Section 35AC exemption extended for leprosy rehabilitation project, maintaining approved project cost and continued eligibility.
Central Government notifies the project "Running of Rehabilitation/Welfare activities for leprosy cured patients at Sindhrot, Vododara, Gujarat" by Shram Mandir Trust as an eligible project or scheme for exemption under Section 35AC, confirms the approved project cost remains at the enhanced amount, and extends the project's eligibility for the further period beginning with financial year 2008-2009 following a recommendation by the National Committee.

Exemption under Section 35AC extended for an eye-care project, with amended project cost and continued eligibility.
The Central Government, under the Explanation to Section 35AC and relevant Income-tax Rules, notifies continuation of the "Eye Operation, equipments/instrument for Sarvoday Eye Hospital/Eye Camps at Radhanpur, Gujarat and Rajasthan" project as an eligible scheme for three additional financial years beginning 2009-2010, and amends the Table in the original notification to increase the maximum sanctioned project cost to Rs.125.00 lakhs following the National Committee's recommendation.

Tax exemption extension under Section 35AC granted for Mahavir Heart Research Foundation's cardiac healthcare and related programmes.
Exemption under Section 35AC is extended to Mahavir Heart Research Foundation's activities relating to cardiac detection, prevention, research and education; diagnosis and treatment of heart patients; and maintenance of an atithi facility, by Central Government notification for a further three-year period beginning with financial year 2008-2009, without any change in the previously approved project cost.

Opening demat accounts by clearing corporations permitted to hold, pledge and repatriate foreign sovereign securities under FEMA amendment.
Amendment permits opening of demat accounts by SEBI-approved clearing corporations and their clearing members with foreign depositories, allowing them to acquire, hold, pledge and transfer foreign sovereign securities offered as collateral by FIIs. It authorises remittance of corporate action proceeds on such securities, and their liquidation with repatriation of proceeds to India, subject to SEBI guidelines, and is given retrospective effect without adversely affecting any person.

Treatment of non-mandatorily convertible instruments as debt now subjects such foreign borrowings to foreign-exchange borrowing limits.
Borrowings by way of issue of preference shares and convertible debentures to persons resident outside India that are not fully and mandatorily convertible into equity within a specified time shall be considered debt and must conform to Regulation 6 of the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, including the limits applicable to such borrowings.

Common adjudicating authority appointed to consolidate adjudication of specified customs show cause notices by revenue intelligence.
Appoints the Commissioner of Customs (Import), Jawaharlal Nehru Port Trust, Nhava Sheva as a common adjudicating authority empowered to exercise the powers and duties of the Commissioner of Customs, Inland Container Depot, Tughlakabad and the Commissioner of Customs (Import), CFS, Mulund for the purpose of adjudicating specific Show Cause Notices issued by the revenue intelligence unit concerning named importers, thereby consolidating adjudicatory jurisdiction for those matters.

Common adjudicating authority appointed to exercise customs adjudication powers in specified show cause proceedings arising from an intelligence investigation.
The Central Board of Excise and Customs designates the Commissioner of Customs, Inland Container Depot, Tughlakabad as a common adjudicating authority to exercise the powers and discharge the duties of the Commissioner of Customs (Import), Air Cargo Complex, for adjudicating specified show cause notices issued in respect of M/s Kartik Traders and others arising from a revenue intelligence investigation.

Common Adjudicating Authority appointed to centralize adjudication of specified customs show cause notices following DRI referral.
Appoints the Commissioner of Central Excise and Customs, Surat I as Common Adjudicating Authority under sections 4(1) and 5(1) of the Customs Act to exercise the powers and duties of the specified customs and central excise officers named in the notification, limited to adjudication of matters arising from Show Cause Notices issued by the Directorate of Revenue Intelligence, Zonal Unit, Ahmedabad concerning M/s Ayush Exports, M/s Astha Exim and others (F.No. DRI/SRU/INV-03/2007).

Common Adjudicating Authority appointment designates a Customs Commissioner to adjudicate specified DRI show cause proceedings.
Appoints the Commissioner of Customs (Export), JNCH, Nhava Sheva as a Common Adjudicating Authority under sections 4(1) and 5(1) of the Customs Act, 1962 to exercise powers and discharge duties of specified customs and excise commissioners for the purpose of adjudicating matters arising from Show Cause Notice F.No. DRI/BZU/F/05/2005 dated 7th August, 2008 concerning M/s Jai Enterprise and others.

Common adjudicating authority appointed to consolidate customs adjudication for specified DRI show cause notices.
A common adjudicating authority is appointed: the Commissioner of Customs (Import), Jawaharlal Nehru Custom House, Nhava Sheva, Raigad, Maharashtra, is empowered under sections 4(1) and 5(1) of the Customs Act, 1962 to exercise the powers and duties of the Commissioners of Customs (Export) at Nhava Sheva, Kandla, and Inland Container Depot Tughlakabad specifically for adjudicating show cause notices issued by the Directorate of Revenue Intelligence, Mumbai Zonal Unit, concerning M/s Sai Shradha Exim Private Limited and others.

