Import on export basis permits duty free import of exportable capital goods upon Legal Undertaking or Bank Guarantee for export.
Amendments allow importation of capital goods and related items for export without licence on execution of a Legal Undertaking or Bank Guarantee with Customs, provided the items are freely exportable under ITC (HS) Schedule II. Separately, goods (including import restricted but not prohibited items) may be imported under Customs Bond for export in freely convertible currency without licence, subject to the same free exportability requirement under ITC (HS) Schedule II.

Hedge value limit permits forward contracts up to the market value of the underlying; cancelled forwards cannot be rebooked.
Amendments require the value of the hedge not to exceed the market value of the underlying debt or equity instruments, allow forward contracts to continue to original maturity even if the underlying portfolio shrinks for reasons other than sale of securities, and authorize dealers to offer forwards to non-residents to hedge investments in India subject to exposure verification; cancelled forward contracts are not eligible to be rebooked.

Foreign currency employee loans permitted for overseas branch staff under employer staff welfare rules and applicable domestic terms.
The Amendment inserts Sub Regulation (6) in Regulation 5 permitting Indian companies to grant loans in foreign currency to employees of their branches outside India for personal purposes, provided such loans are granted in accordance with the lender's Staff Welfare Scheme/Loan Rules and other terms and conditions applicable to its staff resident in India and abroad.

Collection of information powers assigned to Commissioner of Income-tax (CIB), Mumbai for specified territorial classes of taxpayers.
The amendment substitutes the Schedule entry for serial number 2 to designate the Commissioner of Income-tax (CIB), Mumbai as the authority for the area covering the Mumbai Municipal Corporation, Greater Mumbai and Navi Mumbai Municipal Corporation, specifying three classes of persons (resident non-company non-business income earners; non-company business income earners with principal place of business in the area; and companies with registered office in the area) and conferring upon that Commissioner all powers and functions for collection of information in respect of those persons.

Designation of Provident Fund Commissioner as authorised income tax official for specified cases under Income Tax law.
The Central Government specifies the Provident Fund Commissioner of the Employees' Provident Fund Organisation, or any officer not below the rank of Regional Provident Fund Commissioner duly authorised in writing by the Commissioner in respect of a specific case, to perform the functions under the cited provision of the Income-tax Act, thereby limiting delegation to officers of the stated minimum rank and to instances of written authorisation.

Exemption under Section 10(22B): Press Trust of India specified as a news agency for specified assessment years.
The Central Government designates The Press Trust of India Limited, New Delhi, as a news agency established in India solely for collection and distribution of news under clause (22B) of section 10 of the Income-tax Act, 1961, and specifies that this designation applies for the assessment years 2003-2004 to 2005-2006 pursuant to Notification No. 8 of 2003.

Charitable exemption under section 10(23C)(iv) granted to Asiatic Society subject to specified compliance and operational conditions.
Notification grants charitable income-tax exemption to The Asiatic Society of Bombay for specified assessment years conditional on exclusive application or accumulation of income for its objects, investment only in permitted forms, regular filing of income-tax returns, exclusion of business profits unless incidental with separate books, and transfer of surplus and assets to a similar charitable organization on dissolution.

Anti-dumping duty on float glass imports from China and Indonesia imposed, provisional exporter-specific rates and conversion rules apply.
Provisional anti-dumping duty is imposed on float glass (2mm-12mm, clear and tinted excluding green and certain processed varieties) originating in or exported from China and Indonesia, with exporter- and origin-specific rates per metric tonne specified in USD but payable in Indian currency. The duties implement the Designated Authority's preliminary findings under section 9A and Rules 13 and 20, are effective up to and including 6 July 2003, and apply subject to an exclusion for imports by Mahavir Mirror Industries; the rate of exchange for conversion is the Ministry of Finance rate on the bill of entry date.

Tax exemption under section 10(23C)(iv) granted subject to application of income, investment limits, and dissolution transfer.
Notification under section 10(23C)(iv) recognizes the committee for specified assessment years subject to conditions: income must be applied wholly and exclusively to its objects; investments restricted to forms in section 11(5) except certain voluntary contributions; business income excluded unless incidental and separately accounted; regular filing of income-tax returns required; and on dissolution surplus and assets must transfer to a charitable organization with similar objectives.

Tax exemption under section 10(23C)(iv): notified organisation must apply income to objects, maintain accounts, and transfer assets on dissolution.
Notification under section 10(23C)(iv) recognizes Bengal Social Services League, Kolkata for the stated assessment years provided it applies its income wholly and exclusively to its objects, restricts investments to forms specified for charitable funds, treats business income as incidental only when separate books are maintained, files regular income-tax returns, and on dissolution transfers surplus assets to a like charitable organization.

