SSI Modvat Scheme amendment narrows eligibility and revises conditions under the Central Excise notification, clarifying omissions and substitutions.
The Central Government amended paragraph 2 of the SSI Modvat notification to remove condition (I) and Illustrations I-III, omit two illustrations annexed to condition (ii) and replace "also has" with "has" in condition (ii), and to substitute in condition (iii) a reference so that only condition (ii) is cited instead of the prior reference to condition (i) or condition (ii).

Foreign Trade Policy amendment brings revised Export and Import Policy into force and updates regulatory framework for trade controls.
The Central Government, invoking section 5 of the Foreign Trade (Development and Regulation) Act, 1992, amends and reissues the Export and Import Policy, 1997-2002 as a revised edition incorporating prior amendments, and brings the consolidated Policy into force from the stated commencement date by official notification issued in the public interest.

Industrial park tax incentive: eligibility and approval rules determine access to income tax benefits under section eighty i a.
Scheme under section 80I-A prescribes objectives, application procedure and approval routes for Industrial Model Towns, industrial parks and growth centres; establishes automatic approval criteria including minimum unit numbers, at least 66% allocable area for industrial use, a 10% cap on commercial use, limits on single-unit occupation, defined infrastructure expenditure minimums and eligible infrastructure items; requires separate foreign investment clearances; and provides non-automatic review by an Empowered Committee with power to impose conditions and withdraw approval for non-compliance.

Uniform trading and settlement cycle: participating stock exchanges may adopt a common cycle differing from the Interconnected Stock Exchange.
All participating stock exchanges must commence a uniform trading and settlement cycle, which may be different from the trading and settlement cycle of the Interconnected Stock Exchange of India Limited; this provision substitutes the earlier clause requiring alignment with the Interconnected Stock Exchange.

Income tax exemption under section 10(23) granted subject to conditions on application, investment, distribution and business.
Notification grants income-tax exemption under Section 10(23) to the Gujarat Cricket Association for assessment years 1999-2000 to 2001-2002, subject to conditions requiring exclusive application or permissible accumulation of income for established objects, investment of funds only in modes specified by section 11(5) (with limited exceptions for certain tangible voluntary contributions), prohibition on distribution of income to members except as grants to affiliated institutions, and exclusion of business profits unless incidental and maintained in separate books.

Mutual fund issuance to NRIs: permitted with repatriation and remittance conditions for subscription and payout proceeds.
Mutual funds are permitted to issue units to NRIs and OCBs and to remit units abroad or make repurchase payments provided they comply with SEBI conditions and that subscription monies are received by inward remittance or debited to authorised non-resident accounts. Distinct rules govern investments on repatriation and non-repatriation bases, and dividend, interest and maturity proceeds must be remitted or credited to specified types of non-resident accounts consistent with the investment basis. Definitions of "Indian origin" and "Overseas Corporate Body" are included.

Tax exemption under section 10(23) granted subject to exclusive application of income and strict investment and business conditions.
Notification grants the Gujarat Cricket Association exemption under clause (23) of section 10 subject to conditions: income must be applied or accumulated exclusively for its objects in conformity with section 11; investments/deposits restricted to permitted forms except certain voluntary articles; no distribution of income to members except grants to affiliated bodies; and business profits are excluded unless incidental to objects with separate books maintained.

Approval under section 10(23C)(vi) grants conditional tax exemption to a foundation, subject to compliance.
Approval is granted to Narinder Mohan Foundation, New Delhi, under section 10(23C)(vi) of the Income-tax Act for specified assessment years, conditional on the foundation's conformity with the statutory sub-clause and the related procedural rule governing such approvals.

Excise exemption for bulk-cleared cement: duty capped above a specified threshold subject to bagging-plant compliance and reporting.
Cement cleared in bulk from the factory for packing into HDPE bags, polypropylene bags or paper bags at a place other than the factory is exempt from central excise duty to the extent it does not exceed a specified duty threshold, subject to conditions: declaration of the bagging plant to the Assistant Commissioner, maintenance of accounts of bulk clearances and bagged dispatches, retention of other records as required, and submission within five days after each month of a manager-certified statement of quantities received for bagging and quantities actually packed in bags.

Approval under section 10(23G) grants tax benefit to listed infrastructure enterprises, subject to audit and compliance requirements.
Specified enterprises are approved for tax benefits under the income-tax provision for infrastructure facilities for assessment years 1998-99 to 2000-2001, subject to compliance with the provision and applicable rules, maintenance of books of account, obtaining and furnishing the required audit report, and continuation of infrastructure activity; the Central Government may withdraw approval upon cessation of the facility or failure to maintain or audit accounts or to furnish the audit report.

