Exemption under section 35AC: approved institutions and projects entitled to capped deductions for qualifying public welfare schemes.
Approval under section 35AC designates specified institutions and their enumerated projects (healthcare, education, sanitation, eye care, slum upliftment, renewable energy and related infrastructure) as eligible for deduction; the notification pairs each institution with an estimated project cost and the maximum amount allowable as a deduction, notes corpus funds where applicable, and specifies the assessment years for which the approvals apply.

Inclusion of treasury bills expands permitted Government securities under FII regulations, altering applicable investment definitions and requirements.
The amendment adds "treasury bills" into regulation 15 of the SEBI (Foreign Institutional Investors) Regulations, 1995: the Explanation to the provisos of sub regulation (2) now reads to include "and treasury bills" after dated Government securities, and a proviso after sub clause (c) of sub regulation (3) is amended to insert "including treasury bills" after "Government securities" and before "shall be carried out"; the amendment is effective on publication in the Official Gazette.

Recognition renewal under securities regulation: Uttar Pradesh Stock Exchange Association's recognition extended for a three year term for securities contracts.
SEBI, having considered the Exchange's application for renewal of recognition under the statutory procedure and being satisfied that renewal was in the interest of trade and the public, exercised its regulatory power to renew recognition to the Uttar Pradesh Stock Exchange Association Limited, Kanpur in respect of contracts in securities for a three-year term commencing on 3rd June 1998 and ending on 2nd June 2001.

Correction to notified amount revises the listed figure for Sabarkantha Charitable Trust in prior income tax notification.
Corrigendum to an income-tax notification replaces the figures and words previously shown against the serial entry for Sabarkantha Charitable Trust in the notification table with a revised, higher notified amount, limited to correction of those table entries.

Eligible project specification under section 35AC extended, allowing qualifying expenditure to remain deductible for further assessment years.
The Central Government, under section 35AC, specifies the Construction of Ujjain Charitable Trust's Hospital and Research Centre at Bhudwaria, Ujjain, as an eligible project and, following the National Committee's certification of proper execution, extends that specification for a further three assessment years commencing from assessment year 1999-2000, thereby preserving the project's tax-incentive eligibility subject to the statutory framework.

Project designation under tax exemption law extends eligible status for a charitable public health scheme for three assessment years.
Central Government specifies the preventive diagnosis, curative medical aid and mass awareness programmes run by a charitable trust in slums of Bombay and Adivasi and other villages of Thane, Raigarh and Nasik as an eligible project or scheme under the tax exemption provision; following the National Committee's recommendation that the scheme is properly executed, the project is specified for a further three assessment years commencing with the assessment year 1999 2000 at an estimated project cost.

Exemption under Section 35AC: eligible rehabilitation project's specification extended following National Committee recommendation for further assessment years.
Specification under section 35AC designates the Phase II construction and running of a Rehabilitation Centre for the handicapped at Ayikudy, comprising expansion of the home, addition of new school rooms to provide education up to eighth standard, and establishment of physiotherapy and vocational centre of Amar Seva Sangam, as an eligible project; the National Committee recommended extension and the Central Government specifies the project as eligible for a further three assessment years commencing from the assessment year 1998 1999 at the estimated project cost set out in the notification.

Section 35AC exemption extended for Kukru Development Project, making its specified activities eligible for tax-exempt status for two years.
The Central Government, under Section 35AC and the Explanation thereto, specifies the Kukru Development Plan Project of Santulan Society-covering goat raising, construction of building, dug well/stop dam and project operations at Village Kukru, Tehsil Bhainsdehi, District Betul-as an eligible project or scheme for a further two assessment years following a National Committee recommendation, at the estimated project cost set out in the notification.

Exemption under Income-tax Act: technical education project for women specified as eligible scheme for further assessment years.
The Central Government designates the technical educational project for women at Village Shirgaon, near Ratnagiri, Maharashtra, operated by Maharshi Karve Stree Shikshan Sanstha, as an eligible project or scheme for tax exemption under the Income-tax Act at an estimated cost of rupees one hundred seven lakhs sixty five thousand, for a further period of three assessment years commencing from the assessment year 1999-2000, following the National Committee's recommendation under the Income-tax Rules.

Income tax exemption for a charitable old age home project extended following National Committee recommendation.
The Central Government, acting under the relevant provision of the Income-tax Act and rules and following the National Committee's recommendation that the project was being executed properly, specified the construction of a 150 bed old age home at Village Ranawadi, Taluka Velhi, District Pune as an eligible project for a further two assessment years commencing with the assessment year beginning 1999-2000, at the estimated project cost stated in the notification.

