Exchange rate determination for export goods sets specified foreign currency conversion rates effective from the stated date.
The Board prescribes specified rates of conversion between Indian currency and listed foreign currencies for export goods, superseding the earlier notification and fixing the operative rates to apply from the stated effective date. The notification provides two schedules: Schedule I lists exchange rates per one unit of specified currencies, and Schedule II lists rates per one hundred units, establishing the conversion table for customs export valuation and related administrative application.

Exchange rate determination for imported goods prescribes official currency conversion rates and supersedes an earlier notification.
Determines statutory foreign exchange conversion rates for imported goods under the Customs Act, prescribing rupee equivalents for listed foreign currencies effective from 1st December, 2002 and superseding Notification No.67/2002-NT-Customs; Schedule I gives rates per one unit for specified currencies and Schedule II gives the rupee equivalent for 100 units of Japanese Yen.

Tariff values updated for palm oils, brass scrap and soybean oil under Customs Act powers, adjusting import valuation rules.
Exercise of powers under section 14(2) of the Customs Act, 1962 to amend Notification No. 36/2001-Cus. (N.T.) by substituting the Table that fixes tariff values (US$ per metric tonne) for specified imports. The substituted Table sets tariff values for Crude Palm Oil, RBD Palm Oil, RBD Palmolein, Crude Palmolein, Brass Scrap (all grades) and Crude Soyabean Oil, as notified in Notification No. 73/2002-Customs (N.T.), dated 26 November 2002.

Foreign currency accounts: DTA units may receive foreign exchange payments for supplies to SEZ units under amended FEMA rules.
The Regulations amend the Schedule to the 2000 Rules by inserting in paragraph 1, sub paragraph (1A), clause (ii) that payments received in foreign exchange by a unit in the Domestic Tariff Area for supply of goods to a unit in a Special Economic Zone are included under the foreign currency account provisions; the amendment takes effect on publication in the Official Gazette.

Approval under section 10(23G) granted to Spice Communications, conditional on compliance and audit reporting, subject to withdrawal.
Approval is granted to M/s Spice Communications Limited for tax-exempt status for its license-based cellular infrastructure projects in Punjab and Karnataka, conditional on compliance with applicable provisions and rules, including maintenance of books of account and furnishing audited accounts; the Central Government may withdraw approval if the undertaking ceases to provide an infrastructure facility or fails to comply with audit and reporting requirements.

Correction to tax exemption notification: approved enterprise name and address amended for the approved entity.
Corrigendum amends Notification No. 308/2002 by correcting the approved enterprise entry in paragraph 3 to read: M/s Orissa Power Generation Corporation Ltd., 6th Floor, Alok Bharati Office Complex, Sahib Nagar, Bhubaneswar-751007, issued under the relevant tax exemption provision (file F.No.205/31/1998-ITA-II).

Director General (Safeguards) appointment: officer designated under rule 3 to administer and oversee safeguard duty proceedings.
Under sub rule (1) of rule 3 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997, the Central Government appoints Shri B. K. Mishra, Chief Commissioner of Central Excise, Delhi, as Director General (Safeguards) to perform functions relating to the identification, assessment and administration of safeguard duty proceedings.

Tax exemption approval for infrastructure undertaking conditional on continued operation and mandated audit compliance.
Approval under section 10(23G) read with rule 2E was granted to M/s GMR Tambaram Tindivanam Expressways (P) Ltd for specified assessment years for its BOT highway strengthening and widening project, subject to continued operation as an infrastructure facility and strict compliance with maintenance of books, audit by an accountant and submission of the audit report under sub-rule (7) of rule 2E, failing which the Central Government may withdraw the approval.

Tax exemption under section 10(23G) granted subject to compliance; approval withdrawable if infrastructure ceases or audit obligations fail.
Approval is granted to M/s Power Grid Corporation of India Ltd for tax exemption under section 10(23G) read with rule 2E for specified assessment years for the Tehri Hydro Electric Project transmission system, subject to conformity with statutory provisions and to withdrawal if the enterprise ceases infrastructure operations, fails to maintain audited books of account, or fails to furnish the required audit report.

Excise duty exemption for recorded video cassettes intended for broadcasting, covering periods where levy was not applied.
Central Government, invoking section 11C, directs that the whole of the duty of excise payable on recorded video cassettes in U-matic and Betacam formats intended for television broadcasting, but for a prevalent practice of non-levy during specified retrospective periods, shall not be required to be paid in respect of such recorded video cassettes on which the duty was not being levied in accordance with that practice.