Common adjudicating authority appointed to adjudicate show cause notices against Jaiprakash Associates under Customs Act.
Appoints the Commissioner of Customs (Export), New Custom House, Indira Gandhi International Airport, New Delhi as a common adjudicating authority under sub section (1) of section 4 and sub section (1) of section 5 of the Customs Act, 1962 to exercise powers and discharge duties of specified Commissioners of Customs for adjudicating the Show Cause Notice issued to M/s Jaiprakash Associates Limited and others by the Directorate of Revenue Intelligence, Delhi Zonal Unit.

Common adjudicating authority appointed to exercise customs adjudication powers for show cause notices against M/s Parin Enterprises.
Appoints the Commissioner of Customs (Import), Jawaharlal Nehru Custom House, Nhava Sheva, Raigad, Maharashtra as a common adjudicating authority under sub section (1) of section 4 and sub section (1) of section 5 of the Customs Act, 1962 to exercise the powers and discharge the duties of the Additional Commissioner of Customs (Import), New Custom House, Ballard Estate, Mumbai for adjudicating Show Cause Notices issued to Shri Parin Doshi, Proprietor of M/s Parin Enterprises, as notified in the Gazette.

Issue of Indian Depository Receipts: Amendments streamline definitions, disclosure, audit and transfer permissions subject to RBI and SEBI conditions.
Amendments refine the IDR rules by redefining Overseas Custodian Bank, deleting and renumbering specified sub rules, removing references to draft or letter of offer, permitting non resident purchase/transfer of IDRs subject to Reserve Bank approval or RBI policy, substituting resident terminology with "holder of IDRs," imposing SEBI specified continuous disclosure obligations on issuing companies, and prescribing auditor or chartered accountant reports on three years' financials plus interim statements with a maximum 120 day gap to issue opening.

Issue of Indian Depository Receipts: new definition, disclosure duties and RBI approval route for nonresident transfers.
The amendments introduce the definition of Overseas Custodian Bank, delete and renumber several clauses to remove references to draft or final letters of offer, and update cross references in rules 5, 6, 7 and 9. Rule 9 permits non resident persons to purchase, possess and transfer IDRs subject to specific Reserve Bank of India approval or applicable RBI policy. Rule 10 replaces residency terminology with "holder of IDRs," and rule 11 requires issuing companies to comply with SEBI specified continuous disclosure requirements. Schedule para 6 tightens audit and reporting obligations for issuing companies, including a 120 day recency limit for reports.

Depreciation rate for new commercial vehicles allowed for qualifying acquisitions and use within the specified timeframe.
The Income-tax Rules, 1962 are amended to insert, in New Appendix 1 Part A (Tangible Assets) under III. Machinery and Plant item (3), a sub-item providing a specified rate of depreciation for a new commercial vehicle acquired between the first day of January and before the first day of April and put to use for business or profession before the first day of April; the amendment is made under the Income-tax Act and takes effect on the first day of April.

Duty free tariff preference extended to additional Least Developed Countries, adding Benin, Myanmar, Malawi and Eritrea.
The Central Government, under Section 25(1) of the Customs Act, 1962, amends Notification No. 96/2008 Customs to insert Republic of Benin, Union of Myanmar, Malawi and State of Eritrea into the Schedule, thereby extending the duty free tariff preference to those Least Developed Countries.

Import policy amendment: specified Exim codes reclassified as free, with a value based exception retained for one code.
Amendment reclassifies specified Exim codes in Schedule I (Imports) of the ITC (HS) as "Free" instead of "Restricted": one code is made free subject to a retained price based restriction for consignments below a prescribed per metric ton threshold, and two other codes, including the code for seamless tubes and pipes, are made free without that price qualification.

Export permission for non-basmati rice to specified countries allowed through STC under supply, quality and market-protection conditions.
Amendment authorises exports of non-basmati rice to specified countries under ceilings as an exception to the export ban, subject to conditions: exports to be carried out through the State Trading Corporation of India; STC to procure only from mills with surplus stock; exported rice to contain a minimum percentage of brokens; STC to ensure market entry does not affect overall rice prices; and STC to source from multiple States and dispatch in four tranches.

Customs port designation expands to include Silambimangalam shipyard permitting import, export and repair-related cargo handling operations.
Designates Silambimangalam (Shipyard) as a specified customs port and authorises unloading of machinery and equipment for construction and maintenance of the shipyard; unloading of goods imported for manufacture and repair of cargo ships, barges and similar vessels; import of such vessels for repair; and export of such vessels and of machinery and equipment imported for the shipyard, by amendment to the principal customs ports notification under statutory authority.

Anti-dumping duty continuation on Melamine extended under Customs Tariff Act until October 1, 2009, preserving prior measures.
The Central Government amended the principal notification imposing anti-dumping duty on Melamine imports from the People's Republic of China to extend the duration of the existing duty. Acting under the Customs Tariff Act and the anti-dumping rules following a review request by the designated authority, the amendment appends a temporal clause preserving the anti-dumping duty in force for an additional specified period unless revoked earlier.