Remittance entitlement for NRIs allows yearly transfers from NRO balances and inherited assets subject to documentation and tax clearance.
Regulation 4(3) is rephrased to allow an NRI/PIO to remit up to the annual ceiling from NRO balances, sale proceeds, or assets acquired by inheritance/legacy upon production of documentary evidence and a tax clearance/no objection certificate; remittance under a parental or close relative settlement requires the original deed and tax clearance; sale proceeds of immovable property acquired otherwise are remittable only if held as eligible investments for at least ten years; multiple instalments must be made through the same Authorised Dealer.

Tax exemption recognition under section ten twenty three C subject to conditions on income application, investments, business, returns, and dissolution.
Notification under the relevant sub-clause of section 10 notifies the Asian Institute of Transport Development as eligible subject to conditions: apply or accumulate income solely to its objects; restrict investments to modes specified in the Act governing application of income; exclude business profits unless incidental with separate books; regularly file income tax returns; and transfer surplus assets on dissolution to a charitable organisation with similar objectives.

Income tax exemption designation for industrial estates: specified land parcels notified for eligibility and effective operation.
The Central Board of Direct Taxes notifies specified Khasra numbers in a schedule, by district and tehsil, as Industrial Estates or Industrial Areas for the purposes of the income tax exemption provision; the notification is effective on publication in the Official Gazette, and, for estates/areas not yet designated by the State Government, the notification takes effect only from the date on which the State Government notifies or designates those estates or areas.

Exchange Rate Determination sets revised foreign currency conversion rates for imported goods under the Customs Act notification.
The Board prescribes rupee conversion rates for listed foreign currencies under section 14(3)(a)(i) of the Customs Act, 1962, superseding the prior notification; Schedule I lists rupee equivalents per one unit for major currencies and Schedule II lists the rupee equivalent for one hundred units of Japanese Yen, to be applied for valuation and customs purposes for imported goods.

Exchange Rate Determination fixes specified foreign currency to Indian rupee rates for customs valuation from the notified date.
The Board, exercising powers under sub-clause (i) of clause (a) of sub-section (3) of section 14 of the Customs Act, 1962, determines rates of exchange for specified foreign currencies into Indian rupees (and vice versa), effective from 1st July, 2004, and supersedes Notification No.71/2004-NT-Customs. Schedule I sets rates per one unit for major currencies and Schedule II sets the rate for Japanese Yen per one hundred units for the purposes of customs-related conversions.

Exemption under Section 35AC: specification for an old age home project extended and maximum project cost increased.
Specification under Section 35AC extends eligibility of the Mata Gujari Old Age Home-cum-Orphanage project, run by Nishkam Sikh Welfare Council, for a further three years beginning with financial year 2003-2004. The National Committee recommended the extension after finding proper execution, and the Central Government amended the earlier notification to increase the maximum permissible project cost, thereby adjusting the sanctioned cap while continuing the project's exemption status under the statutory scheme.

Specification under Section 10(10C)(viic) confirms tax recognition for the Govt Tool Room & Training Centre, Bangalore.
The Central Government issued Notification No. 159/2004 (22 June 2004) specifying the Govt, Tool Room & Training Centre, Rajajinagar Industrial Estate, Bangalore, a society registered under the Societies Registration Act, 1860, for the purposes of the exemption sub-clause of section 10(10C) of the Income-tax Act, 1961, thereby formally identifying the institution under the Act's exemption mechanism.

Land Customs Station designation permits land import and export by Bhutanese, Nepalese and Indian nationals to and from Bangladesh.
Phulbari is appointed as a land customs station for import and export by nationals of Bhutan in Bhutanese vehicles, nationals of Nepal in Nepalese vehicles, and nationals of India, when transporting goods by land to or from Bangladesh; this substitutes the second proviso of the principal customs notification under powers conferred by the Customs Act.

Licensing authority power to fix amounts extended to include Export and Import Policy determinations, amending EPCG notifications.
Amendments substitute the condition wording in paragraph 2 of specified EPCG-related customs exemption notifications so that the Licensing Authority may fix either a higher amount or an amount in terms of clause (i) of Paragraph 5.4 of the Export and Import Policy, 2002-2007, replacing prior references to a "higher sum." The changes apply to Notifications Nos. 111/95, 29/97, 49/2000 and 44/2002 as listed.

Customs notification amendment adds Bhadohi District as authorised site for unloading imported and loading export goods.
Amendment to Notification No.12/97 CUSTOMS (N.T.) inserts, against serial number 12 for Uttar Pradesh, entry (x) adding Bhadohi District Sant Ravidas Nagar as authorised for "Unloading of Imported goods and loading of export goods," effected by Notification No.79/2004 Customs (N.T.) under the powers of clause (aa) of sub section (1) of section 7 of the Customs Act, 1962.

