Delegation of Adjudicatory Authority: Commissioner reassigned to adjudicate customs proceedings involving Titan Industries under the Customs Act.
The Central Government, under sub section (1) of section 4 of the Customs Act, 1962, appoints the Commissioner of Customs, Bangalore to be Commissioner of Customs, Chennai for the purpose of adjudicating cases concerning M/s. Titan Industries Limited arising from show cause notice No. SB/178/95 dated 21st March, 1995, effectuated by Notification No. 68/97 Cus. (N.T.).

Import licensing condition: edible oils freely importable subject to thirty day advance intimation to directorate and customs.
The amendment adds an Import Licensing note to Chapter 15 permitting edible oils to remain freely importable subject to an advance intimation requirement: importers must notify the competent directorate, with a copy to Customs by registered post thirty days in advance, providing type of oil, date of contract and actual import, quantity, price, and origin.

Deduction under section 35AC: Central government approves specific charitable projects and caps allowable deduction for each notified scheme.
The Central Government approves specified institutions and, for each, designates the eligible project or scheme, the estimated cost and the maximum amount of that cost allowable as a deduction under section 35AC of the Income-tax Act, including where indicated separate corpus fund components and capped deductible amounts.

Attachment of Property: authorised officers may detain and sell defaulters' assets after notice, with inventory required.
Amendments define Proper Officer as an officer subordinate to the Commissioner and not below Assistant Commissioner rank authorised to attach, sell and realise amounts in recovery certificates. If the amount in the prior notice is not paid within the prescribed notice period, the Proper Officer may detain the defaulter's property and proceed to attachment and sale to realise the certificate amount together with detention costs. After attachment, the Proper Officer must prepare an inventory specifying the place the property is kept and supply a copy to the defaulter or the person from whose charge the property was distrained.

Delegation of Central Excise powers permits specified rule powers to be exercised by Commissioners and Chief Commissioners in their jurisdictions.
The Central Government directs that specified powers exercisable by the Central Board under the Central Excise Rules may be exercised by officers of Central Excise in their jurisdictions, matching particular rule provisions with the rank authorised (Commissioner or Chief Commissioner), thereby establishing a rule by rule delegation of administrative authority.

Delegation of authority clarifies transfer of Board powers to Commissioners and omits Board references across excise rules.
The amendment omits recurring references to the Central Board of Excise and Customs across multiple Central Excise Rules and replaces Board-centric language by vesting specified functions and discretion in the Commissioner or by expressly empowering the Chief Commissioner; rule 100D's proviso is replaced to require "such other particulars as may be specified by the Commissioner."

Export permission for exotic birds allowed, subject to species exclusions listed in official public notices.
Amendment permits export of exotic birds except for species specifically listed as excluded by public notices issued periodically; the Chapter 16, Part I, Paragraph 16.1 entry is revised so that exportability is qualified by administrative specification of excluded species.

Import classification: castor oil and derivatives permitted for free import under the open general licence framework.
Amendment to the ITC (HS) Export and Import classifications permitting import of castor oil and specified derivatives on a Free basis under the Open General Licence framework; affected sub-codes identify castor oil and its fractions, hydrogenated castor oil (opal wax), and castor oil dehydrapted, with both edible-grade and other variants classified as Free for import.

Merchant banker business restriction limits non bank firms to securities market activities and requires separate registrations for underwriter and portfolio manager.
Amendments confine applications under regulation 3 to the principal activity and mandate separate SEBI registration for underwriters and portfolio managers; regulation 6 now requires applicants to be a body corporate (excluding specified non banking financial companies) and to be fit and proper. Regulations 8 and 9 are simplified by deleting category intimations and certain sub regulations, and Forms in Schedule I are adjusted to remove multi category fields. New regulation 13A prohibits merchant bankers, except banks and public financial institutions, from carrying on businesses outside the securities market, with a limited transitional exception for pre existing contracts.

Stock exchange recognition renewed for Magadh Stock Exchange Association, imposing statutory conditions under the Securities Contracts (Regulation) Act.
Recognition is granted to the Magadh Stock Exchange Association, Patna, under section 4 of the Securities Contracts (Regulation) Act, 1956, following an application under section 3, authorising contracts in securities for a one year period commencing in December 1997 and ending in December 1998, subject to conditions as may be prescribed or imposed thereafter.

