Amendment to SEBI notification substitutes the government-appointed member, naming Dr. K.P. Krishnan as Member under law.
The Central Government, exercising powers under the SEBI Act, amends S.O. 147(E) by substituting the entry at serial number two to appoint Dr. K.P. Krishnan as Member, identified as Joint Secretary, Ministry of Finance, Department of Economic Affairs.

Income Tax Appellate Tribunal rules set minimum shortlisting criteria for accountant and judicial member viva voce, including experience and income thresholds.
Where the Selection Board finds it impracticable to call all candidates for viva voce, it may shortlist candidates by adopting criteria not less than specified minima: for accountant members, either three years as Commissioner-level Indian Income-tax Service Group 'A' officer or twenty years' Chartered Accountancy practice with net taxable income of at least Rs. 1,40,000; for judicial members, specified judicial service tenure, twenty years' advocacy with similar income threshold, Grade-I Indian Legal Service experience, or combined twenty years in judicial or tribunal posts; and relaxed but not below statutory-floor criteria for SC/ST/OBC candidates.

Amendment to foreign trade policy revises permitted export quantities of stone aggregate and river sand under FTP authority.
Amendment to the Foreign Trade Policy modifies previously notified export allocations by revising operative quantities for stone aggregate and river sand, effected under powers granted by the Foreign Trade (Development & Regulation) Act and paragraph 1.3 of the FTP 2004-2009 as a public interest notification amending Notification No.30/(2004-2009).

Foreign currency-rupee option contracts permitted to hedge eligible exchange exposures under the same terms as forward contracts.
The amendment authorises persons resident in India, and specific non-resident categories (Foreign Institutional Investors, Non-Resident Indians, and persons outside India with Foreign Direct Investment in India), to enter into foreign currency-rupee option contracts with authorised dealers to hedge exchange risk in respect of transactions permitted under the Act, on the same terms and conditions applicable to forward contracts, and gives the regulation retrospective effect from July 7, 2003 with a non-adverse-effect clarification.

Anti-dumping duty on Sodium Cyanide imposed, payable in local currency with exchange rate as per Customs Act.
Anti-dumping duty is imposed on imports of Sodium Cyanide under subheading 2837 11, with a specified duty per metric tonne set in US dollar terms for two origin/export scenarios involving Chinese Taipei and other countries. The duty must be paid in Indian currency, and the rate of exchange for conversion shall be the rate specified in notifications under the Customs Act, with the relevant date for that rate being the date of presentation of the bill of entry.

Anti-dumping duty continuation on sodium cyanide imports from specified countries to address dumping and material injury findings.
Continuation of anti dumping duties on Sodium Cyanide (sub heading 2837 11) is imposed following a sunset review that found continued dumping and material injury from imports originating in the Republic of Korea and the United States of America. Definitive duties are specified by origin, export country, producer and exporter with differentiated rates, unit of measurement and currency; conversion uses a notified exchange rate on the bill of entry date. Duties remain effective for a limited statutory period and are payable in Indian currency.

Fixation of tariff value: notification updates import valuation benchmarks for specified edible oils and brass scrap under Customs Act powers.
The Board, invoking sub-section (2) of Section 14 of the Customs Act, 1962, substitutes the Table in the principal notification by Notification No.109/2005-Customs (N.T.), thereby setting per-metric-tonne tariff values for specified edible oils and brass scrap as the fixed import valuation benchmarks.

Input tax credit reduction required where purchased inputs produce both taxable sales and exempt sales under VAT rules.
Input tax credit must be proportionately reduced where purchased goods are used partly to make taxable local, inter state or export sales and partly to make sales exempt under the First Schedule (such as scrap). Entitlement to input tax credit is limited to purchases related to taxable or export sales; where inputs produce both taxable and exempt outputs the credit is apportioned by the mechanism in sub section (4) read with sub sections (1) and (3).

Transfer pricing jurisdiction redefined: regional assignment of Transfer Pricing Officers and empowerment to allocate their work.
Redefinition of territorial jurisdiction for Transfer Pricing Officers assigns designated Joint Commissioners at specified headquarters with delineated territorial areas tied to persons or classes of persons assessed or assessable within the territorial limits of the Assessing Officer whose office lies in those areas, and empowers Directors of Income tax (Transfer Pricing) to distribute work among the Transfer Pricing Officers under them.

Transfer pricing officer designations updated, substituting the schedule to specify designated officers across major tax jurisdictions.
Amendment substitutes the schedule designating officers responsible for transfer pricing matters, listing Director General/Director-level posts for international taxation and the corresponding Joint Commissioners functioning as Transfer Pricing Officers in the specified jurisdictions, thereby replacing the prior table with a new roster of designated transfer pricing officers.

