Tax exemption under section 10(23) conditions Archery Association's income use, investment modes, and business treatment.
Archery Association of India is notified under clause (23) of section 10 for assessment years 2001-2002 to 2003-2004, provided it applies or accumulates income per section 11(2) and 11(3) as modified by clause (23) exclusively for its objects; confines investments to modes in section 11(5) (except specified voluntary contributions); does not distribute income to members except as grants to affiliated bodies; and excludes business income from the notification unless incidental and recorded in separate books.

Tax exemption under section 10(23): Archery Association notified subject to application, investment, distribution, and business conditions.
Notification under section 10(23) grants tax exemption to the Archery Association of India for specified assessment years provided income is applied or accumulated exclusively for its objects per section 11(2) and (3) as modified, investments and deposits are restricted to forms in section 11(5) or permitted tangible forms for voluntary contributions, distributions to members are prohibited except as grants to affiliated bodies, and business profits are excluded unless incidental and maintained in separate books.

Commencement of Section 7 of the Companies (Amendment) Act 2000 takes effect on 1 March 2001 by government notification.
Section 7 of the Companies (Amendment) Act, 2000 is brought into force on 1 March 2001 by Central Government notification issued under sub section (2) of section 1 of the Act, issued by the Ministry of Law, Justice and Company Affairs (Department of Company Affairs).

Foreign exchange amendment: insertion of 'non' before 'whole time director' alters applicability of prior notification.
The Reserve Bank, under Section 3 of the Foreign Exchange Management Act, issues Notification No. FEMA/39/2001-RB amending Notification FEMA/16/RB-2000 by inserting the word 'non' before 'whole time director' in paragraph 3; the amendment takes immediate effect and alters the descriptive qualification in that paragraph concerning receipts from and payments to persons resident outside India.

Movement of currency notes: RBI may permit persons to take, send or bring notes across borders subject to conditions.
The Reserve Bank of India may, on application and on being satisfied of necessity, allow a person to take or send out of India or bring into India currency notes of the Government of India and/or of the Reserve Bank of India, subject to such terms and conditions as the Bank may stipulate, by way of an inserted sub regulation to the Foreign Exchange Management (Export and Import of Currency) Regulations, 2000.

EEFC Account entitlement for SEZ units permits full foreign exchange credit to EEFC Accounts with specified purchase exceptions.
Regulatory amendment creates special EEFC Account rules for Special Economic Zone units, exempting them from the Schedule's general provisions and permitting crediting of their foreign exchange receipts in full to EEFC Accounts, except where the foreign exchange was acquired by purchase against rupees from a resident in India who is not a SEZ unit; paragraphs 3 and 4 of the Schedule apply mutatis mutandis to SEZ unit EEFC Accounts to govern operational and compliance aspects.

Export repatriation rule: SEZ units must repatriate full export value within prescribed period; SOFTEX filing obligations clarified.
Regulatory amendments expand eligible export locations to include Electronic Hardware and Software Technology Parks; permit re export of specified goods by SEZ units under intimation to the Development Commissioner or Customs; allow goods sent abroad for testing and defective goods sent for repair with authorised dealer certification; and permit RBI authorized exports on conditions. SOFTEX declarations for software exports must be submitted in triplicate to designated officials at STPIs or at FTZs, EPZs or SEZs. SEZ units must realise and repatriate the full export value within a prescribed period, subject to RBI extension or direction after opportunity to represent.

Appointment of Adjudicating Authority under customs law empowers specified Commissioners to adjudicate export-related show cause proceedings.
The Central Government, invoking its statutory appointment power under the customs law, designates the Commissioner of Customs, Air Cargo Unit, New Customs House, New Delhi, to act also as Commissioner at Tughlakabad, Ballard Estate Mumbai, Jawahar/ Nhava Sheva and Chennai as the Common Adjudicating Authority for adjudication of the export-related show cause proceedings concerning M/s. Intraport (India) Pvt. Ltd., identifying the relevant notice issued by the Directorate of Revenue Intelligence.

Appointment under Customs Act: Additional Commissioner designated Joint Commissioner to adjudicate a specific export-related show cause notice.
Under section 4(1) of the Customs Act, the Additional Commissioner of Customs (Exports), Inland Container Depot, Tughlakabad, New Delhi, is appointed to act as Joint Commissioner of Customs at both Inland Container Depot, Tughlakabad and New Custom House, Ballard Estate, Mumbai, for the specific purpose of adjudicating the export-related show cause notice concerning M/s. Universal Garments.

Inland container depots designated for loading and unloading: adds Rajkot Vapi and Verna to permitted locations.
Amendment to Notification No.12/97-Cus. (N.T.) inserts Rajkot and Vapi (Gujarat) and Verna (Goa) into the Table of authorised inland container depots, designating each for unloading of import goods and loading of export goods. The Central Government exercises powers under clause (aa) of section 7 of the Customs Act, 1962 to effect these insertions by Notification No.6/2001-Customs (N.T.), dated 26 February 2001, referencing the principal notification and its earlier amendments.

