Section 10(23G) approval granted to R.V.K. Energy for a power plant, conditional on compliance with audit and operational requirements.
Approval under section 10(23G) read with rule 2E is granted to R.V.K. Energy Pvt. Ltd. for its power plant, subject to compliance with the provisions of the section and rule, and contingent upon maintaining books of account, obtaining and furnishing the audit report required by sub rule (7) of rule 2E; the Central Government may withdraw approval if the undertaking ceases the infrastructure activity or fails the audit and reporting requirements.

Foreign insurance restriction relaxed so SEZ units may obtain general insurance from insurers outside the country.
An amendment to Regulation 3 of the Foreign Exchange Management (Insurance) Regulations, 2000 inserts a proviso exempting units located in Special Economic Zones from the prohibition on taking general insurance policies issued by insurers outside India; the amendment is made under section 47(2) of the Foreign Exchange Management Act and takes effect on publication in the Official Gazette.

Anti-dumping duty on imports of vitrified and porcelain tiles imposed as margin-based differential, payable in local currency and time-limited.
Provisional anti-dumping duty is imposed on vitrified and porcelain tiles from China and UAE, calculated as the difference between a specified reference value and the landed value per square metre. The duty applies to all exporters and producers of the subject goods imported into India, is payable in Indian currency, and is effective up to and inclusive of 1 November 2002. "Landed value" is the assessable value under the Customs Act excluding certain tariff duties, and the exchange rate for calculation is the rate notified for the bill of entry date.

Foreign trade policy amendments allow licence free import for export with legal undertaking and tighten DFRC and status holder rules.
Amendments permit import of new or second-hand capital goods and related items for export without licence subject to a legal undertaking or bank guarantee; confirm allowance of third party exports; extend status certificates to a later date with further renewal on meeting threshold limits; require DFRC issuance on minimum 33% value addition except for gems and jewellery under Handbook rules; allow power units in SEZs; clarify DTA supply references; enable reimbursement of central excise on bulk tea procured from licensed auction centres via the Development Commissioner while levy applies; and condition certain deemed export benefits on supplies under International Competitive Bidding. The definition of status holder is restated as exporters recognized by the Director General of Foreign Trade.

Tariff value fixation updated for palm oil and brass scrap, prescribing revised import valuation benchmarks for customs.
Amendment substitutes a revised tariff table in the principal customs notification, prescribing tariff values in US dollars per metric tonne for specified palm oil and palmolein products and brass scrap. The Central Government, under the Customs Act authority to fix tariff values for import valuation, issues the change as an amendment to Notification No.36/2001-Cus. (N.T.), updating the operative valuation benchmarks for customs assessment.

Renewal of recognition granted conditionally, requiring implementation of inspection suggestions and regulatory approval before trading.
Renewal of recognition granted to Gauhati Stock Exchange Limited under the Securities Contracts (Regulation) Act for a further one-year period, conditional on implementation and compliance with the suggestions in Section V of the SEBI inspection report and on submission of confirmation of such compliance plus further regulatory approval before commencing trading.

Regulation of Nidhi companies: amendments tighten capital, disclosure and lending rules while allowing limited share issuance.
Amendments impose operational, prudential and disclosure requirements on Nidhi companies: permit issue of lower nominal equity shares without service charge for newly incorporated Nidhis, allow limited allotment to new deposit holders and directors, extend transitional compliance dates, require entities exceeding deposit limits to reach a prescribed Net Owned Fund to deposit ratio by staged deadlines or reduce deposits, define Net Owned Funds with transitional treatment of preference share proceeds, expand disclosure to include a summarised financial position, and prescribe caps and tenures for loans against immovable property and fixed deposits alongside phased achievement schedules for certain deposit ratios.

Prudential norms for Nidhi companies: stricter revenue recognition and asset classification with mandatory provisioning and no unrealised income recognition.
Prudential norms require that income on mortgage and jewel loans classified as non performing be recognised only when realised and that previously recognised unrealised income be reversed; assets must be classified as Standard, Sub standard, Doubtful or Loss with corresponding provisioning requirements, and loans secured by jewellery must be recovered or renewed within a prescribed short period or fully provided for in the current profit and loss account.

Charitable trust exemption granted, conditional on exclusive application of income, permitted investments, separate business accounts and dissolution transfer.
Notification grants charitable trust exemption to Eclof India Public Charitable Trust, Chennai for specified assessment years subject to conditions: apply or accumulate income exclusively for its objects; restrict investments to legally permitted forms; treat business income as exempt only if incidental and separately accounted; file income-tax returns regularly; and, on dissolution, transfer surplus assets to a similar charitable organization.

Tax exemption notification conditions charitable status on application of income, restricted investments, separate business accounts, and asset transfer on dissolution.
Notification designates Council for Leather Exports, Chennai as qualifying for income-tax exemption under clause (23C)(iv) of section 10 for specified assessment years, conditioned on wholly and exclusively applying income to its objects, limiting investments to forms permitted under Section 11(5) (with certain voluntary contributions exempted), excluding business profits unless incidental and separately accounted, requiring regular filing of income-tax returns, and mandating transfer of surplus assets on dissolution to a similarly purposed charitable organisation.

