Exchange rate notification amended: new rupee equivalents set for Australian, Malaysian and Singapore currencies, altering import valuation consequences.
The Central Government, under the Indian Stamp Act and the Customs Act, issues Notification No. 9/98-Cus. (N.T.) amending Notification No. 4/98-NT-Cus. by substituting the Schedule I entries at serial numbers 2, 9 and 15 with new rupee equivalents for the Australian Dollar, Malaysian Ringitt and Singapore Dollar respectively; the substituted rates are declared effective from the specified effective date.

Regulatory amendment corrects SEBI takeover rules by replacing a year reference in Regulation 47(1).
The corrigendum to the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 directs that in sub regulation (1) of Regulation 47 the year '1993' shall be read as '1994', as notified 6 February 1998.

Prescribed mutual fund percentage limit corrected to a lower figure in the Seventh Schedule, amending the prior regulation.
Corrigendum to the SEBI (Mutual Funds) Regulations, 1998: the figure appearing in sub clause (c) of Clause 9 of the Seventh Schedule (para 28(ii), Part II) is corrected from thirty percent to twenty five percent, amending the published regulation by replacing the prior numeric prescription.

Specification of secured redeemable taxable bonds under section 80L enables bonds to be recognised under the tax provision.
Central Government specifies the 15-75 per cent. (Taxable) Secured Redeemable Non Convertible POWER GRID Bonds (V Issue) as eligible under clause (ii) of Section 80L of the Income tax Act, identifying the bonds by distinctive numbers E 0000001 to E 2000000 issued by the Power Grid Corporation of India Ltd., and treating the aggregate issue amount as falling within the scope of that clause for tax purposes.

Anti-dumping finding: dumped magnesium from China PR linked to material injury; provisional duties recommended to restore fair competition.
The Authority found that magnesium imports from China PR were exported below normal value, determined normal value on constructed cost due to lack of exporter cooperation, and calculated a significant dumping margin. Examination of volume, prices, production, capacity utilisation, sales and profitability showed price undercutting and price suppression, leading to material injury to the domestic industry. The Authority concluded that dumped imports caused the injury and recommended provisional anti-dumping measures to restore fair competition, inviting interested parties to comment within the prescribed period.

Specified securities under section 54EB designate Alpic Finance bonds with transfer restrictions affecting investment eligibility under the provision.
The Central Board of Direct Taxes designates bonds issued by Alpic Finance Limited as specified securities for the purposes of section 54EB, subject to an aggregate issue cap and the condition that bonds be issued and allotted to the assessee within one year of the notification; such bonds are not transferable for three years from allotment, and those issuance and transfer conditions determine qualification as specified securities under the section.

Specified securities under section 54EB: Alpic Finance bonds designated, non-transferable for seven years and must be allotted within one year.
Bonds issued by the specified public company are designated as specified securities for section 54EB purposes, subject to an aggregate amount ceiling, a mandatory non-transferability period from allotment, and the requirement that bonds be issued and allotted to the assessee within a prescribed time window from the date of the notification.

Appointment of Adjudicating Commissioner: New Delhi customs officer designated to adjudicate specified show cause customs cases.
The Central Government, under sub-section (1) of section 4 of the Customs Act, 1962, appoints the Commissioner of Customs (II) (Air Cargo), New Delhi to be the Commissioner of Customs, Calcutta and the Commissioner of Customs, Delhi for the purpose of adjudicating the cases pertaining to M/s. Vintron Industries Ltd., M/s. Vintron Electronics Private Limited and M/s. Ritika Electronics Private Limited, as specified in the Show Cause Notices dated 3 August 1994; this notification supersedes the earlier notification No. 53/Customs (N.T.), dated 24 October 1994.

Inland Container Depot operations amended to authorize unloading of imports and loading of exports at additional depots.
The Central Government amends Notification No.12/97-Cus.(N.T.) to substitute and insert Table entries that designate additional inland container depot locations and to prescribe the permitted activity as "Unloading of imported goods and loading of export goods" for the affected Gujarat entry, a new Kerala entry (Aroor), two added Maharashtra depots (Dighi and Waluj), and a substituted Uttar Pradesh entry (Moradabad).

Customs jurisdiction amended to redefine port, airport, free trade zone and municipal area coverage for enforcement.
Amendment revises Table entries of a prior notification by substituting descriptions to designate, for customs jurisdiction, specific ports and airports, an export processing zone and municipal corporation area in one entry, and a port and airport, a free trade zone, the areas within an eight-kilometre radius around that zone, and municipal jurisdictional areas in another entry, thereby clarifying territorial coverage for appointment and exercise of customs authorities.

