Exemption under section 35AC approves specified institutions and projects for deduction eligibility for three assessment years.
Central Government approval under section 35AC designates specified institutions and their identified projects or schemes as eligible for deduction. The notification lists each institution with the project or scheme, its estimated cost (including any corpus fund where stated) and the maximum amount of such cost allowable as a deduction under section 35AC. The approvals are limited in operation to the three assessment years specified in the notification.

Renewal of recognition for a regional stock exchange subject to settlement guarantee fund approval and inspection compliance.
SEBI grants renewal of recognition to Jaipur Stock Exchange Ltd. under the Securities Contracts (Regulation) Act, 1956 for one year from 9 January 2004 to 8 January 2005, subject to conditions: the Exchange shall commence trading only after obtaining SEBI's final approval for a Settlement Guarantee Fund/Trade Guarantee Fund, and shall comply with the suggestions of the SEBI inspection report communicated to the Exchange.

Renewal of recognition granted to Vadodara Stock Exchange, subject to compliance with inspection report observations and conditions.
Renewal of recognition is granted to Vadodara Stock Exchange Ltd. under the Securities Contracts (Regulation) Act for a one-year period in respect of contracts in securities, expressly conditional on the Exchange complying with all observations in Chapter 7 of the inspection report and any additional conditions that may be prescribed or imposed.

Customs jurisdiction: Commissioner of Customs (Preventive), Amritsar designated authority for Punjab, Himachal and Chandigarh region.
The amendment substitutes Sl. No. 19 to place the State of Punjab, the State of Himachal Pradesh and the Union Territory of Chandigarh under the administrative control of the Commissioner of Customs (Preventive), Amritsar, with Additional Commissioners or Joint Commissioners and Deputy Commissioners or Assistant Commissioners of Customs working under that Commissioner constituting the subordinate proper officers.

Customs jurisdiction changes: notification reallocates officer designations and preventive work responsibilities under the Customs Act.
The Central Board of Excise and Customs, under section 4(1) of the Customs Act, 1962, substitutes the entries at Sl. No. 2 and Sl. No. 31 of the existing notification to designate the Chief Commissioner of Central Excise, Chandigarh and specified Commissioners for non preventive and preventive functions, and to designate the Chief Commissioner of Customs (Preventive), Delhi and specified Commissioners for preventive customs work, thereby reallocating preventive and non preventive responsibilities among listed officers.

Nidhi designation: four named companies formally declared Nidhis and placed under specified Company Law exceptions and adaptations.
Declaration that four specified companies are Nidhis under the Companies Act, 1956 and are subject to directions in earlier Government notifications; directs that provisions listed in schedule III to the earlier G.S.R. 978 notification shall not apply or shall apply with the exceptions, modifications and adaptations specified; amends the principal notification by adding the four companies to schedule I.

Appointment of Adjudicating Authority under section 4(1) to adjudicate a show cause notice against an exporter.
The Central Board, under section 4(1) of the Customs Act, 1962, appoints the Commissioner of Customs at the Inland Container Depot, Tughlakabad, New Delhi, as the adjudicating authority and proper officer to adjudicate matters arising from a Show Cause Notice issued to M/s. Gaitri Exports, enabling that Commissioner to exercise the adjudicatory functions in respect of the referenced notice.

Customs exemption amendments permit trading imports but restrict domestic sale, export via merchant exporters, transfers and jobwork removals.
The amendment permits goods in the First Schedule to the Customs Tariff Act to be imported for trading by trading units existing before 31 March 2002 with valid permission under the Export Oriented Undertaking Scheme, and adds conditions prohibiting domestic sale or sampling, export through merchant exporters or other exporters, transfers to other EOUs or EHTP/STP/SEZ units, and removal outside bonded premises for jobwork; it further defines 'merchant exporter' as a person engaged in trading activity and exporting goods.

Export oriented undertaking trading restrictions bar domestic sales and specified transfers of imported goods under the Scheme.
The notification permits trading units in existence before the cut-off with valid permission to bring in goods listed in the First Schedule to the Central Excise Tariff Act for trading, while imposing specific prohibitions: no sale or sample removal in the domestic tariff area; no export via merchant exporters or other exporters; no transfer to other export oriented undertakings or units in Electronic Hardware Technology Park, Software Technology Park or special economic zones; and no removal outside bonded premises for jobwork. It also defines "merchant exporter" as a person engaged in trading activity and exporting goods.

Inland Container Depot designation expands to Melapakkam, permitting unloading of imports and loading of exports.
The Central Board of Excise and Customs amends Notification No.12/97-CUSTOMS (N.T.) by inserting Melapakkam, Arakkanonam as an Inland Container Depot in the Table for Tamil Nadu, authorizing unloading of imported goods and loading of export goods at that location under the powers conferred by clause (aa) of sub section (1) of section 7 of the Customs Act, 1962.

Supersession of council management extended; administrator continues pending completion of elections and demutualisation processes.
The supersession of the Council of Management of the Bhubaneswar Stock Exchange is extended for six months from January 3, 2004 to allow continued remedial action, completion of elections and demutualisation; the extension is made under the Securities Contracts (Regulation) Act and related provisions, and Shri Jai Prakash Verma (Retd.) will continue as Administrator exercising all powers and duties of the Council during the extended period.

Foreign currency account credits: insurance policy foreign-currency proceeds now permitted for resident individuals under amended FEMA regulations.
Regulation 5 is amended to permit as admissible credits the proceeds of life insurance policy claims, maturities and surrender values settled in foreign currency from an insurance company in India permitted by the Insurance Regulatory and Development Authority. Regulation 5A replaces 'A person resident in India' with 'A resident Individual' and adds an equivalent provision listing such life insurance foreign currency earnings as permissible receipts for resident individuals.

Foreign institutional investor portfolio investment: registered FIIs may buy shares/convertible debentures with specified account and funding rules.
Registered FIIs may purchase shares and convertible debentures under the Portfolio Investment Scheme through registered brokers on recognised Indian stock exchanges. FIIs may open Foreign Currency Accounts and/or Special Non Resident Rupee Accounts for routing transaction receipts and payments, funded by inward remittance or net sale proceeds, with funds usable for purchases under the Scheme or for remittance abroad and transferable between the two account types. Domestic asset managers or portfolio managers registered as FIIs for sub accounts may invest on behalf of non resident individuals and foreign corporates using funds brought from outside India.