Customs Tariff amendment empowers government to amend the First Schedule by notification, subject to parliamentary review.
The Act inserts section 11A into the Customs Tariff Act, 1975, empowering the Central Government to amend the First Schedule by notification in the Official Gazette when necessary in the public interest, subject to parliamentary scrutiny (laying for thirty days across sessions with power for both Houses to modify or annul) and prohibiting any amendment from altering rates leviable under the Customs Act, 1962; it substitutes a comprehensive new First Schedule (Import Tariff) and deems the Act to have come into force on 1 February 2003.

Tax exemption under section 10(23C)(iv) granted subject to application, investment, business, return filing and dissolution conditions.
Notification grants income-tax exemption under Section 10(23C)(iv) to Sant Nirankari Mandal, Delhi for the specified assessment years provided it applies its income solely to its objects, confines investments to legally permitted modes (excluding ordinary deposits except permitted voluntary-contribution holdings), treats business income as outside the notification unless incidental with separate accounting, files income-tax returns regularly, and on dissolution transfers surplus and assets to a like-minded charitable organization.

Tax exemption for charitable institution granted conditionally under income tax law, subject to investment, business, filing and dissolution conditions.
Notification grants conditional exemption to Gurudev Siddha Peeth for assessment years 1999-2000 to 2001-2002, subject to conditions: apply or accumulate income solely to its objects; restrict investments to permitted forms except for specified voluntary contributions in kind; exclude business income unless incidental and separately accounted; regularly file income tax returns; and on dissolution transfer surplus and assets to a like charitable organisation.

Tax exemption approval under section 10(23G) recognises an infrastructure power project, subject to compliance, audit and reporting conditions.
Approval is granted to M/s Gujarat State Energy Generation Ltd. for tax-exempt recognition of its Hazira gas-based combined cycle power project for specified assessment years, subject to compliance with the income-tax provision and applicable rules, maintenance of books, audit by a qualified accountant and furnishing of the required audit report; the Central Government may withdraw approval if the undertaking ceases to be an infrastructure facility or fails to meet the accounting or audit/reporting obligations.

Provisional anti-dumping duty on Methylene Chloride imports imposed, targeting exports from EU, South Africa and Singapore.
The Central Government imposes a provisional anti-dumping duty on Methylene Chloride (tariff item 2903 12 00) following preliminary findings of dumping and material injury concerning exports from the European Union, South Africa and Singapore. A schedule sets duty rates per metric tonne (in US dollars) by origin, export territory and packing (bulk/packed); entries apply to any producer and exporter specified. The duty is effective until 26 September 2003, payable in Indian currency, with the applicable exchange rate taken from Finance Ministry notifications and determined as of the bill of entry presentation date.

Anti-dumping duty on Sodium Hydroxide imposed; provisional per tonne rates set to offset dumped imports from specified origins.
Imposition of anti-dumping duty on Sodium Hydroxide under tariff headings 2815 11 and 2815 12 00 based on preliminary findings of dumping, material injury and causal link. The duty is set as the difference between specified foreign currency amounts per metric tonne (varying by origin/export combinations) and the landed value of imports, payable in Indian currency. The measure is provisional, identifies scope by origin, exporter and producer, and prescribes the published government exchange rate and bill of entry date for currency conversion; landed value is defined by reference to assessable value under the Customs Act.

Exchange rate determination under Customs Act prescribes official currency conversion rates for export goods, effective from the stated date.
The Board, under section 14(3)(a)(i) of the Customs Act, prescribes specified conversion rates for listed foreign currencies for export goods effective 1st April, 2003, superseding the prior notification. Rates are presented in two Schedules: Schedule I for one unit equivalents and Schedule II for one hundred unit equivalents, providing the operative rupee conversion figures to be used in customs valuation and export transactions.

Exchange rate determination for imports prescribes specified foreign currency conversion rates to apply for customs valuation.
Determines exchange rates for valuation of imported goods under the statutory power in sub clause (i) of clause (a) of sub section (3) of section 14 of the Customs Act, 1962, superseding an earlier notification and prescribing conversion rates effective 1st April, 2003 through two appended schedules: Schedule I for per unit rates of specified currencies and Schedule II for the rate per one hundred units of the Japanese Yen.

Unofficial trading prohibition: regulatory action taken to replace exchange governance after persistent off system derivatives dealing.
SEBI identified recurring unofficial open outcry trading in ASE premises in local derivatives called "phatak," with members participating and cash settlements outside exchange clearing, despite warnings and inspections. ASE failed to curb the activity, adequately discipline implicated members, amend governance as directed, or secure police action. SEBI concluded that these failures amounted to regulatory non compliance and threats to market integrity, and exercised statutory powers to supersede the Governing Board and appoint an independent administrator to restore oversight and compliance.

Company name change: Risk Capital & Technology Finance Corporation Limited renamed to IFCI Venture Capital Funds Limited under Companies Act
The Central Government, invoking section 4A(2) of the Companies Act, 1956, amends the principal notification S.O. 1329 by substituting the serial entry so that Risk Capital & Technology Finance Corporation Limited is recorded as IFCI Venture Capital Funds Limited formed and registered under the Companies Act, 1956.