Open ended equity linked saving plan allowed with prior regulatory approval; mutual funds or unit trusts may operate one plan.
Amendment provides that "year" means a year commencing from the date of allotment or holding of units in the plan and inserts a provision permitting a Unit Trust or Mutual Fund, at their discretion, to operate one Open Ended Equity Linked Saving Plan subject to prior regulatory approval.

Prevention of money laundering rules broaden regulatory coverage and extend reporting deadlines for obligated financial entities.
Amendments to the Prevention of Money laundering Rules add insurance regulation alongside securities regulation in specified provisions, expand supervisory references so designated financial regulators may issue guidance as applicable, and extend the prescribed deadline for furnishing designated information. The amendments take effect on publication in the Official Gazette and otherwise retain the principal Rules' structure while substituting the expanded regulatory references and revised deadline.

Unloading and loading operations clarified: amendment substitutes notification entry to permit unloading of imports and loading of exports.
Amendment under clause (a) of subsection (1) of section 7 of the Customs Act, 1962 substitutes, in the Table to Notification No. 61/94-(N.T.), against serial No. 11, item (b), column (4), the entry: "Unloading of imported goods and the loading of export goods or any class of such goods." Notification No. 108/2005-Customs (N.T.), dated 09 December 2005, effects this textual substitution.

Anti-dumping duty rescission on methylene chloride after review finds no material injury or likely recurrence of dumping.
The Central Government, relying on the designated authority's mid-term review which found no material injury and no likelihood of recurrence of dumping or injury, rescinds Notification No.157/2003-CUSTOMS imposing final anti-dumping duty on methylene chloride (tariff item 2903 12 00), except as respects actions done or omitted before such rescission, under section 9A(1) and 9A(5) of the Customs Tariff Act, 1975 read with rule 23 of the anti-dumping rules.

Renewal of recognition to a regional stock exchange conditioned on suspension of regulatory functions and Settlement Guarantee Fund approval.
Renewal of recognition to Magadh Stock Exchange Association, Patna, for one year beginning 11 December 2005 is granted under the Securities Contracts (Regulation) Act subject to conditions: the Exchange shall not regulate or control dealings in securities until further directions under SEBI's separate order, and shall commence trading only after obtaining SEBI's final approval for establishment of a Settlement Guarantee Fund.

Special Economic Zone designation requires Nokia Telecom SEZ at Sriperumbudur to comply with a mandated area expansion within a specified period.
Designation of the Nokia Telecom Special Economic Zone at Sriperumbudur, Tamil Nadu, covering 85.375 hectares and defined by specific survey numbers and boundary descriptions, is made under powers conferred by the Customs Act; the designation is conditional on increasing the total SEZ area to not less than one hundred hectares within two years from the date of publication in the Official Gazette.

Foreign borrowing eligibility expanded; permitted entities may borrow in foreign exchange subject to annual caps.
Amendments clarify that companies registered under the Companies Act, excluding financial intermediaries, and specified non government micro finance organisations are eligible to borrow in foreign exchange; the Reserve Bank may designate other eligible entities. Annual borrowing caps are set separately for eligible companies under the Automatic Route and for micro finance NGOs, with borrowings measured by the financial year. Permitted end uses are broadened to include other eligible purposes as specified by the Reserve Bank. The amendment is deemed effective from April 25, 2005, and is enacted pursuant to the Reserve Bank's powers under the Foreign Exchange Management Act.

Adjudicating Authority Appointment: Commissioner designated to adjudicate Show Cause Notices under Customs Act powers.
In exercise of the power conferred by section 4(1) of the Customs Act, 1962, the Central Board of Excise and Customs appoints the Commissioner of Customs, Inland Container Depot, Tuglakabad, New Delhi, to act as the designated Commissioner of Customs (Import) at specified import formations for the purpose of adjudicating Show Cause Notices issued against M/s Siddhi Vinayak Enterprises, M/s Sheetla Enterprises and others by the Directorate of Revenue Intelligence, Delhi Zonal Unit.

Tax exemption notification: research centre granted conditional exemption subject to application of income, investment, business and dissolution rules.
Notification grants statutory recognition under the Income-tax Act to the Centre for Research in Rural & Industrial Development, Chandigarh, for specified assessment years on conditions: income must be applied or accumulated exclusively for the institution's objects; investments must be limited to prescribed modes and exclude general deposits; business income is taxable unless incidental with separate accounts; returns must be filed regularly; and on dissolution surplus and assets must transfer to a like-minded organisation.

Tax exemption notification grants recognition to a research institution subject to application of income and compliance conditions.
Notification recognises the Centre for Research in Rural & Industrial Development, Chandigarh, subject to conditions: income must be applied or accumulated wholly and exclusively to its objects; investments limited to forms permitted under section 11(5) (except certain voluntary contributions in tangible forms); business income excluded unless incidental with separate accounts; regular filing of income tax returns required; and on dissolution surplus and assets must be transferred to an organisation with similar objectives.