Import exemptions for export-oriented units expanded to allow offsite subcontracting of tools and restricted computer training use.
Amendments standardize the definition of hundred percent export oriented undertakings to include units approved by the Board of Approvals or the Development Commissioner, authorize the Assistant Commissioner of Customs to permit temporary removal of imported goods and equipment (including moulds, jigs, tools and drawings) to sub-contractors for job work provided they are returned to bonded premises within a stipulated period, and allow use of computer systems for training inside bonded premises subject to no terminals being installed outside and meeting prescribed net foreign exchange conditions where required.

Wastage allowances and DTA clearance: revised rules permit limited domestic clearance and specified manufacturing wastage rates.
Amendments permit DTA clearance of jewellery up to 10% of prior-year export value on payment of duties; authorize exchange of machine-made precious-metal jewellery for metal of equal purity and weight under Assistant Commissioner of Customs conditions; and prescribe specific wastage percentages for gold/platinum and silver by jewellery category, with rules on calculation and admissibility.

Renewal of recognition under Section 4 permits continuation of the exchange's dealings in contracts in securities for a fixed term.
Statutory recognition is renewed to the Ludhiana Stock Exchange Association Limited under the securities contracts regulatory framework, permitting the Exchange to continue dealing in contracts in securities for a further specified fixed term following administrative satisfaction of trade and public interest considerations.

Service tax exemption for specified service providers when supplying services to United Nations or recognised international organisations.
The Central Government exempts from the whole of the service tax under section 66 taxable services provided to the United Nations or an international organisation by the telegraph authority, insurers, advertising agencies, courier agencies, air travel agents, tour operators and security agencies. "International organisation" means an organisation declared under section 3 of the United Nations (Privileges and Immunities) Act, 1947, to which the Schedule to that Act applies.

Exemption conditions for home consumed goods from special units require identity, unit limit compliance and export or disposal.
Exemption for goods cleared to home consumption from EOU, FTZ, EHTP or STP units is conditional on Assistant Commissioner satisfaction that cleared goods are identical to exported or intended exports, that home consumption values do not exceed unit specific entitlement percentages in the annexed Table relative to total production of identical goods, and that the remaining production is exported or disposed of under the Export Import Policy; parallel proportional limits and export/disposal requirements apply to software and to rejects/scrap/remnants.

Customs exemption rate adjustment for materials imported under advance licence, amending specified notification clauses and prior threshold.
Amendment increases the percentage threshold in exemptions for materials imported under advance licence with actual user condition or licences issued after 1 4 1997 by substituting the prior five percent figure with a higher figure in the Explanation to clause (iv)(b) of Notification No. 30/97-Cus. and in the Explanation to clause (ii)(b) of Notification No. 31/97-Cus., effected under the Customs Act authority.

Export obligation under EPCG scheme: phased multi year discharge, revised minimum CIF thresholds and utilisation adjustment.
Amendments require licences in specified manufacturing and primary production sectors with CIF value between One Crore and Twenty Crores to discharge export obligation over six years with block proportions of 15%, 35% and 50%; software sector licences between Ten lakhs and Twenty Crores follow the same six year, phased proportions. Minimum import values including spares are set at One Crore for listed sectors and Ten lakhs for software. Actual licence utilisation beyond ten percent is deemed to adjust CIF value and corresponding export obligation proportionately. A policy cross reference is expanded to include an additional sub clause.

Inclusion of jigs, fixtures, dies and moulds under EPCG scheme expands eligible spare parts for maintenance of capital goods.
Amendments to customs exemption notifications expressly include spare parts such as jigs, fixtures, dies and moulds as eligible imports under the EPCG scheme for maintenance of capital goods imported, assembled, or manufactured, and revise explanatory cross references to the Export and Import Policy to incorporate additional policy clauses, aligning the notifications with updated Policy language.

Housing finance company approval under section 36(1)(viii) notified; conditional on compliance with the provision for specified years.
Approval of M/s. Livewell Home Finance Ltd., Secunderabad as a Housing Finance Company has been notified under section 36(1)(viii) of the Income-tax Act, 1961 for specified assessment years, subject to the condition that the company shall conform to and comply with the provisions of section 36(1)(viii).

Approval under section 35CCB: institution authorized for specified forest programmes, subject to separate accounts and annual audited reports.
Approval is granted to Tirumala Tirupati Devasthanam for specified forest conservation programmes under rule 6AAC for the purposes of section 35CCB, subject to a fixed validity period. Conditions require maintenance of a separate account for donations, annual submission of programme reports to the prescribed authority by the statutory deadline, and annual submission of audited accounts and programme-specific balance sheets showing income, expenditure and financial position.

