Compounded levy rates amended for cold rolling machines, specifying distinct monthly duties for stainless steel pattis and aluminium circles.
Amendment revises compounded levy rates for cold rolling machines under Notification No. 109/94 by prescribing per machine monthly duties: Rs. fifteen thousand for stainless steel pattis or pattas; for aluminium circles produced on cold rolling machines, Rs. seven thousand five hundred for machines of 30" diameter or less and Rs. ten thousand for machines exceeding 30" diameter. The change is effected under rule 96ZB of the Central Excise Rules, 1944 and comes into force on the 1st day of June, 1997.

Inclusion of aluminium circles in excise classification extends existing provisions to aluminium alongside stainless steel pattis.
The amendment revises Chapter V headings and substitutes references in multiple rules to include aluminium circles alongside stainless steel pattis or pattas, applying the same rule provisions to aluminium circles falling under Chapter 76 as to stainless steel pattis or pattas under Chapter 72, enacted by notification under the Central Excise Act with a specified effective date.

Exchange rate determination sets prescribed currency conversion rates for export goods effective from 1 June 1997.
Determines the official rate of exchange for conversion between specified foreign currencies and Indian rupees for export goods under section 14(3)(a)(i) of the Customs Act, 1962, superseding the earlier notification and prescribing that, from the stated commencement date, the conversion rate for each currency shall be the rate shown against it in the appended Schedule I (per one unit) and Schedule II (per one hundred units).

Exchange rate determination: prescribed currency conversion rates govern stamp duty and customs valuation for imported goods.
Prescribes fixed conversion rates for specified foreign currencies into Indian rupees to be used in calculating stamp duty under the Indian Stamp Act, 1899 and for determining values of imported goods under section 14 of the Customs Act, 1962; supersedes the earlier notification and makes the rates listed in Schedule I and Schedule II binding from the stated effective date.

Import liberalisation of common and coarse rice and broken rice permitted under amended Exim Policy and ITC classification.
The Export and Import Policy is amended to revise Chapter 15, Part III, para 15.3 to specify cereals excluding feed-grade maize and common/coarse rice and rice with 50% or more broken; wheat imports are subject to Public Notice and a Food Corporation of India reference. A remark is added to Exim Code 10.06 (Rice) in the ITC(HS) Classification that import of common/coarse varieties of rice and rice with 50% or more broken shall be freely allowed.

Exemption of petroleum crude from additional customs duty prevents duplicate levy and aligns import duty with excise.
The Central Government exempted imported petroleum crude from the portion of additional customs duty equivalent to the excise duty chargeable on petroleum crude under the Oil Industry statute, exercising its power under the Customs statute as necessary in the public interest to prevent duplicate levy at importation and to align additional customs duty incidence with domestic excise.

Additional duty exemption for petroleum crude prevents recovery where such duty was not levied during the specified period.
The Central Government directed, under powers conferred by the Customs Act, that the additional duty otherwise payable on petroleum crude imports shall not be required to be paid in respect of goods on which that additional duty was not levied during the specified import period, thereby formalising exemption from retroactive recovery in accordance with the prevailing administrative practice.

Customs duty exemption for qualifying gold imports under export-linked jewellery schemes enables full duty relief when policy conditions are met.
Exemption from customs duties is granted for specified grades of gold and for gold findings, mountings or solders when imported under the Scheme F or the corresponding Export and Import Policy paragraph; qualifying items are gold of minimum fineness 0.995 under heading 71.08 and findings, mountings or solders up to 0.920 fineness in Chapter 71, and the exemption covers both basic customs duty and the special customs duty otherwise leviable.

Exemption to diplomatic services clarified, limiting telephone coverage and expanding the list of covered missions.
Amendment substitutes the proviso to clarify telephone-related exemptions: for France, Norway and Spain limited to Embassy building and Ambassador's residence; for Singapore, Thailand and Burkina Faso limited to official telephones; for Bahrain limited to telephones of the Consulate General in Mumbai. It also inserts additional country entries into the Schedule of Notification No. 5/96-Service Tax, thereby expanding the list of missions covered by the exemption framework.

Customs amendment: substitution of recombinant bovine somatotropin in exemption notification altering tariff description.
The Central Government amended Notification No. 11/97 Cus by substituting in LIST 1 the entry "(6) Bovine somatotropin" with "(6) Recombinant bovine somatotropin", thereby altering the description of the specified exempted item under the customs tariff exemption schedule.