Service tax exemption for SEZ services requires authorization and quarterly reporting by customs authorities under service law.
Exemption applies to taxable service provided to a developer or unit of a Special Economic Zone for development, operation and maintenance of the zone, setting up an SEZ unit, or manufacture by the SEZ unit, subject to: authorization of the developer/unit by the Development Commissioner; service-specific authorization by a Committee headed by the Commissioner of Customs or the Commissioner of Customs and Central Excise with jurisdiction; and maintenance of accounts with quarterly statements to the designated customs authority.

Tax exemption recognition for Rajiv Gandhi Foundation subject to income application, investment limits, compliance and dissolution transfer conditions.
Central Government notification designates Rajiv Gandhi Foundation as entitled to the tax exemption category under clause (23C)(iv) of section 10 for specified assessment years, conditioned on exclusive application or accumulation of income for its objects; investment and deposit restrictions confined to permitted forms; exclusion of business income unless incidental with separate books; regular filing of income-tax returns; and transfer of surplus and assets to a charitable organization with similar objectives on dissolution.

Tax exemption under clause 23C(iv) of section 10 granted subject to compliance with operational, investment and dissolution conditions.
Notification under clause (23C)(iv) of section 10 designates the Defence Civilians Medical Aid Fund, New Delhi, as eligible for income tax exemption for assessment years 1996-97 to 1998-99, subject to conditions: apply or accumulate income wholly and exclusively to its objects; restrict investments to permitted forms (except specified voluntary contributions kept as jewellery, furniture etc.); exclude business income unless incidental with separate books; file returns regularly; and on dissolution transfer surplus and assets to a similar charitable organization.

Notification recognizing tax-exempt status for Bombay Humanitarian League subject to specified compliance conditions for assessment years under income tax law.
Notification under clause (23C)(iv) recognizes Bombay Humanitarian League, Mumbai as entitled to specified tax treatment for stated assessment years, subject to conditions: exclusive application or accumulation of income to its objects; investments limited to permitted modes except certain in-kind voluntary contributions; exclusion of business income unless incidental and maintained in separate books; regular filing of income-tax returns; and, on dissolution, transfer of surplus and assets to a charitable organization with similar objectives.

Tax exemption recognition for charitable organisation conditioned on exclusive application of income, permitted investments, and compliance.
Notification recognises Child Relief and You (CRY), Mumbai under clause (23C)(iv) of section 10, subject to conditions: apply income wholly and exclusively to charitable objects; restrict investments to forms specified in section 11(5) except certain voluntary contributions; exclude business profits unless incidental with separate books; regularly file income-tax returns; and on dissolution transfer surplus and assets to a charitable organisation with similar objectives.

Tax exemption notification: approval conditioned on exclusive charitable application, restricted investments, separate books for incidental business and dissolution rules.
The trust is notified as eligible under the cited provision subject to conditions: income must be applied or accumulated exclusively for charitable objects; funds may be invested only in forms permitted by section 11(5) except certain voluntary contributions held in kind; business income is excluded unless incidental and maintained in separate books; regular filing of income-tax returns is required; and on dissolution surplus and assets must be transferred to a like-minded charitable organisation.

Tax exemption notification grants trust status under section 10 clause 23C(v) subject to compliance with specified conditions.
Notification designates Sri Raja Rajeshwari Devasthanam Trust, Bangalore as eligible under clause (23C)(v) of section 10 of the Income-tax Act for assessment years 2002-2003 to 2004-2005, subject to conditions: exclusive application or accumulation of income for trust objects; investments limited to forms permitted by the Act (excluding certain voluntary contributions held as jewellery or furniture); business income excluded unless incidental and separately accounted; regular filing of income-tax returns; and transfer of surplus and assets on dissolution to a similarly purposed charitable organization.

Customs exemption amendment: Mobile Switching Office added to notified list, altering scope of exemptions under Customs law.
The Central Government, under sub section (1) of section 25 of the Customs Act, 1962, amends Notification No. 21/2002 Customs by inserting "Mobile Switching Office (MSO)" into the Annexure, adding it after item twelve in List 24 and thereby including MSO within the exemption coverage of the principal notification.

Anti-dumping duty continuation on Pure Terephthalic Acid extended pending review, notifications amended to remain in force until February 2003.
The Central Government has amended earlier customs notifications imposing anti-dumping duties on Pure Terephthalic Acid from specified source countries to extend their operative period for an additional three months, inserting or substituting revised expiry provisions so that the duties remain in force pending completion of the statutory review.

Duty-free sale of vehicles for international organisation privileged persons allowed irrespective of reciprocal concessions.
Amendment inserts a proviso to rule 5(1B) allowing the duty free sale of vehicles after four years of import to all privileged persons of the United Nations or any other international organization, irrespective of whether the organization provides a similar duty-free sale facility to Indian privileged persons.