange business only, may deal with authorised dealers in India on a principal-to-principal basis, and may transact with SEZ units only within eligibility, ceilings and conditions prescribed; banking business under the Banking Regulation Act is confined to foreign exchange and subject to licence conditions.

Audit report for deductions under section 80 IA requires Form No.10CCB and specified supporting accounts and approvals.
The substituted Rule 18BBB mandates that audit reports to claim deductions under the relevant income tax provisions be furnished in Form No. 10CCB, with a separate report for each undertaking accompanied by that undertaking's Profit & Loss Account and Balance Sheet. Infrastructure enterprises must attach the governmental agreement; other eligible businesses must attach the relevant approval or permission. The auditor, who must be a chartered accountant or an eligible company auditor, must certify that the undertaking meets statutory conditions and state reasons for any negative answers or qualifications.

Customs exemption for drinking water supply projects exempts purification and desalination plants serving human or animal consumption.
Amendment inserts S. No. 401A in notification No. 21/2002-Cus., creating a customs exemption for Drinking Water Supply Projects (tariff 98.01) that include desalination, demineralization or purification plants intended to make water fit for human or animal consumption, excluding plants supplying water for industrial purposes; the entry records nil duty for qualifying projects.

Drinking water supply projects added to project imports list, sponsored by district collector or deputy commissioner.
Amendment to the Project Imports Regulations, 1986 inserts entry 3A adding Drinking Water Supply Projects for human or animal consumption to the Project Imports table, qualifying such projects when sponsored by the Collector, District Magistrate or Deputy Commissioner of the district in which the project is located; the regulations take effect on publication in the Official Gazette.

Customs notification adds drinking water projects and specified LNG and pipeline projects to exempt list.
The Central Government amends Notification No.42/96-Cus by substituting serial 24 with the Koyali-Navagam-Viramgam-Sidhpur-Kot-Sanganer Product Pipeline Project and by inserting new entries after serial 25 to add Drinking Water Supply Projects (including desalination, demineralization or purification plants for human or animal consumption, excluding industrial water supply), the Hazira LNG Terminal Project, the Mundra-Kandla Crude Oil Pipeline, the Panipat-Rewari Product Pipeline, and conversion of the Kandla-Panipat section into crude oil service.

Exemption Conditions for woven fabrics amended: factory processing with bleaching, dyeing or printing using power or steam excludes exemption.
The amendments expand enumerated textile processing operations (stentering, singeing, cropping, curing/heat setting, expanding and steam pressing for acrylic fabrics) and substitute table entries, while introducing a condition excluding exemption for woven fabrics of wool, cotton or man made fibres processed in factories with bleaching, dyeing or printing facilities using power or steam. The changes also add a nil duty exemption for machinery and pipes for water treatment plants (for potable water) subject to a district certificate for intended use, and clarify treatment of ball and roller bearing clearances for aggregate concession calculations and refund inadmissibility.

Rescission of excise notification under Section 5A removes prior exemption notification and references restoration guidance for affected sectors.
Rescinds a prior excise exemption notification by exercise of executive powers under Section 5A(1) of the Central Excise Act, 1944, withdrawing Notification No. 24/2001-Central Excise dated 30 April 2001 and issuing Notification No. 46/2002-CE dated 6 September 2002 to annul the earlier tariff-related exemption instrument.

Deemed CENVAT credit rate amended to remove specific sub-paragraph and explanations, altering textile processor credit rules.
The Central Government amends the prior notification on deemed credit for independent textile processors and composite mills by omitting a specified sub-paragraph in paragraph 2 after sub-clause (b), deleting the proviso to Explanation 3, and removing Explanation 6, thereby narrowing the textual provisions governing deemed credit under the CENVAT framework.

Quorum change for Company Law Board: membership requirement amended to permit a single member to constitute the panel.
Amendment substitutes the prior minimum two member composition with a one or more members formulation in regulation 4(1), regulation 4(1A) and regulation 4(3) of the Company Law Board Regulations, 1991, thereby permitting a single Member to constitute the Board under those provisions; the regulations are made under the delegated powers of section 10E and commence on publication in the Official Gazette.

Tax exemption notification grants conditional recognition to an educational institute under income tax law for specified assessment years.
Notification recognizes the Institute of Marketing & Management, New Delhi for income tax exemption under clause (23C)(iv) of section 10 for specified assessment years, conditional on applying income wholly to its objects; restricting investments to modes permitted under the law (excluding certain voluntary contributions held as jewellery or furniture); excluding business profits except where incidental and separately accounted; regular filing of income-tax returns; and transfer of surplus assets on dissolution to a charitable organisation with similar objectives.

Tax exemption under section 10(23C)(iv) granted to ashram subject to compliance with specified conditions and reporting obligations.
Central Government notifies section 10(23C)(iv) recognition for Sree Ramakrishna Satyananda Ashram for assessment years 2001-2002 to 2003-2004, subject to conditions: apply income wholly to charitable objects; restrict investments to modes specified in the Act; exclude business profits unless incidental with separate books; file returns regularly; and on dissolution transfer surplus and assets to a similar charitable organization.

Tax exemption under clause 23C(iv) of Section 10 recognized for Population Foundation, subject to specified compliance conditions.
Notification designates Population Foundation of India as eligible under clause (23C)(iv) of section 10 for assessment years 2002-03 to 2004-05, conditioned on applying income wholly and exclusively to its objects, limiting investments to forms specified in section 11(5) (with limited exceptions for certain voluntary contributions), treating business income as incidental only if separate books are kept, filing income-tax returns regularly, and transferring surplus assets on dissolution to a similarly purposed charitable organization.

Anti-dumping duty on acyclic alcohols imposed provisionally to counter dumped imports and protect domestic industry.
Provisional anti-dumping duty is imposed on specified Acyclic alcohols (Oxo alcohols) from Brazil, Malaysia, Romania, Singapore and South Africa following preliminary findings of dumping, cumulative material injury to the domestic industry, and threat of imminent injury. Duties are set at product and country specific rates per metric tonne in the annexed Table, apply to listed varieties of oxo alcohols, are payable in Indian currency and remain effective until the specified expiry date; exchange rate for conversion is as notified and tied to the bill of entry date.

Tax exemption notification grants charitable status to The Theosophical Society subject to conditions on income use and investments.
Notification designates The Theosophical Society, Adyar, Chennai as eligible for charitable tax exemption for the specified assessment years, conditional on applying income wholly to its objects, restricting investments to statutory permitted forms (with limited treatment for certain voluntary contributions), treating business income as non exempt unless incidental and separately accounted, filing returns regularly, and transferring surplus and assets on dissolution to a similarly purposed charitable organization.

Tax exemption notification for a religious body conditions entitlement on application of income, investment limits, business accounting, returns, and dissolution transfer.
Notification grants income-tax exemption to the National Spiritual Assembly of the Bahai's of India under clause (23C)(v) of section 10, conditional on applying income wholly to its objects, restricting investments to forms permitted by section 11(5) (excluding certain voluntary contributions in kind), excluding business profits unless incidental and separately accounted, filing returns regularly, and transferring surplus and assets on dissolution to a charitable organisation with similar objectives.