Exchange rate adjustment for export valuation: Japanese yen rate substituted and made effective in late May under statutory authority.
Amendment substitutes the exchange rate for the Japanese Yen at serial No. 3 in Schedule II of Notification No. 15/97 NT Cus., establishing a new rate to apply for export goods and declaring that the substituted rate will be effective from 28th May, 1997 under the Central Government's statutory authority.

Exchange rate for imported goods updated: new yen conversion rate to apply from the announced effective date.
Amendment substitutes the Schedule-II entry for serial No. 3 of Notification No. 14/97-NT-Cus., prescribing a new exchange rate for the Japanese Yen to be used for valuation of imported goods, exercised under powers conferred by the Indian Stamp Act and the Customs Act, and specifying the date from which that rate is to be applied for customs and related purposes.

Exemption under section 35AC extended for a public health and hospital upgrade project, authorising continued eligibility.
Central Government specifies the scheme of Saurashtra Medical Centre as an eligible project under the Explanation to section 35AC for (a) eradication of tuberculosis by treating 24,000 patients in 662 villages of Surendranagar District and (b) upgradation and installation of modern equipment in orthopaedic and eye hospitals, and, on recommendation of the National Committee, extends the specification for a further three assessment years commencing from the assessment year 1998 99.

Exemption under section 35AC: extension of SOS Children's Village scheme specification for further assessment years.
The Central Government specifies the SOS Children's Village of India scheme for administration and maintenance of 27 villages providing free clothing, education, shelter and a family environment to destitute, orphaned and abandoned children as an eligible project or scheme for tax-exemption purposes, extending a prior three-year specification for a further three assessment years following the National Committee's recommendation and satisfaction with the scheme's execution.

Exemption under Section 35AC extended for Anoopam Mission project, renewing eligibility and amending project cost for two assessment years.
The Central Government specified the Anoopam Mission scheme for Yogiji Maharaj Mahavidyalaya and Educational Complex for rural women at Dhari as an eligible project under Section 35AC, extending its eligibility for two further assessment years beginning 1999-2000 following a National Committee recommendation and amending the project's estimated cost and corpus fund.

Amendment to tax deduction notification removes 'trust' from Sanjivani entry, altering the entity description.
The Central Government, under clause (b) of the Explanation to the tax deduction provision and on the National Committee's recommendation, amended the specified notification by omitting the word 'trust' after "Sanjivani" at Serial No. 22, thereby changing the descriptive designation of that notification entry.

Tax exemption project specification under section 35AC extended for one assessment year, reaffirming eligibility of NASEOH.
The Central Government has specified the NASEOH Mumbai project for Development and Printing of Educational Material and related aids as an eligible project for tax incentive purposes for a further one assessment year following a National Committee recommendation that the project is being properly executed, and notes the project's estimated cost.

Eligible project designation under income-tax extends tax-exempt benefits to a technical school project following committee recommendation.
The Central Government specified the scheme of Shri Puroshotam Seva Trust for construction, equipping and running of a technical school at village Sola, Gujarat as an eligible project under the Explanation to section 35AC. Following a National Committee recommendation that the project is being properly executed, the specification was extended for a further three assessment years commencing with assessment year 1998-99, at an estimated cost of one hundred lakh, thereby maintaining its eligible project status for tax purposes.

Specification under section 35AC: extension of eligible project status for Poona District Leprosy Committee schemes enabling continued deduction eligibility.
Specification under section 35AC that the Poona District Leprosy Committee's programme-comprising engineering unit expansion, urban leprosy investigation and comprehensive projects, agro forestry at Ghagar Gaon, and an engineering rehabilitation centre at Ahmednagar-is an eligible project or scheme and is specified for a further period following a National Committee recommendation under rule 11M.

Eligible project specification extended for Ritambhara Vishva Vidyapeeth enabling tax-deduction for school, hostel, skills and medical relief activities.
Under Section 35AC of the Income-tax Act, the Central Government specifies the Ritambhara Vishva Vidyapeeth scheme as an eligible project for tax-deduction purposes. The specified activities comprise construction of a school and hostel for adivasi girls, establishment of community development centres for self-employment training of adivasi women, and provision of medical relief in Dang District, Gujarat. The National Committee recommended renewal after finding project execution satisfactory, and the Government extends the specification for a further three assessment years, identifying the implementing body, project components, and estimated cost to govern qualifying expenditure.