Fit and proper test introduced for FII applicants; large investors must use dematerialised settlement after the specified date.
The amendment inserts a fit and proper requirement into regulation 6 and into regulation 13(1) as an element of applicant eligibility, and mandates that FIIs and sub accounts meeting a prescribed size threshold must, subject to Board directions, settle transactions entered on or after January 15, 1998 only through dematerialised securities.

Supersession of exchange council for systemic mismanagement, with appointment of an administrator to restore governance and protect investors.
Supersession of the Council of Management of the Magadh Stock Exchange was ordered due to systemic mismanagement, governance failures, noncompliance with regulatory directives, breakdown of internal administration, delayed payouts, large unsettled bad delivery liabilities and absence of surveillance. Following issuance of a show-cause notice and opportunities for hearing-during which several members admitted the factual position or failed to respond-the regulator exercised statutory powers to supersede the council for a limited period and appointed an administrator to perform all powers and duties of the council and to take necessary assistance to restore regulatory compliance and protect investor interests.

Naphtha import permission permits import without licence subject to sale of return stream and allows power sector fuel use.
Import of naphtha is permitted without a licence provided the importer sells the return stream of naphtha to crude oil refineries on commercial terms, may use the return stream as industrial feed stock for captive consumption, and must sell any balance to refineries. Import of naphtha is also permitted as fuel for the power sector by actual users in accordance with an issued Public Notice. ITC(HS) Exim Code 27100001.30 is amended to record the policy as Restricted with these conditions.

Tax exemption notification: Jesuit Madurai Province granted tax-exempt status subject to exclusive income application and investment limits.
Notification under section 10(23C)(v) notifies The Jesuit Madurai Province, Dindigul, as eligible for tax-exempt status for the assessment years 1991-92 to 1993-94 subject to conditions: income must be applied wholly and exclusively to establishment objects; investments must be limited to forms permitted by section 11(5) (except specified voluntary contributions); and profits and gains of business are excluded unless incidental to objectives and accounted for in separate books.

Tax deduction under section 80L: specification of Industrial Reconstruction Bank bonds recognised for tax purposes.
Exercise of notification power under the Income-tax Act to specify an 18th series of taxable Industrial Reconstruction Bank of India bonds, bearing a specified interest rate and 20 year tenor, as issued for the purposes of clause (ii) of sub section (1) of section 80L; the notification records distinctive numbering blocks for the series and the aggregate amount issued.

SSI exemption clarified: inputs already nil rated or exempt are excluded from deemed exemption under clause (c).
The amendment inserts an explanatory clause in Notifications 16/97 and 38/97 clarifying that where specified goods are chargeable to a nil rate of duty or are already exempt from the whole of excise duty under any other notification, clearances of those specified goods when used as inputs shall not be deemed to be exempt under clause (c) of paragraph 3, thereby excluding double exemption for such input clearances.

Supply of marine freight containers by 100% EOUs permitted to shipping companies when paid in free foreign exchange.
The Export and Import Policy was amended to allow 100% Export Oriented Units that manufacture domestic freight containers to supply marine freight containers to shipping companies, including the Shipping Corporation of India, provided payment is received in free foreign exchange, pursuant to powers under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 and paragraph 1.3 of the Export and Import Policy, 1997-2002.

Exchange rate notification substitutes customs conversion rates for listed foreign currencies, affecting import valuation rules.
Amendment of customs exchange-rate notification substitutes specified foreign currency conversion rates in Schedule I and Schedule II of the earlier notification, invoking statutory authority under the Indian Stamp Act and the Customs Act, and fixes the rupee equivalents for the listed currencies for customs valuation purposes with effect from the stated effective date.

Tariff classification amendment: substitution of the chapter entry for a listed serial, altering cassette shell tariff treatment.
The Central Government, invoking section 5A(1) of the Central Excise Act, 1944, amends Notification No. 4/97-Central Excise by substituting the entry in column (2) of the Table against S. No. 190 with the entry "39", thereby altering the tariff classification for the item described as a cassette shell for audio cassette.

Exchange rate notification updated for imported goods; revised currency equivalents take effect from early December.
Amendment to Notification No. 62/97 Cus. (N.T.) substitutes entries in Schedule I to prescribe revised official rupee equivalents for the specified foreign currencies for customs assessment of imported goods; the substitution is declared effective from the stated commencement date and operates as the notified exchange rate table for import valuation.