Appointment of Adjudicating Officer: Deputy Commissioner designated to hear a specified customs show cause notice.
The Central Board of Excise and Customs, under authority of the Customs Act, appointed the Deputy Commissioner of Customs (Export), Customs House, Tuticorin to act as Deputy Commissioner of Customs for specified seaport, airport and ICD jurisdictions to adjudicate the show cause notice issued against M/s. First Garment Manufacturing Company (India) Pvt. Ltd., identifying the relevant file reference and date and formally conferring adjudicatory responsibility by government notification.

Appointment of Adjudicating Authority assigns a Mumbai commissioner to adjudicate specified show-cause notices concerning importers.
The Central Board of Excise and Customs, invoking section 4(1) of the Customs Act, 1962, appoints the Commissioner of Customs (Imports), Air Cargo Complex, Mumbai to act as Commissioner of Customs, Air Cargo Complex, Kolkata for the purpose of adjudicating show-cause notices issued by the Additional Director General, Mumbai Zonal Unit dated 4 June 2003, limited to matters concerning M/s M. B. Electronics, M/s Kaiser Electronics and M/s Navkar Electro System at the Mumbai address specified.

Buy-back of shares or other specified securities prohibits delisting and prescribes certificate extinguishment, enhanced disclosures and procedural safeguards.
Amendment replaces references to specified securities with shares or other specified securities to extend applicability to both, prohibits buy-backs that effect delisting, mandates deposit of a specified portion of funds, requires physical extinguishment and destruction of security certificates in the presence of prescribed officials within prescribed timelines, and obliges companies and merchant bankers to provide certified monthly compliance certificates to the Board and monthly particulars to stock exchanges, with reinforced disclosure, signature and publication requirements for announcements and letters of offer.

Notification amendment under Section 120: specified district limits designated for tax notification, coming into force on publication.
The Central Board of Direct Taxes, exercising powers under Sub-sections (1) and (2) of Section 120 of the Income-tax Act, 1961, substitutes in the Schedule to Notification No. S.O.881 (E) dated 14th September, 2001, the entry at serial number 4, column 4 with: "Area within the limits of - District of Kolkata, Howrah, North 24 Parganas, South 24 Parganas and East Medinipur within the State of West Bengal." The amendment takes effect from the date of publication in the Official Gazette.

Credit rating requirement for eligible foreign investments set; only bank instruments with specified agency ratings permitted.
Amendment requires that deposits, Certificates of Deposit or other bank instruments offered to persons resident outside India be issued by banks rated by recognised international agencies and that such ratings are not less than the minimum rating prescribed by the regulator; the amendment is effective immediately under authority of the Foreign Exchange Management Act.

Tax exemption for charitable sports society granted subject to applied income, restricted investments, business segregation, and dissolution terms.
Notification under section 10(23) grants tax-exempt status to Durand Football Tournament Society for assessment years 2000-2001 to 2002-2003, conditioned on applying income wholly to its objects, investing funds only in modes permitted by section 11(5) (except certain tangible voluntary contributions), treating business income as non-exempt unless incidental with separate books, filing income-tax returns regularly, and transferring surplus and assets on dissolution to a charitable organisation with similar objectives.

Tax exemption recognition under section 10(23) conditions apply to income use, investment modes, business treatment.
Notification under section 10(23) grants Brihanmumbai Kreeda Ani Lalitkala Pratishthan exemption for assessment years 2001-2002 to 2002-2003 subject to conditions: apply or accumulate income wholly and exclusively to its objects; restrict investments to permitted forms except certain retained voluntary contributions; exclude business income unless incidental and separately accounted; regularly file income tax returns; and on dissolution transfer surplus and assets to a charitable organisation with similar objectives.

Courier clearance coverage extends to Trivandrum and Cochin through amendment of the specified regulation.
Courier import and export clearance regulation 7 is amended to replace the reference to Ahmedabad with "Ahmedabad or Trivandrum or Cochin", extending the specified coverage to Trivandrum and Cochin. The amendment takes effect upon publication in the Official Gazette.

Excise duty reduction on petrol, diesel and LPG gases; duty rates amended by notification and effective mid June.
The Central Government, exercising powers under section 5A(1) of the Central Excise Act, 1944, amends notification No. 6/2002-Central Excise to reduce the specific excise duty on petrol at S. No. 32B to 10%, the basic excise duty on high-speed diesel at S. No. 32C to 11%, and to insert S. No. 32E for tariff item 2711.19 covering Liquefied Petroleum Gases with a basic excise duty of 8%, effective 16 June 2004.

Authority to specify additional securities broadens depository regulation via Gazette notification and subject-to conditions under amendment.
The amendment adds clause (c) to Regulation 28, authorising the Board to specify any other security by notification in the Official Gazette and to impose such conditions as it deems fit, thereby enabling the Board to expand the classes of securities covered by the Depositories and Participants Regulations through administrative notification.