Long-term specified securities under section 54EA permit reinvestment from net consideration but trigger seven-year capital gains recapture.
Central Board of Direct Taxes designates equity shares issued by M/s ASC Enterprises Limited as long-term specified securities under section 54EA, subject to issuance within prescribed one- and two-year periods and investment being made out of the net consideration from transfer of a long-term capital asset. If the specified shares or investments are transferred or converted within seven years of allotment, the initial investment will be taxable as Capital Gains under the said section.

Specified long-term securities: investment in Shalivahana Power shares qualifies for section 54EA capital gains reinvestment, subject to conditions.
Central Board of Direct Taxes designates certain shares of Shalivahana Power Corporation Limited as long-term specified securities for section 54EA, permitting reinvestment of net consideration from transfer of a long-term capital asset into those shares, subject to an aggregate issuance cap and the condition that investments must arise from net consideration; if allotted shares are converted into money within a three-year holding period, the initial investment will be chargeable to tax as capital gains under the section.

Long-term specified securities designation preserves capital gains exemption when reinvested into designated shares, subject to holding-period recapture.
The Central Board of Direct Taxes designates equity and preference shares to be issued by M/s Reliance Salgaocar Power Company Limited as long-term specified securities under section 54EA, applicable to shares issued within one year and subject to the notification's issuance limits. Investment must be made out of net consideration from transfer of a long-term capital asset. If the allotted specified shares are transferred or converted within three years of allotment, the initial investment becomes chargeable to tax under the head "Capital Gains".

Trustee due diligence strengthened with mandatory disclosures, governance checks, exit rights for unitholders and stricter investment controls.
Amendments clarify trustees as the board of trustees or trustee company and impose enhanced trustee obligations including quarterly disclosures of securities dealings, comprehensive general and specific due diligence duties (selection and oversight of asset management company directors, audit and compliance reporting, contract checks, immediate reporting of developments, meetings and minutes, and a code of ethics), and protections for trustees acting in good faith. Exceptions to unitholder consent for open-ended schemes are provided subject to notice, prescribed advertising and an exit option at prevailing NAV. Investment concentration limits, derivatives-for-hedging on recognized exchanges, stricter advertising and disclosure rules, and trustee meeting and quorum requirements are also introduced.

Double taxation avoidance: treaty allocates taxing rights, limits withholding on passive income, and mandates information exchange.
The Convention provides a bilateral framework to avoid double taxation and prevent fiscal evasion between India and Jordan by allocating taxing rights for categories of income, defining residence and permanent establishment, prescribing arm's length attribution of profits to a PE, and setting withholding tax limits on dividends, interest and royalties/technical fees when paid to beneficial owners resident in the other State. It establishes non discrimination rules, methods for elimination of double taxation, a Mutual Agreement Procedure, exchange of information with confidentiality safeguards, assistance in collection of revenue claims, and rules for entry into force, termination and an accompanying Protocol limiting certain applications.

Double taxation avoidance treaty allocates taxing rights, withholding limits, and procedures for resolving cross border tax disputes.
Bilateral Convention provides rules to avoid double taxation and prevent fiscal evasion for taxes on income and capital between India and the Czech Republic: defining resident status and permanent establishment, allocating taxing rights over business profits, immovable property, shipping and air transport, dividends, interest, royalties and fees for technical services with source state withholding limits where the beneficial owner is resident in the other State, and prescribing methods for elimination of double taxation, non discrimination, mutual agreement procedures, exchange of information with confidentiality safeguards, and collection assistance subject to domestic law and public policy.

Import policy for zinc residues: classification by composition dictates free entry with environmental registration or restricted entry requiring licence for processing.
Corrections revise Exim classifications for zinc ash, hard zinc spelter and zinc skimmings, distinguishing compositions by metal content and assigning either Free or Restricted import status. Free imports are allowed to units registered with the environmental regulator on an Actual User basis up to annual quantity limits in the registration certificate. Restricted imports require licences and are permitted only for processing or re-use pursuant to the Import Licensing Note on hazardous waste.

Imports against special imprest licence: supply of goods to HVDC link project permitted under specified public notice.
Amendment to Notification No. 36/97 Customs inserts sub clause (m) in the Explanation to clause (iii), expressly covering supply of goods to the Rihand Sasaram Biharsharif HVDC Link Back to Back Station Project in terms of Public Notice No. 38 (RE : 99)/1997 2002, thereby extending the miscellaneous exemption for imports against special imprest licence to supplies for that project.

Long term capital asset designation allows specified equity and bonds as reinvestment, subject to three year clawback.
The Central Board of Direct Taxes designates specified equity and bonds issued by a named public company as long term capital asset under section 54EA, limited to investments made out of net consideration from transfer of a long-term capital asset. If the assessee transfers, converts, or otherwise realizes the specified instruments within three years of allotment, the initial investment becomes chargeable to tax as Capital Gains pursuant to sub-section (2) of section 54EA.

