Tax exemption for specified secured redeemable non convertible bonds; benefit available only if holder registers the holding.
The Central Government specifies certain secured redeemable non-convertible bonds issued by a public financing corporation as eligible under the income tax provision for specified securities, subject to the condition that the holder registers his name and the holding with the issuing corporation; entitlement to the tax benefit arises only upon such registration.

Customs exemption expanded to include Operation Flood II and Flood III projects under Heading 98.01 via notification amendment.
Under powers conferred by sub-item (6) of Heading No. 98.01 of the First Schedule to the Customs Tariff Act, 1975, the Government substitutes Serial No. 8 in Notification No. 110/86-Cus., expressly covering the Operation Flood II and Flood III Project of Indian Dairy Corporation and thereby extending miscellaneous customs exemption treatment to those projects.

Tax exemption under section 10(23C)(v) notified for National Spiritual Assembly of the Bahais of India.
The Central Government, in exercise of the powers conferred by clause (v) of sub section (23C) of section 10 of the Income tax Act, 1961, notifies "National Spiritual Assembly of the Bahais of India" for the purpose of that clause for the assessment years 1985 86 to 1988 89 by Notification No. S.O.124 dated 19 11 1987, with file reference [No. 7622/F. No. 197-A/189/82--IT(AI)].

Warehousing station designation permits establishment of export-oriented undertakings under customs law via statutory notification.
Declaration designates Thummukunta in Hindupur Taluk, Anantapur District, Andhra Pradesh as a warehousing station under the Customs Act, by statutory notification, to enable setting up of export-oriented undertakings and to apply customs warehousing treatment and associated exemption measures within the specified locality.

Warehousing station declaration: Village Sanaswadi designated under Customs Act, enabling customs controlled storage operations.
Declaration under statutory customs power designates Village Sanaswadi in Pune district as a warehousing station, bringing that location within the regulatory framework governing bonded storage and enabling goods to be held under customs supervision in accordance with the Customs Act.

Research institution approval under section 35(1)(ii) requires separate research accounts and annual audited returns for tax compliance.
FIE Research Institute is approved as an institution under clause (ii) of sub section (1) of section 35 for the period 1 7 1987 to 31 3 1989, under the "Association" category, subject to maintaining separate research accounts, furnishing annual returns of scientific research by 31 May, submitting audited annual accounts with income/expenditure and balance sheet to the prescribed authority by 30 June with copies to the Central Board of Direct Taxes and the Commissioner, and applying three months before expiry for extension.

Recognition under section 10(23C)(v) confirms the trust's notification for income-tax exemption for specified assessment years.
The Central Government notifies Pushtimargiya Tritiya Peeth Trust, Udaipur, under tax exemption under section 10(23C)(v) of the Income-tax Act, designating the trust for purposes of that clause for the assessment years 1985-86 to 1988-89, thereby specifying the statutory basis and temporal scope of the recognition.

Exchange rate amendment: Belgium franc rate specified by notification and declared operative from the substitution.
Amendment to customs notification replaces Serial No. 3 in the Schedule to set a revised Belgium franc exchange rate, under powers conferred by the Indian Stamp Act and the Customs Act, and declares the operative date for application of the new rate.

Notification under section 10(23C)(iv): Indian Dairy Corporation notified for tax exemption purpose for specified assessment years.
Notification exercising Central Government power to designate section 10(23C)(iv) coverage: Indian Dairy Corporation is notified for the purpose of clause (iv) of sub-section (23C) of section 10 for specified assessment years, with reference and filing details recorded for administrative traceability.

Exchange rate notification revises Danish kroner conversion rate under Customs and Stamp Act authority, effective on specified future date.
Amendment substitutes the Schedule entry in Notification No. 329-Cus to fix the exchange rate for the Danish Kroner for customs and stamp purposes, replacing the earlier Serial No. 5 entry with a new conversion rate and declaring it effective from the stated future date.