Tax treaty limits source taxation and sets PE rules, withholding caps, and mutual procedures to avoid double taxation.
The notification gives effect in India to the India-South Africa income tax Agreement which allocates taxing rights between residents and source States, defines residency and permanent establishment, limits source withholding on certain cross border income subject to beneficial owner and permanent establishment exceptions, prescribes methods for elimination of double taxation by deduction or credit, and establishes mutual agreement, information exchange, and assistance in recovery procedures, together with entry into force, transitional application and termination rules.

Securities lending permitted: foreign institutional investors may lend securities through approved intermediaries under the stock lending scheme.
Amendment adds dated Government securities to Regulation 15(1) and inserts Regulation 15(8) authorising a Foreign Institutional Investor or sub account to lend securities through an approved intermediary in accordance with the Board's stock lending scheme.

Registrar of Companies office establishment shifts regional company registration jurisdiction to a new local office to improve compliance.
A new Registrar of Companies office is established in Pune to assume responsibility for companies with registered offices in the districts of Pune, Nasik, Kolhapur and Ratnagiri, transferring functions from the Mumbai Registrar of Companies. The office will be headed by a Registrar with supporting staff, will commence operations at designated local premises from the stated effective date, and is intended to facilitate prompt statutory compliance and more convenient service for the corporate sector and public in the reassigned districts.

Import licensing requirement for specified commodities now restricts import to licensed or public notice permissions.
The Export and Import Policy is amended to provide that imports of raw silk/silk cocoons, natural rubber and crude palm stearin are not permitted except against a licence or in accordance with a public notice, revising the Negative List Part II, Chapter 15-1 entry and taking effect under powers granted by the Foreign Trade Act and the Policy provisions.

Back-to-back inland letter of credit accepted for duty-free clearance; officer must debit quantity and value prior to release.
The notification amends the exemption to allow clearance against either an advance release order or a back to back inland letter of credit. The licence holder must produce the original advance release order or original back to back inland letter of credit specifying supplier, quantity, description and value. The proper officer of Central Excise must debit the quantity and value of each item in the presented document before allowing clearance.

Anti-dumping duty on Vitamin-C imports imposed, affecting shipments from specified origins with set rates and limited duration.
Imposition of an anti-dumping duty on Vitamin C under sub heading 2936.27 is prescribed for imports originating in or exported from specified countries, with country specific per kilogram rates and a defined expiry; the measure is based on the designated authority's preliminary findings published in the Gazette.

Import classification change: numerous goods moved to open import or restricted lists with special import licence conditions.
The notification amends the ITC(HS) schedule by classifying numerous Exim codes as Free (Open General Licence) or Restricted with import allowed against Special Import Licence (SIL), deletes or replaces certain codes, and prescribes that specified codes be canalised under State Trading via the designated agency which shall follow normal commercial practice.

Export prohibition on wild plant species requires cultivation certificates or CITES permits; value added exports allowed with affidavit.
Amendments to Schedule 2 Appendices amend export controls: specific Appendix 1 entries are deleted or reworded (including Black Pepper deletion, substitution of "Government" for "DGFT", deletion of certain cereal/export conditions, sample export concessions, removal of Tea rupee debt condition, and provision for DGFT notified ceilings for Sandalwood Oil). Appendix 2 prohibits export of listed wild plant species while allowing cultivated varieties only with a Certificate of Cultivation from designated forest/wildlife officers and, where applicable, a CITES permit; value added formulations from imported species may be exported on affidavit, with penalties for false statements.

Foreign Trade Policy revision brings consolidated amendments into force, updating the export-import regulatory framework and guidance.
Revised Export and Import Policy 1997-2002 is promulgated as a consolidated edition incorporating all amendments made up to 12 April 1998 and is brought into force from 13 April 1998 under the statutory authority vested in the administrative head responsible for foreign trade, issued in the public interest to update and consolidate export-import regulatory provisions.

Recognition renewal for a stock exchange under securities regulation granted, subject to prescribed conditions and regulatory oversight.
SEBI renewed recognition of the National Stock Exchange of India Limited for a further five-year term commencing in April 1998, granting authority to deal in contracts in securities while expressly subjecting the renewal to conditions that SEBI may prescribe or impose from time to time.