Tax exemption under section 35AC extended to a disability awareness and early detection project, renewing eligible status for further years.
The Central Government specifies the scheme of Disability Awareness and Rehabilitation in the Community and detection through screening of newborns at MGR Chengalpattu, executed by the Spastics Society of Tamilnadu, Centre for Special Education, as an eligible project for exemption under the Income-tax Act and, following the National Committee's recommendation, extends that specification for a further three assessment years commencing from the assessment year 1999-2000, noting an estimated project cost of rupees thirteen lakh forty thousand.

Exemption under section 35AC extended for maintenance of a public hospital scheme following governmental notification.
Central Government specified maintenance of P. H. Bhagwati Sarvajanik Hospital, Jasalpur, executed by Jasalpur Arogya Mandal, as an eligible project for tax exemption under section 35AC; after the National Committee recommended continuation, the Government extended the project's specification for a further three assessment years commencing from assessment year 1999-2000 at the estimated cost stated in the notification.

Exemption under section 35AC extended for an eligible college construction project, with its approved cost subsequently increased.
The Central Government, on the National Committee's recommendation under the Income-tax Rules, specified extension of eligibility for the Income-tax exemption for the construction, equipment and furnishing of a Degree College at Ghumarwin by Associated Cement Companies Limited and approved an enhanced estimated cost for the project, thereby continuing its qualification as an eligible project under section 35AC for an additional assessment year.

Exemption under section 35AC extended for Bal Ganga educational project, renewing eligible status for three assessment years.
Exemption under section 35AC is extended to the construction, furnishing and running of Bal Ganga Mahavidyalaya by Bal Ganga Shiksha Prasar Samiti, Kemera, as an eligible project for a further period of three assessment years commencing from the assessment year 1998-1999, following the National Committee's recommendation under rule 11M that the project was being executed properly.

Exemption under section 35AC approves a company's welfare project for a capped tax deduction, limited to a specified period.
Notification under section 35AC designates Bongaigaon Refinery and Petrochemicals Limited as an eligible company for welfare schemes under the special component plan and Tribal sub plan in specified Assam districts, specifies the estimated project cost and fixes the maximum amount of that cost allowable as a deduction under the provision, and declares the approval effective for one year in relation to the relevant assessment year.

Exchange rate notification: substituted statutory exchange rates for specified foreign currencies, altering import valuation consequences and taking effect immediately.
Amendment substitutes the Schedule I and Schedule II entries of the prior customs notification to set new rupee exchange rates for specified foreign currencies, thereby fixing the conversion benchmarks for customs valuation and related processes; the substituted rates take effect from 16th May, 1998.

Transport allowance exemption extended nationwide with retrospective tax relief for government employees and uniform treatment across ranks.
Amendment to rule 2BB of the Income-tax Rules, 1962 exempts a transport allowance granted for commuting between residence and place of duty throughout India up to a prescribed monthly amount, with effect from 1 August 1997, to ensure uniform tax treatment for Central, State and other government employees.

Anti dumping duty determination for Vitamin C: duty set by comparing fair selling price and landed import value to address injury.
Investigations of Vitamin C imports from China PR and Japan examine dumping and injury; dumping is assessed by comparing normal value with weighted export price at ex factory level, using petitioner, exporter, importer information and best available data. Landed import value will include customs duties and specified charges; fair selling price is derived from cost of production adjusted for optimal capacity utilisation and a reasonable profit. Anti dumping duty may be recommended up to the dumping margin, or a lower amount if sufficient to remove injury.

Warehouse-to-warehouse removal: amendment adds Nedumbassery Village to the excise notification permitting intra-warehouse transfers.
The Central Government has amended the cited excise notification by inserting a new item in paragraph 2, clause (1), adding Nedumbassery Village (Kerala) as an expressly listed locality so that removals from one excise warehouse to another under the warehousing provisions (Chapter VII) are applicable to that village. The change is confined to adding this geographic entry after the existing item (zzze) and does not alter other conditions of the notification.

Jurisdictional allocation for central excise commissioners updated, reallocating talukas and districts among Gujarat units and clarifying substitutions.
The amendment revises territorial jurisdictional entries for Central Excise Commissioners in Gujarat by omitting certain locality phrases, substituting and adding district and taluka names, and replacing an item to assign specific districts and a taluka to the Commissioner of Central Excise, Ahmedabad-II, thereby reallocating administrative coverage among commissionerates.