Notification under section 10(23C)(v) grants tax-exempt recognition to a trust subject to income application and investment conditions.
Notification under section 10(23C)(v) notifies Raja Charity Trust, Rajapalaiyam, Tamil Nadu, as eligible for the specified tax exemption for assessment years 1999-2000 to 2001-2002 subject to conditions: application or accumulation of income wholly and exclusively to objects, investments limited to forms permitted for charitable income (except voluntary contributions held in kind), and exclusion of business profits unless incidental and maintained in separate books.

Registration exemption for EOUs and EPZ units for cotton waste exports requires quarterly quantity reporting to the Textile Commissioner.
Exemption of EOUs and EPZ units from registration with the Textile Commissioner for exports of soft and hard cotton waste is inserted into the ITC(HS) entry for Code 5202; these units are required instead to inform the Textile Commissioner's office of the quantity of cotton waste exported each quarter as a compliance measure under the Foreign Trade Policy classification.

Import classification update: Angostura Aromatic Bitters free, other compound alcoholic preparations restricted under public notice import controls.
Notification inserts EXIM entries classifying preparations known as Angostura Aromatic Bitters as free for import and other compound alcoholic preparations used in beverage manufacture as restricted, with import conditions to operate via Public Notice under the Foreign Trade regulatory framework.

Tax exemption approval for infrastructure projects: government granted conditional recognition subject to compliance and audit requirements.
The Central Government approved specified water supply and sewerage infrastructure projects under section 10(23G) for assessment years 1999-2000 to 2001-2002, subject to conditions that enterprises comply with statutory eligibility and procedural requirements, maintain books of account, have accounts audited and furnish the audit report; approval may be withdrawn if the enterprise ceases to carry on an infrastructure facility or fails the audit or reporting obligations.

Industrial Park Scheme 1999 sets eligibility, approval procedures, investment and allocation thresholds for qualifying industrial parks.
The Industrial Park Scheme, 1999 implements section 80-IA benefits for Industrial Model Towns, specified industrial parks and Growth Centres for the period 1 April 1997 to 31 March 2002, defining allocable area, common facilities and infrastructure. It prescribes automatic-approval eligibility-minimum area/units, 66% industrial allocation, 10% commercial land, investment thresholds (50% or 60%), single-unit caps, and FDI approvals-and sets application, fee, Form IPS-1 filing, Rs.5,000 payment, automatic approval timelines, non-automatic referral to an Empowered Committee, withdrawal for noncompliance after hearing, transfer notification rules, and biannual reporting in Form IPS-II.

Onion export allocation set with agency-specific quotas, minimum export price and reporting requirements to regulate shipments.
Amendment authorises controlled export of onions under ITC(HS) Code 0703 by permitting a total exportable quantity of 100,000 MT until 31.1.2000, allocated among specified agencies. Exports are subject to a Minimum Export Price fixed by NAFED. Agencies must export allocated quantities within the prescribed timeframe, prevent trading in permits, maintain quality, and provide weekly permit-issue reports to NAFED, which will act as nodal agency to inform the Government of India of outflows.

Excise duty reimbursement for bulk tea: Development Commissioners to refund duties to EOU and EPZ units while levy persists.
The Export and Import Policy has been amended to require the Development Commissioner of the concerned zone to reimburse central excise duty at all industry rates on bulk tea procured from licensed auction centres by EOU and EPZ units, conditional on the continued existence of the levy on bulk tea, pursuant to section 5 of the Foreign Trade (Development and Regulation) Act, 1992 and paragraph 1.3 of the Policy.

Exemption from surcharge of customs adds tariff classification to extend wheat exemption under Customs Act order.
The Central Government, exercising its power under the Customs Act in the public interest, amends Notification No. 23/99-Customs by substituting the tariff entries in the Table: against serial number 3 in column (2) the existing figures are replaced to include an additional tariff heading, thereby altering the list of tariff classifications to which the exemption from surcharge applies.

Customs exemption expanded to include an additional tariff classification for wheat, widening the scope of the prior exemption.
Amendment expands the tariff classification to which an existing exemption from special additional duty of customs applies by substituting the tariff entry in the notification Table for the relevant serial number with an expanded set of classification entries, thereby bringing the additional tariff identifier for wheat within the scope of the earlier exemption.

Customs exemption for spelt and meslin declared, adding duty-free tariff entries and recording nil standard rate.
Notification inserts entries into an existing customs exemption Table to add spelt and meslin as goods carrying a NIL standard rate, with no additional rate or conditions specified, thereby formally recording their duty-free status in the tariff schedule.

Import duty increase on wheat to curb imports and stimulate central pool off take under a Customs Tariff amendment.
Increase of import duty on wheat and meslin to fifty percent by executive amendment to the First Schedule, Chapter 10, substituting the column (4) entries for the specified subheadings with the stated duty rate to discourage imports, stimulate off-take from the Central Pool, and address the fiscal burden of excess stock.