Supersession of stock exchange council extended; administrator continues exercising management powers pending completion of elections and reconstitution.
The Securities and Exchange Board extended the period of supersession of the Magadh Stock Exchange Council of Management for an additional six months to allow completion of elections and constitution of a new council. The existing Administrator, Shri S.S. Dhanoa, will continue to exercise and perform all powers and duties of the Council for the extended period to maintain regulatory continuity and oversight under the applicable securities law framework.

Renewal of recognition under the Securities Contracts (Regulation) Act granted to a regional exchange, subject to existing conditions.
SEBI exercised statutory powers to renew recognition of Magadh Stock Exchange Association, Patna for a one-year period commencing December 11, 1999 and ending December 10, 2000 in respect of contracts in securities, on the basis that renewal was in the interest of trade and the public interest and subject to conditions already prescribed for recognition of the exchange.

Essentiality certificate for project import: committee processes applications with computerized acknowledgement and three-week disposal timeline.
Applications for Essentiality Certificate for Project import are to be filed with the Entrepreneurial Assistance Unit, Secretariat for Industrial Assistance, which will issue a computerized acknowledgement with a registration number; applicants must submit documents as per the checklist and the committee will issue the certificate or communicate otherwise within a three-week period.

Authorised courier misconduct may trigger action when it demonstrates unfitness to transact business at a Customs Station.
Authorised courier misconduct, whether committed within the Commissioner's jurisdiction or elsewhere, is made a ground for action where the Commissioner considers the courier unfit to transact business at a Customs Station. The Courier Imports and Exports (Clearance) Third Amendment Regulations, 1999 take effect upon publication in the Official Gazette.

Exchange rate determination fixes prescribed currency to rupee conversion rates for export goods, replacing prior notification and guiding customs valuation.
The Central Government, under its Customs Act authority, prescribes fixed conversion rates for specified foreign currencies into Indian rupees and vice versa for export goods, superseding the prior notification; rates are set out in two schedules (per unit and per 100 unit listings) and are to be applied for customs valuation and export procedures from the notified commencement.

Exchange rate determination for imported goods prescribed, affecting stamp duty and customs valuation for currency conversion.
Prescribes fixed exchange rates for specified foreign currencies to be used for converting between foreign currency and Indian currency for calculating stamp duty under the Indian Stamp Act and for the application of section 14 of the Customs Act in relation to imported goods, superseding an earlier notification and providing two schedules of rates to standardise conversion for statutory assessment purposes.

Buy back compliance requires a declaration, a maintained register and a statutory return under the amended procedural rule.
The amendment substitutes rule 5C to require that declarations of solvency for buy backs be in the prescribed declaration form, that companies maintain a detailed register of securities bought back recording folio/certificate references, dates, numbers, categories, mode of buy back, consideration paid and cancellation/extinguishment particulars, and that companies file a comprehensive return aggregating identity, listing and merchant banker details where applicable, audited capital and reserve figures, debt composition, authorisation and completion dates, defaults and compliance confirmations, schedules of securities bought back and pre and post buy back shareholding patterns.

Uranium, thorium and related ores and compounds classed as free imports but subject to atomic energy statutory authorization.
The amendment lists specific HS Exim Codes for uranium, thorium, zirconium, titanium, niobium/tantalum, rare earths and related materials as "Free" for import, but makes importation subject to Section 14(1)(ii) of the Atomic Energy Act, 1962 and the rules thereunder, thereby conditioning the Free classification on compliance with statutory atomic energy authorization.

Tax exemption approval under section 10(23G) requires ongoing compliance or the government may withdraw approval for the power plant
Approval is granted to the conventional combined cycle power plant at Patalganga of M/s Reliance Patalganga Power Limited for income tax exemption under section 10(23G) read with rule 2E, subject to conformity with those provisions; the Central Government may withdraw the approval if the enterprise ceases to carry on the infrastructure facility or fails to maintain books, obtain an accountant's audit, or furnish the required audit report.

Cash payment limit aligned with statutory ceiling, updating rule 6DD and applied retrospectively to remove anomaly.
Amendment substitutes every occurrence of the words "ten thousand" in rule 6DD of the Income tax Rules, 1962 with "twenty thousand", effective retrospectively from 1 April 1997, to align the rule's payment threshold with the higher ceiling prescribed by section 40A(3) and to remove the inconsistency between the rule and the amended statute.

