Section 10(23C)(v) notification: Bombay Xaverian Corporation Pvt Ltd notified, conferring tax recognition for specified assessment years.
The Central Government, exercising powers under sub-clause (v) of clause (23C) of section 10 of the Income-tax Act, 1961, notifies Bombay Xaverian Corporation Private Limited for the purposes of that sub-clause for specified assessment years, thereby designating the entity within the statutory category defined by clause (23C)(v).

Exemption restriction: customs relief for hoops and strips excludes items that are galvanized, painted, coated, or lacquered.
The exemption does not apply to the hoops and strips at Sl. No. 6 of the Table when those hoops and strips are galvanized, painted, zinc alloy coated, aluminium alloy coated, colour coated, plastic coated, or lacquer coated, by way of a proviso added to the original notification.

Customs exemption for low-carbon steel imports limits duty to specified reduced rates for defined sheets and plates.
Central Government exempts imported iron and non-alloy steel products with less than 0.6% carbon within Chapter 72 by limiting customs duty to the reduced rates specified in the Table for listed categories of sheets and plates, subject to an express exclusion of coated or surface-treated sheets and an explanatory definition of "sheets and plates".

Exchange rate determination for Russian rouble under customs law: government fixes conversion rate for customs purposes.
The Central Government fixes the rate of exchange for conversion between the Russian rouble and Indian currency for customs purposes under section 14, superseding the earlier notification and specifying an effective date on which the new conversion rate is to apply for computation of duties and related obligations.

Permanent establishment rules determine taxation of cross border business profits, with source concessions and credit relief.
The treaty allocates taxing rights so business profits are taxable in the other state only if a permanent establishment exists; exempts international aircraft profits and provides specified source exemptions and limits for shipping profits; subjects dividends, interest, royalties and technical fees to concessional source rates; prescribes that India will relieve double taxation by the credit method while the other state will eliminate double taxation under its law taking into account taxes paid or spared in India; entry into force follows completion of domestic formalities.

Specified mutual funds designation under income-tax exemption: SBI Mutual Fund and CANBANK Mutual Fund recognised as public sector bank funds.
Central Government designates SBI Mutual Fund and CANBANK Mutual Fund as mutual funds of public sector banks for the purpose of the income-tax exemption provision for specified mutual funds, exercising the executive power to specify institutions that qualify for the statutory tax treatment.

Customs amendment adds rock phosphate and sulphur to notified fertilizer goods, altering scope of customs notification.
The Central Government, invoking section 7 of the Customs Act, 1962, amends Notification No.120 Customs (1 May 1984) by inserting the words "rock phosphate and sulphur" immediately after the word "fertilizers", thereby extending the notification's coverage to those substances.

Customs amendment adds articles of jewellery and imitation jewellery to the list of notified exempt goods under existing customs notification.
Amendment inserts articles of jewellery and imitation jewellery into the Table of Notification No. 75-Customs by adding a new sub-item (xxiii) at Serial No. 1, column 3, and omitting a terminal conjunction in sub-item (xviii), effected under clause (a) of section 7 of the Customs Act, 1962.

Exchange rate amendment for Singapore dollars updates the notified customs valuation rate and sets a new effective commencement.
Amendment substitutes the exchange rate entry for Singapore Dollars in the Schedule to Notification No. 64/88-Customs (N.T.), invoking sub-section (2) of section 20 of the Indian Stamp Act, 1899 and sub-clause (i) of clause (a) of sub-section (3) of section 14 of the Customs Act, 1962, to designate Singapore Dollars with a rate of 12.955 effective from 21-11-1988.

Customs exemption expanded to cover materials yielding edible oils, broadening operative condition language and scope of relief.
Amendment expands the exemption to include materials from which edible oils can be extracted and substitutes condition wording, replacing references to "the oil" with "such oil or such material, as the case may be," thereby broadening the description of exempted goods and aligning the operative conditions with the extended scope.