Central Excise exemption amendment broadens covered persons and removes proviso and Explanation in the notification rules.
The amendment to Notification No. 36/2001-Central Excise (N.T.) substitutes the words "every manufacturer" with "every person, other than the said person referred to in sub-rule (1) of rule 12B of the Central Excise Rules, 2002," in the opening paragraph, clause (1)(ii), and omits the proviso and the Explanation, thereby redefining the class of persons covered by the exemption under the notification.

CENVAT credit entitlement for textile inputs expanded to allow immediate and transitional credit for job-worked and stock inputs.
Amendments permit immediate CENVAT credit on inputs for specified yarns, fabrics and readymade garments when inputs are received by a principal for job-worked manufacture, protect job workers from denial of credit where goods are cleared without duty under rule 12B, allow endorsed documents from exempt or nil-rated activities to support credit despite changes in goods description, and introduce Rule 9A enabling transitional credit on inputs and inputs contained in finished textile goods lying in stock or process subject to declaration, documentary evidence, or notified calculation methods.

Job work in textiles: registration, invoicing and duty liability clarified with proforma invoice and movement documentation options.
Amendments permit manufacturers of specified yarns, fabrics and readymade garments to remove goods under a proforma invoice (without duty details) provided a formal invoice is issued within five working days and both documents cross reference. Assessees availing value based exemptions or manufacturing specified textiles/garments must file quarterly production and removal returns. New Rule 12B governs job work: the owner (except EOUs/SEZs) must register, maintain accounts and pay duty unless the job worker elects to assume those obligations or acts as agent; movement of goods requires signed serially numbered documents and job worker acknowledgements, with owner liable for duty on loss before clearance.

Central excise exemption scope expanded to cover additional duty under Special Importance Act; First Schedule goods exempted, excluding matches.
The amendment substitutes the enabling authority reference to invoke the job work exemption, linking the Central Excise Act authority with the additional duty provisions of the Special Importance Act, and expands duty references to include both the Central Excise Tariff Schedules and the Special Importance Act additional duty. The Table entry is revised to exempt all goods falling under the First Schedule to the Central Excise Tariff Act, other than matches, thereby clarifying the scope of qualifying goods for the exemption.

Anti-dumping duty on phenol imposed against below normal value imports, with exporter specific rates and retrospective effect.
Definitive anti-dumping duty is imposed on imports of Phenol under tariff item 2707 99 00 / sub-heading 2907 11 from Singapore, South Africa and the European Union, at exporter- and sales-mode-specific US$ per tonne differentials over landed value. The duty is effective from 13 August 2002, payable in Indian currency; "landed value" is the assessable value under the Customs Act excluding specified customs duties, and the notified exchange rate on the bill-of-entry date applies to convert US$ amounts.

Provisional anti-dumping duty on para cresol imports from the People's Republic of China imposed pending final determination.
Provisional anti-dumping duty is imposed on Para cresol (tariff item 2907 12 10) originating in or exported from the People's Republic of China, following findings of dumping and resultant material injury, at a rate equal to the difference between a specified US dollar amount per kilogram and the landed value of the imported goods; the duty applies to any producer or exporter, is effective up to and including 23 September 2003, and is payable in Indian currency with exchange rate determined as per Government of India notifications and the bill of entry date.

Additional duty of excise under provisional Finance Bill declaration treated as having force of law via notification amendment.
The Central Government, under sub rule (3) of rule 19 of the Central Excise Rules, 2002, amends Notification No. 43/2001 CE(N.T.) by inserting clause (e) into Explanation I to include the additional duty of excise levied under clause 149 of the Finance Bill, 2003, which, by virtue of a declaration under the Provisional Collection of Taxes Act, 1931, has the force of law.

Definition of duty expanded to include additional excise duty under Finance Bill clause given force of law.
The Government, exercising sub-rule (3) of rule 19 of the Central Excise Rules, 2002, inserts Explanation III into Notification No.42/2001-Central Excise (N.T.) to provide that "Duty" includes the additional duty of excise levied under clause 149 of the Finance Bill, 2003, which clause has the force of law by declaration under the Provisional Collection of Taxes Act, 1931.

Additional duty of excise inclusion under Finance Bill declared effective by provisional collection power; notification amends exemption scope.
The amendment adds an explicit explanatory sub-clause to Notification No. 41/2001-Central Excise(N.T.) treating the additional duty introduced by the Finance Bill as an additional duty of excise, and records that that Finance Bill provision has been given force of law by declaration under the Provisional Collection of Taxes Act, 1931, the change being made under rule 18 of the Central Excise Rules, 2002.

Rebate of additional excise duty on tea exports introduced, excluding Nepal and Bhutan, with duty given provisional legal force.
Amendment inserts a rebate for the whole of additional duty of excise paid on tea exported to any country except Nepal and Bhutan, and adds an explanation that the additional duty levied under the Finance Bill provision has the force of law by virtue of a Provisional Collection of Taxes Act declaration.