Exchange rate determination for export goods sets government-prescribed currency conversion rates for customs purposes.
The Central Government prescribes rates of exchange under Section 14(3)(a) of the Customs Act for converting specified foreign currencies into Indian rupees for export goods, superseding the earlier notification and applying the rates set out in Schedule I (unit-based rates) and Schedule II (per one hundred units) with effect from 1st March, 2001.

Exchange rate determination for imported goods sets conversion rates for stamp duty and customs calculations, effective from March first.
Prescribes the rate of exchange for specified foreign currencies into Indian rupees for calculating stamp duty under the Indian Stamp Act, 1899 and for determinations under section 14 of the Customs Act, 1962 in relation to imported goods, fixes rates in two schedules (per unit and per 100 units) and makes them effective from 1st March, 2001.

Approval under section 35(1)(ii) grants university research deduction eligibility subject to annual returns and audited account submissions.
Approval under section 35(1)(ii) recognizes the Indian Institute of Science as an approved university for specified research-related tax benefits, subject to maintaining separate books for research, filing an annual return of scientific research activities to the Secretary, Department of Scientific and Industrial Research by 31st May, and submitting audited annual accounts and audited research income and expenditure accounts to designated tax and research authorities by 31st October alongside the income-tax return.

Research deduction approval requires specified compliance and annual audited filings to secure tax exemption by designated authorities each year.
Approval is granted to specified organisations under clause (ii) of sub section (1) of section 35, read with rule 6, as associations eligible for research related tax exemption, subject to maintaining separate research accounts, filing an annual return of scientific research activities to the Department of Scientific and Industrial Research by 31st May, and submitting audited annual accounts and audited income and expenditure accounts for research activities to designated tax and scientific authorities by 31st October each year, alongside the regular income tax return to the assessing officer.

Approval under section 35(1)(ii) for research institutions: subject to separate accounting and annual audited reporting requirements.
Approval of specified organisations as institution under clause (ii) of subsection (1) of section 35 of the Income-tax Act permits research-related tax benefits subject to conditions: maintain separate research accounts; furnish annual return of scientific research activities to the Secretary, Department of Scientific and Industrial Research by 31 May; and submit audited annual accounts and audited income-and-expenditure accounts for research activities to the Director-General of Income-tax (Exemptions), the Secretary, DSIR, and the Commissioner/Director of Income-tax (Exemptions) by 31 October, alongside the return of income to the Assessing Officer.

Tax exemption under section 35(1)(iii): institution must maintain separate research accounts and file audited research returns.
Tax exemption under section 35(1)(iii) granted to Arpana Trust for the period 1-4-1999 to 31-3-2001 requires the institution to maintain separate books for research, furnish an annual return of scientific research activities to the Secretary, Department of Scientific and Industrial Research by 31st May each year, and submit audited annual accounts and audited income-and-expenditure accounts for the research activities to designated tax and science authorities by 31st October each year, in addition to filing the return of income with the Assessing Officer.

Tax exemption approval for university research requires separate accounts, annual scientific returns, and audited research account submission.
Approval of the Indian Institute of Science as a University for the research-related tax exemption is subject to maintaining separate books for research, filing an Annual Return of scientific research activities with the Department of Scientific & Industrial Research by the annual deadline, and submitting copies of audited annual accounts and audited income and expenditure accounts for research activities to the designated income-tax and departmental authorities by the prescribed annual deadline, in addition to filing the return of income with the Assessing Officer.

Approval under section 35(1)(ii): associations must keep separate research accounts and file annual returns and audited reports.
Notification approves specified organisations as Associations for the purpose of section 35(1)(ii), subject to conditions: maintain separate research accounts; file an annual return of scientific research activities to the Department of Scientific & Industrial Research by 31st May; and submit audited annual accounts and audited income & expenditure accounts for research activities to the Director General of Income-tax (Exemptions), the Department of Scientific & Industrial Research, and the Commissioner/Director of Income-tax (Exemptions) by 31st October, in addition to the normal income-tax return. The notification lists approved organisations and their effective periods.

Research Institution Approval under section 35(1)(ii) confers exemption subject to separate research accounts and annual reporting obligations.
Approval is granted to specified organisations as Institutions for the purposes of clause (ii) of sub section (1) of section 35 of the Income tax Act, 1961, subject to maintaining separate books for research, furnishing an annual return of scientific research activities by 31 May each year, and submitting audited annual accounts and audited research income & expenditure accounts together with the income tax return to the relevant tax and administrative authorities by 31 October each year.

Research institution approval under section 35 requires separate research accounts, DSIR annual return, and audited submissions.
Arpana Trust, Madhuban, District Karnal is approved as an Institution under clause (iii) of sub-section (1) of section 35 of the Income-tax Act for 1-4-1999 to 31-3-2001, subject to maintaining separate books for research, furnishing the annual return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by 31 May, and submitting audited annual accounts and audited income & expenditure account for research activities to specified tax and DSIR authorities by 31 October each year, in addition to the return of income to the designated Assessing Officer.