Deposit threshold change: reference date updated to date of this notification, altering which companies' deposits are assessed.
Corrigendum to Notification No. GSR 737(E) substitutes the historic cutoff date for deposits with the date of this notification, so that where a company's deposits exceed the stated threshold the deposits are to be measured "as on the date of this notification" rather than on the previously specified historic date, thereby altering the temporal benchmark for determining applicability of the proviso.

Free import for disaster relief permitted for cyclone victims, subject to customs conditions and exclusion of prohibited ITC(HS) items.
Notification permits free import of pharmaceuticals, drugs, textiles and other articles for relief and rehabilitation of cyclone victims in Orissa, subject to conditions in the Department of Revenue circular and excluding items listed as prohibited in the ITC(HS) Classification.

Tax exemption for specified charitable project extended for construction and furnishing of school hostel at Boxma.
Construction, equipment and furnishing of a school hostel at Village Boxma, District Sambalpur, by Sanatan Rishikul Ashram Seva Trust is specified as an eligible project or scheme for tax exemption and the Central Government has extended that specification for a further period in relation to the assessment year 2000-2001 at an estimated cost of ten lakhs, following the National Committee's recommendation under the procedural rule for further specification.

Tax exemption under section 35AC extended to a charitable hospital project delivering free medical treatment and patient support services.
Central Government specified and extended eligibility under section 35AC for the construction of Nirmay Tirth, a 200 bedded hospital with mobile dispensaries by Shree Bhagwat Vidyapeeth, providing free medical treatment, beds and diet to patients and free stay for relatives, following a National Committee recommendation that the project was being executed properly and granting a further three year specification commencing with the stated assessment year.

Section 35AC approvals: specified institutions and eligible projects with capped deductible project costs under tax rules.
Notification under section 35AC approves specified institutions and specifies, in a Table, the eligible projects or schemes each may undertake, the estimated project costs, and the maximum portion of those costs allowable as deductions under section 35AC; the Notification applies for a three-year period in relation to the named assessment years and includes substitution notes amending certain cost figures.

Deduction limit under section 35AC increased for Friendship Foundation Trust, raising the permitted project cost for tax deduction.
On the National Committee's recommendation, the Central Government amends the prior notification under Section 35AC to substitute a higher maximum amount of cost allowable as deduction for Friendship Foundation Trust, Ahmedabad, thereby increasing the ceiling of project cost eligible for deduction under the Income Tax Act.

Tax exemption under section 35AC: eligible project status for special education centres extended after regulatory recommendation.
The Central Government, under the Explanation to section 35AC of the Income-tax Act, specifies the project of equipping, furnishing and running special education centres for spastic children by the Spastics Society of Tamil Nadu as an eligible project, following a National Committee recommendation that the scheme is being executed properly, and extends that specification for a further three years beginning with assessment year 2000-2001.

Section 35AC deduction limit increased for a specified hospital, extending the enhanced corpus allowance for three assessment years.
Amendment increases the maximum allowable corpus fund deduction for the Hindu Mission Hospital, Chennai under section 35AC by substituting the previously prescribed corpus amount with a higher corpus amount in the notification table; the change is made by the Central Government on the National Committee's recommendation and extends the amended notification for a further period of three years beginning with the stated assessment year.

Section 35AC approvals authorise capped tax deductions for specified corporate projects within a defined claim period.
Approval under section 35AC is granted for specified corporate-sponsored projects, identifying approved companies, describing each eligible project with its estimated cost, and fixing the maximum portion of those costs allowable as a deduction under the Income-tax Act; the notification also limits the period during which the listed projects may claim the deduction.

Exemption under section 35AC extended for Vrudhashram and Eye Hospital construction project following National Committee recommendation.
The Central Government specifies extension of eligibility under section 35AC for the construction and provision of equipments and amenities for Vrudhashram and Eye Hospital at Sachina Sub Panchayat, Village Haripur, carried out by Shri Hari Public Charitable Trust, as an eligible project for a further three years beginning with assessment year 2000-2001, following a National Committee recommendation and at an estimated cost of eighty seven lakhs fifty two thousand rupees.