Tax exemption approval for an educational institution granted, subject to statutory and Income-tax Rules compliance.
Central Board of Direct Taxes grants administrative approval by notification S. O. 2115 dated 24-3-1999 to Sri Sathya Sai Institute of Higher Learning, Bangalore for income-tax exemption as an educational institution for the assessment years 1999-2000 through 2001-2002, subject expressly to conformity with the statutory provisions governing exemptions for educational institutions and the procedural requirements of the Income-tax Rules.

Income tax exemption under section 10(23C)(via) approved for a medical trust subject to compliance conditions.
The Central Board of Direct Taxes approves Sri Sathya Sai Medical Trust, Brindaban, Bangalore, under sub-clause (via) of clause (23C) of section 10 of the Income-tax Act, read with the Income-tax Rules, for specified assessment years, subject to the Trust conforming to and complying with the provisions of that sub-clause and the related rule.

Approval under section 36(1)(viii) requires housing finance company to maintain special reserve and annual audited filings.
Approval is granted to Andhra Bank Housing Finance Ltd. under the Income tax provision for housing finance companies, subject to the company having as its main object long term residential housing finance, annually filing audited accounts and the deduction statement before the return due date, creating and maintaining the required special reserve, and fulfilling all other statutory conditions.

Exchange rate determination sets official conversion rates for specified foreign currencies applicable to export goods from the notified effective date.
The Central Government determines the rate of exchange for conversion between specified foreign currencies and Indian rupees for export goods, superseding the earlier notification; Schedule I sets rates per one unit and Schedule II sets rates per one hundred units for use in export-related customs calculations, effective from the notified commencement date.

Exchange rate notification sets binding conversion rates for stamp duty calculation and customs valuation on imports.
Prescribes binding rate of exchange determinations for conversion between specified foreign currencies and Indian rupees for calculating stamp duty under the Indian Stamp Act, 1899 and for purposes of section 14 of the Customs Act, 1962 in relation to imported goods, superseding the earlier notification, and states that the conversion rates set out in Schedule I (per one unit) and Schedule II (per one hundred units) are the operative rates to be applied.

Tax exemption under section 10(23G) approved for telecom project; conditioned on compliance, bookkeeping, and audit.
Approval is granted to the project of provision of cellular telecom services by Tata Communications Ltd. as an infrastructure facility enterprise for specified assessment years, conditional upon conformity with the Income-tax Act provisions and rules. The approval requires maintenance of books of account, audit by an accountant, and furnishing of the audit report; the Central Government may withdraw approval if the enterprise ceases the infrastructure activity or fails to maintain, audit, or furnish the required accounts and audit report.

Exemption from capital gains: seven year bank deposits, HUDCO bonds and repurchasable mutual fund units qualify for reinvestment relief.
The notification specifies qualifying long term assets for capital gains reinvestment: deposits of not less than seven years with SBI, its subsidiaries, corresponding nationalised banks, or cooperative banks; bonds redeemable after seven years issued by HUDCO; and units repurchasable after seven years issued by any mutual fund including the Unit Trust of India.

Tax exemption under section 10 clause limited by conditions on application, permitted investments, distributions, and business income accounting.
Notification grants tax exemption to the Bombay Hockey Association for specified assessment years under the relevant clause of section 10, subject to conditions: income must be applied or accumulated only for the association's objects in accordance with the rules on application and accumulation; investments or deposits (except certain voluntary contributions held as specified articles) are limited to permitted modes; income may not be distributed to members except as grants to affiliated institutions; business profits are excluded unless incidental to objectives and maintained in separate books.

Customs exemption extended to Bangladesh for passenger bus imports under bilateral bus service agreements.
Amendment substitutes "Pakistan" with "Pakistan or Bangladesh" in Notification No. 4/99-Customs and replaces the proviso condition so that the exemption for passenger buses, spares, fuel and consumables applies where the goods are imported under the bilateral agreements regulating bus services between New Delhi and Lahore or between Calcutta and Dhaka, made under the power conferred by sub-section (1) of section 25 of the Customs Act, 1962.

Tax exemption approval under income-tax provisions granted to Reliance Telecom, subject to compliance and audit conditions.
Central Government granted an income-tax exemption approval to Reliance Telecom Limited for specified assessment years in respect of telecommunication service projects and licences, conditional on continued operation as an infrastructure facility and compliance with income-tax rules, including maintenance of books of account, audit by a qualified accountant and furnishing the prescribed audit report; the Government may withdraw approval if the enterprise ceases infrastructure operations or fails to maintain or audit accounts or supply the audit report.