Tax exemption notification conditions require exclusive application of income and compliance with investment, business segregation, filing, and dissolution rules.
Notification grants tax-exempt recognition to Tagore Society for Rural Development, Kolkata for assessment years 2000-2001 to 2002-2003 subject to conditions: income must be applied or accumulated solely for its objects; investments are restricted to permitted modes (excluding certain retained voluntary contributions); business income is excluded unless incidental and maintained in separate books; returns must be regularly filed; and on dissolution assets and surplus must be transferred to a similarly purposed charitable organization.

Tax exemption recognition under 10(23C)(iv) granted subject to exclusive application of income and compliance conditions.
Notification confers charitable recognition on Maharishi Ved Vigyan Vishwa Vidya Peetham for specified assessment years, conditional on application or accumulation of income exclusively for its objects, investment restrictions to modes permitted for charitable trusts (with limited exception for specified voluntary contributions), regular filing of income-tax returns, maintenance of separate books for any incidental business, and transfer of surplus assets on dissolution to a charitable organization with similar objectives.

Income-tax exemption for Association subject to exclusive use of income, permitted investments, business-incidental rule, filings, and dissolution transfer.
Notification grants income-tax exemption to the Association of Metropolitan Development Authorities subject to conditions: exclusive application of income to objects, investment restrictions to forms under section 11(5) (except certain in-kind voluntary contributions), exclusion of business income unless incidental with separate books, regular filing of income-tax returns, and transfer of surplus and assets on dissolution to a similar charitable organization.

Recognition under section 10(23C) conditions charitable notification, requiring exclusive application of income and prescribed investments.
Notification recognises LRG Ranganayaki Ammal Charities for specified assessment years subject to conditions: apply or accumulate income wholly and exclusively to charitable objects; restrict investments to modes permitted by section 11(5) except certain tangible voluntary contributions; exclude business profits unless incidental with separate books; regularly file income-tax returns; and on dissolution transfer surplus and assets to a like charitable organisation.

Customs exemption for capital equipment allows imports for manufacture of compressor and turbine blades when imported by HAL.
Insertion of a customs exemption entry permitting import of specified capital equipment for establishing facilities to manufacture compressor and turbine blades for AN-32 transport aircraft and Mi-8 and Mi-17 helicopters, conditioned on import by the designated importer.

CENVAT credit restriction: knitted or crocheted fabrics exempt only if no CENVAT credit on inputs or capital goods claimed.
Amendments restrict the exemption for knitted or crocheted fabrics by substituting the conditions in earlier notifications to require that no CENVAT credit of duty paid on inputs or capital goods has been taken under the CENVAT Credit Rules for the exemption to apply.

Special additional duty non-recovery directed for certain imports where prevailing practice exempted levy, clarifying retrospective application.
The notification declares that, owing to prior exemption notifications and an established practice, the special additional duty under the Customs Act and section 3A of the Customs Tariff Act need not be recovered on imports falling within specified exemption categories where no additional duty was payable, for imports effected during the identified period.

Supersession of Council of Management for governance failures and appointment of administrator to restore market integrity.
SEBI found that the Members Welfare Trust was established without approval and that substantial, poorly documented loans were granted mainly to office-bearers and trustees, leaving large outstanding dues. The exchange failed to adopt accounts, lacked internal controls, and did not comply with SEBI directives to reconstitute the trust, suspend indebted members, recover dues and submit inquiry reports. Concluding governance and financial integrity had broken down and investor confidence was impaired, SEBI superseded the Council of Management and appointed an administrator to exercise its powers.

National Advisory Committee on Accounting Standards constituted to advise the Central Government on company accounting policies and standards.
A statutory advisory committee is constituted to advise the Central Government on formulation and laying down of accounting policies and accounting standards for adoption by companies or classes of companies, with composition set out by specific appointments and nominations from professional, regulatory and industry stakeholders and effectiveness from publication in the Official Gazette.

Approval of managerial appointments and remuneration requires standardized applications with full disclosures and documentary enclosures.
Amendment substitutes Forms 25-A and 26 requiring companies to submit standardized applications to the Central Government for approval of appointment/re-appointment and remuneration or increase thereof for managing/whole-time directors and managers. The forms mandate detailed company and appointee particulars, historical and projected financials, justification for proposals, disclosure of disqualifications, concurrent employments, defaults, statutory notices, and prescribed enclosures, and provide a Part C route for seeking approval for minimum or excess remuneration with separate fees and documentary evidence.