Tax exemption under section 10(23C)(iv) for Auroville Foundation subject to application, investment, business and dissolution conditions.
Notification grants income-tax exemption to Auroville Foundation for specified assessment years subject to conditions: income must be applied or accumulated exclusively for its objects; funds must be invested only in modes permissible for charitable trusts; business income is excluded unless incidental and maintained in separate books; returns must be filed regularly; and on dissolution surplus assets must transfer to a like-minded charitable organization.

Borrowing limit increase under foreign exchange regulations expands permitted threshold for external borrowing and lending.
The amendment substitutes the earlier fifteen per cent limit with twenty five per cent in Regulation 4(2)(i) of the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, constituting the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Amendment) Regulations, 2002; it comes into force on publication in the Official Gazette and partially modifies Notification No. FEMA 3/2000-RB.

Central Excise exemptions expanded for woven fabrics and diverse goods, altering duty incidence and notification conditions after Budget changes
The Central Government amends multiple Central Excise notifications to expand exemptions and modify tariff and condition entries introduced in Budget 2002. Revisions focus on woven fabrics-distinguishing cotton and man-made fibre processing, adding specific processed and unprocessed pile and terry fabrics to exemption lists, and creating separate tariff entries for fabrics subjected to named finishing operations. The amendments also add exemptions for numerous parts, components, and manufacturing waste, adjust conditions on factory facilities and CENVAT credit treatment, and provide provisos on inclusion of early-April clearances in aggregate computations and non admissibility of refunds.

Deemed credit entitlement for independent textile processors limited by processing methods and ineligibility for input credit on dyes and chemicals.
Amendment establishes that a manufacturer other than a composite mill may claim deemed credit equal to fifty per cent of aggregate excise duties on specified final cotton products subjected to enumerated finishing operations using an open air stenter and related processes, only if the factory lacks bleaching, dyeing or printing facilities powered by steam or electricity. It prohibits claiming CENVAT credit under rule 3 for consignments where the deemed credit is availed and bars credit for dyes, chemicals, consumables or packaging materials used in manufacture of those consignments; it also defines "open air stenter" and adds related exclusions.

Renewal of recognition conditioned on compliance: exchange must certify margin computations and rectify software deficiencies.
Renewal of recognition of the Ludhiana Stock Exchange Association Limited is granted for one year commencing 28th April 2002 subject to two conditions: within one month the exchange must submit an internal auditor's report certifying that gross exposure and margins are computed as prescribed and that irregularities from the January 2001 inspection have been rectified; and the exchange must obtain written confirmation from its software vendor that all software deficiencies have been rectified.

Approval under section 10(23G) confirms tax-exempt eligibility subject to compliance, audit obligations and withdrawal on noncompliance.
Approval for Sardar Sarovar Narmada Nigam Ltd. confers tax-exemption eligibility for specified assessment years subject to conformity with the Income-tax Act and the income-tax rules; maintenance of books of account, audit by an accountant, and furnishing of the audit report are ongoing conditions, and the Central Government may withdraw approval if the enterprise ceases infrastructure operations or fails to meet the accounting or audit obligations.

Advance Rulings Authority established to issue authoritative customs tariff guidance and provide clarity on classification and exemptions.
The Central Government constitutes the Authority for advance Rulings to give binding guidance on customs tariff classification, applicability of tariff provisions and exemption notifications, and fixes the Authority's office at New Delhi, establishing an administrative mechanism for pre transaction rulings on customs treatment.

Acquisition of foreign securities: limits and approval framework for resident individuals clarified, with resale without prior approval allowed.
The amendments allow a resident individual to acquire qualification shares in a foreign company for a director's post subject to minimum required holding, an upper limit of one percent of paid-up capital, and a yearly monetary ceiling; acquisitions beyond these limits require prior RBI approval. They also permit acquisition of rights shares by resident individuals by virtue of existing holdings, and provide that qualification shares and rights shares acquired under these provisions may be sold without prior approval.

Blockwise export obligations for high value EPCG licences restructured, with set off rules and limited extension/condonation by customs authorities.
For licences with a CIF value not less than Rs.100 crores, the Export Obligation is restructured into a 12 year timeline in four blocks (first five years nil; next three years 15%; next two years 35%; final two years 50%), with excess exports in earlier blocks set off against later shortfalls. Licensing authorities may grant extensions of block wise, year wise or overall fulfilment periods up to two years and condone shortfalls up to five percent; however, overall period extension is not permitted for licences meeting the high value CIF threshold.

Exchange rate determination for export goods establishes revised foreign currency conversion rates and supersedes prior notification.
The Central Government, under the Customs Act authority, prescribes conversion rates for specified foreign currencies into Indian currency for export goods and supersedes the earlier notification. The revised rates are listed in two appended schedules, each entry giving the Indian Rupee equivalent for a stated quantum of foreign currency, and are declared effective from the stated commencement date for implementation by customs authorities and exporters.