Customs amendment: deletion of Mica Capacitors or Mica Capacitor Plates from exemption schedule under central government powers.
Amendment removes the words "Mica Capacitors or Mica Capacitor Plates" from column (4) against Sl. No. 94 in the Table to Notification No. 345/86-Customs, effected by the Central Government under statutory power in the Customs Act as necessary in the public interest.

Approval under section 35(1)(ii) imposes separate research accounts, annual returns and audited accounts filing obligations.
Approval is granted to Jai Research Foundation, Gujarat as an Association under clause (ii) of sub section (1) of section 35 of the Income tax Act for 1 4 1987 to 31 3 1988, subject to maintaining a separate research account, furnishing annual returns of scientific research activities by 31 May, submitting audited annual accounts and balance sheet to the prescribed authority, the Central Board of Direct Taxes and the concerned Commissioner by 30 June, and applying to the Central Board for extension at least three months before approval expiry.

Research institution approval requires separate accounts, annual returns by May and audited accounts by June to retain tax benefit.
Approval under section 35(1)(ii) is granted to Sitaram Bhartia Institute of Scientific Research as an Institution subject to maintaining separate research accounts, filing annual returns of research activities by 31 May, submitting audited annual accounts and balance-sheet to the prescribed authority by 30 June with copies to the Central Board of Direct Taxes and the Commissioner of Income-tax, and applying for extension at least three months before approval expiry. The approval period is 1 April 1986 to 31 March 1989.

Approval under section 35(1)(iii) converted to time-bound status, subject to mandatory accounting, annual reporting, audit, and renewal applications.
Approval under section 35(1)(iii) for the Indian Econometric Society, Hyderabad is converted to a time-bound approval valid until 31-3-89, conditional on maintaining a separate research fund account, furnishing annual scientific research returns by 30th April, submitting audited annual accounts and balance sheet to the prescribed authority and the Commissioner by 30th June, and applying to the Central Board of Direct Taxes at least three months before expiry for any extension.

Tax exemption recognition under section 10(23C)(iv) notifies a relief fund's charitable status for specified years.
Notification of charitable status under section 10(23C)(iv) of the Income-tax Act: the Central Government notifies the "West Bengal Chief Minister's Relief Fund" as a qualifying institution under that provision for the specified assessment years, identifying the fund by name and recording the legal basis for its recognition.

Exchange rate revision for specified currencies made effective under Stamp Act and Customs Act, replacing earlier tariff entries.
Amendment substitutes revised exchange rates for specified currencies in the Schedule to Notification No. 329-Cus, effected by the Central Government under the Indian Stamp Act and the Customs Act; the new Schedule entries replace the prior Serial Nos. entries for the listed currencies and take effect on the indicated effective date, thereby modifying the tariff schedule.

Definition of moulds clarified for customs exemption notifications, specifying processes by which plastic acquires shape.
The Central Government amends a customs exemption notification by inserting an Explanation defining MOULDS as moulds into which plastic material in molten, semi molten, powder, granular or flake form is fed by gravity, by injection or by a suitable process so that the material acquires the resultant shape from the moulds, thereby clarifying which moulding processes and feedstock forms fall within the notification's scope.

Exemption scope expanded to include packaging materials and packaging activities alongside spares in central excise notification.
The notification amendment substitutes "spares and packaging materials" for "and spares" in the opening paragraph and replaces every occurrence of "manufacture of" with "manufacture and packaging of", thereby extending the exemption to include packaging materials and packaging activities alongside spares within the notification's coverage.

Rate of exchange update: Deutsche Marks assigned revised official exchange rate, effective mid-November, under Customs and Stamp Act authority.
The Central Government amends Notification No. 329-Cus. by substituting the Serial No. 6 schedule entry to set the rate of exchange for Deutsche Marks at 12.790; this substitution is effective from 16-11-1987 and is made under the Indian Stamp Act and the Customs Act.

Customs airport appointment: Visakhapatnam Airport designated for unloading imported goods for ship repair and maintenance.
The notification designates Visakhapatnam Airport as a customs airport for the unloading of imported goods required for the repair and maintenance of ships, effected under the government's statutory appointment powers under the customs statute.