Anti-dumping duty on catalysts from Denmark imposed, with specified per litre rates applicable from the prior provisional imposition.
Anti-dumping duty is imposed on six specified catalyst types originating in or imported from Denmark, with distinct per-litre rates set according to classification under Chapter 38 or Chapter 98. The notification bases the imposition on the designated authority's final findings and prescribes the scheduled duty amounts for each catalyst description; duties apply from the date the provisional duty was imposed.

Gem and jewellery policy: domestic sales allowed with rupee duty payment, and nominated agencies list revised.
Amendments revise the Gem & Jewellery EP scheme to name authorised nominated agencies for supply of gold, silver and platinum; permit re-export and export of domestically procured goods including partial processing products; allow supply of unsuitable rough and precious stones up to five percent of value to holders of REP/Gem Rep./Diamond Imprest licences on payment of duty; and permit EOU/EPZ units to sell up to ten percent of prior year export value to the domestic market with duty payable in Indian rupees for plain and studded jewellery subject to prescribed value addition.

Conservation programme approval under section 35CCB granted with annual reporting and separate donation accounts requirement.
Approval to Gujarat Ecological Education and Research Foundation (GEER) for specified conservation programmes under section 35CCB is valid from April 1, 1997 to March 31, 2000, subject to conditions: maintenance of a separate donations account for conservation activities, annual progress reports to the prescribed authority by June 30, submission of annual accounts showing income and liabilities (with copies to the Commissioner of Income tax) by June 30, and continued satisfaction of the prescribed authority allowing retrospective withdrawal of approval if necessary.

Approval under section 35CCB: conservation programmes approved with three-year validity subject to accounting and reporting conditions
Approval under section 35CCB is granted to Green Ray Foundation for conservation programmes including afforestation of 3.5 hectares, wasteland recovery with locally suitable species, natural resource management demonstrations, and formation of an earthen dam/lake with windmill establishment. The institutional and programme approvals run for three years from April 1, 1997 to March 31, 2000, subject to conditions requiring a separate donations account, annual progress reports and accounts submitted to the prescribed authority by June 30, and potential retrospective withdrawal if the authority is not satisfied.

Approval under section 35CCB enables tax-related recognition for conservation donations, subject to reporting and audit obligations.
Approval granted to M/s. Vanarai for a conservation programme is valid from April 1, 1997 to March 31, 1998 and is conditional on maintaining a separate account for donations, furnishing a progress report for 1997-98 by March 31, 1998, submitting annual audit/accounts showing total income and liabilities with copies to the tax commissioner, complying with specified ministry correspondence, and remaining subject to continued satisfaction of the prescribed authority which may withdraw approval retrospectively.

Approval as Housing Finance Company under section 36(1)(viii) granted subject to compliance for specified assessment years.
Approval is granted to D. C. M. Housing Finance Ltd., New Delhi, as a Housing Finance Company for the purposes of the income tax provision governing housing finance company recognition for assessment years 1997 98 to 1999 2000, subject to the condition that the company conform to and comply with the provisions of that income tax provision.

Appointment of Director General (Service Tax) as Central Excise Officer expands nationwide powers for service tax administration.
The notification appoints the Director General (Service Tax) as a Central Excise Officer, investing that officeholder with the full powers exercisable by the Chief Commissioner of Central Excise for administration, investigation, adjudication and enforcement in respect of taxable services under the Service Tax Rules and provisions of the Finance Act.

Exchange rate determination for export goods sets specified currency conversion rates effective at end of January.
Determines the rate of exchange for conversion between specified foreign currencies and Indian rupees for export goods under the Customs Act, superseding the prior notification, and provides that, with effect from 28 January 1998, the rate for each currency shall be the rate shown against it in column (3) of the appended Schedules I and II which set rates per unit or per 100 units as specified.

Exchange rate schedule prescribed for import valuation and stamp duty, superseding prior notification and setting official conversion rates.
The Central Government prescribes an official exchange rate schedule for conversion of specified foreign currencies into Indian rupees and vice versa for calculating stamp duty under the Indian Stamp Act, 1899 and for application under section 14 of the Customs Act, 1962 in relation to imported goods, superseding the prior notification and listing two schedules with the authoritative rates to be used by customs and revenue officials.

Exports of mineral oil products as aircraft stores permitted under a conditional duty-free regime mirroring prior rules.
Amendment inserts condition (v) permitting export of mineral oil products under Chapter 27 as stores for consumption on board an aircraft on foreign run, subject to conditions and limitations to be applied mutatis mutandis from the earlier notification issued under the Central Excise Rules; the change authorizes duty-free export by persons registered under the registered trader regime only upon compliance with that prescribed conditional framework.