Permanent magnet exemption narrowed to exclude cast alloy magnets containing nickel or cobalt, refining tariff exemption scope.
Amendment narrows the exempt description for permanent magnets and articles intended to become permanent magnets after magnetisation by excluding cast alloy permanent magnets (alloys containing nickel or cobalt or both) and articles of such magnets.

Excise exemption for monochrome television sets combined with clock or radio clarified, duty specified as nil.
The Central Government amends the Table to Notification No. 68/86 by substituting the entries against S. No. 20, item (b), to treat monochrome broadcast television receiver sets supplied in combination with a clock or with a radio (including transistor sets), with or without a clock, as exempt by specifying a nil excise duty entry in the relevant tariff columns under authority of section 5A(1) of the Central Excises and Salt Act, 1944.

Excise exemption for unexposed cinematograph films: duty limited to specified per metre capped rates under tariff headings.
The Central Government exempts goods under sub headings 3701.20 and 3702.20 from excise duty exceeding specified per metre amounts. Black and white unexposed cinematograph films are subject to duty only to the extent of 40 paise per metre; other unexposed cinematograph films only to the extent of 80 paise per metre. The notification supersedes the earlier Notification No. 50/88 Central Excise and confines payable duty to those capped per metre rates.

Exemption scope expanded: notification widens recognised institutions and enlarges list of exempt goods including electronic items and footwear.
Amendment broadens the exemption notification by substituting provisos to recognise supply by institutions recognised by the Khadi and Village Industries Commission or State Boards and units run with cash assistance from District Rural Development Agencies under the Integrated Rural Development Programme, and by replacing the prior limited list of electronic goods with an expanded table of specified exempt goods, including food preparations, soaps, footwear within a value limit, various electronic appliances and components, clocks and watches, and voltage stabilisers.

Excise duty exemption for paper bags under specified tariff sub-heading removes whole duty liability under central excise law.
The Central Government, invoking statutory power under section 5A(1) and acting in the public interest, by Notification No. 280/88-C.E. dated 16-11-1988 exempts paper bags (including paper sacks) falling under sub-heading 4819.90 from the whole of the excise duty leviable under the Schedule to the Central Excise Tariff Act, 1985.

Excise duty exemption for a tariff subheading removes the levy under central excise as necessary in public interest.
Goods classifiable under the specified tariff sub heading are exempted from the entire excise duty leviable under the Schedule to the Central Excise Tariff Act, 1985. The Central Government, invoking its powers under the Central Excises and Salt Act, 1944, declared the exemption upon satisfaction that it was necessary in the public interest.

Section 80G recognition for a place of public worship permits donations for temple renovation subject to accounting and exclusive use conditions.
Notification designates Shree Santari Bhagwati Devasthan, Aldona Bardez, Goa as a place of public worship of renown under section 80G, subject to the temple maintaining separate books of account and applying donations received exclusively to temple renovation, as set out in S.O.5 dated 15-11-1988.

Customs classification of gold and silver articles expanded to include jewellery and articles regardless of gemstone settings.
Central Government, under section 7 of the Customs Act, 1962, amends Notification No. 75/75-Customs by substituting, at Serial No. 2, column 3, item (b), sub-item (iii), a provision covering articles of gold and silver jewellery and articles of gold and silver, whether or not set with precious or semi-precious stones.

Excise exemption: retrospective non-recovery of duty on para-aminophenol and para-nitrophenol used in paracetamol manufacture by government directive
The Government recorded that a prevailing practice resulted in non-levy of the duty of excise on para-aminophenol and para-nitrophenol, including their sodium salts, when used in the factory of production for manufacture of paracetamol, and directed that the whole of the excise duty otherwise payable on such chemicals shall not be required to be paid in respect of those instances where duty was not levied in accordance with that practice.

Advance licence replenishment: holders may use or dispose replenished exempt materials under import export policy provisions.
Amendment substitutes the proviso in condition (d) to allow a holder of an Advance Licence who imports exempt materials for replenishment of materials used in manufacture of exported resultant products to utilise or dispose of the replenished materials in accordance with paragraph 244 of Chapter XIX of the Import & Export Policy.