National Calamity Contingent Duty exemption for specified Seventh Schedule imports suspends the levy on those goods.
Exempts from the National Calamity Contingent Duty all imported goods falling within the Seventh Schedule entry corresponding to sub heading 8517 12 of the Customs Tariff Act, as specified in column (2) of the Table in the Seventh Schedule to the Finance Act, 2001, by exercising powers under the Customs Act to suspend the whole of the contingent duty leviable under the Finance Act levy provision.

Tariff amendment expands duty exemption to specified imported inputs used in manufacture of listed finished goods.
Amendment broadens tariff classification references from 'Chapter' to 'Chapter or Heading or Sub heading or tariff item' and inserts new listed inputs that are eligible for nil or concessional customs duty when imported for use in the manufacture of specified finished goods, identifying each input by tariff description and linking it to the corresponding finished product category such as connectors, relays, CRTs, loudspeakers, semiconductors, optical/electronic components and plasma display panels.

Exemption for UN-funded project imports clarified: benefit applies only when goods remain within the project and are not withdrawn.
The notification inserts Explanation 2 clarifying that the exemption for goods supplied to projects financed by the United Nations or an international organisation applies only when the goods brought into the project are not withdrawn by the supplier or contractor, and that the phrase "goods are required for the execution of the project" must be construed accordingly.

Drawback schedule updated: percentage of import duty payable on re export declines as time in domestic use increases.
Amendment revises Notification No.19-Customs by substituting a new column reference and replacing the TABLE with a graduated schedule whereby the percentage of import duty payable as drawback decreases as the elapsed period between clearance for home consumption and presentation for export increases, and by deleting the first proviso that followed the table.

National Calamity Contingent Duty exemption extends to specified polyester yarn tariff items, removing duty liability.
The Central Government, under section 25(1) of the Customs Act read with section 134(4) of the Finance Act, 2003, exempts goods listed in the Table-specific 5402 series entries and heading 5406 (synthetic filament yarn of polyester)-from the whole of the National Calamity Contingent Duty leviable under section 134(1) of the Finance Act, 2003.

Customs tariff amendments change duty rates and introduce condition-based import exemptions and certification requirements.
Amendment revises tariff entries by altering duty rates, inserting and omitting specific tariff items, and expanding descriptions to include medical reagents, electronic modules, simulators and consumer players. The Annexure replaces Condition No.69 with certification and re-export obligations for satellite and ground-test equipment, renumbers a condition as 103A, and inserts Condition No.106 creating an export-linked duty relief regime for manufacturers of sports goods subject to registration and certificate-based export/import caps.

Special CVD exemption amended: omitted certain schedule entries and added a new serial to prior customs notification.
The Government amends Notification No.20/2006 Customs by omitting S. Nos. 11 and 12 from the Table and substituting in paragraph 2 the reference "S. Nos. 17, 28 and 28A", thereby adding a new serial entry to the list of goods exempt from special countervailing duty under the principal notification using its powers under the Customs Act.

Excise duty rate reduction caps effective duties on specified tariff items by prescribing ad valorem exemptions.
Grants exemptions that cap excise duty on listed tariff items at the ad valorem rates specified in the Table, using section 5A(1) of the Central Excise Act to exempt duty in excess of those rates; the Table identifies Chapters, headings and tariff items with specified reduced rates and records particular exceptions and supplemental levies where applicable.

Customs tariff amendments revise specified tariff items across Chapters 38, 59 and 92 and take effect on publication.
Amendment under the Customs Tariff Act revises specific tariff classifications in the First Schedule by omitting tariff item 3809 99 00 in Chapter 38, substituting specified tariff items in Chapter 59 for headings 5902 and 5905, and substituting the tariff item in heading 9208 of Chapter 92; the changes are confined to reclassification and renumbering of tariff items and take effect on publication in the Official Gazette.

Prohibition on export of non-basmati rice exempted for Bangladesh under specified allocation among designated suppliers.
The notification creates an exemption to the prohibition on export of non-basmati rice by permitting the export of 450,000 MT to Bangladesh, allocated as 100,000 MT each through STC, MMTC, PEC and NAFED and 50,000 MT through the West Bengal Essential Commodities Supply Corporation Limited, inserted as an addition to an earlier notification and made effective immediately under the Foreign Trade (Development & Regulation) Act and the Foreign Trade Policy 2004-2009.

Net Owned Fund to Deposits ratio requirement restricts accepting or renewing deposits until prescribed compliance is achieved.
Amendment substitutes a Table prescribing achievement dates and conditional extensions for meeting the Net Owned Fund to Deposits ratio, ties each non compliance band to specific dates for attaining the prescribed ceiling, prohibits acceptance or renewal of deposits where such action would cause or perpetuate a breach, disallows further extension requests, and exposes continued violators to penal measures including de notification of defaulting nidhi companies.

Manufacture or production of seeds notified as an article or thing under section 35(2AB), effective April 1, 2009.
Notification declares the manufacture or production of seeds to be an article or thing for the purposes of clause (1) of sub section (2AB) of section 35 of the Income tax Act; it takes effect from 1 April 2009 and applies for the assessment year 2009 10 and subsequent assessment years.

Notification of manufacture of agricultural implements under section 35(2AB) designates them as 'article or thing' for tax purpose.
Notification designates manufacture or production of agricultural implements as an article or thing under clause (1) of sub section (2AB) of section 35 of the Income tax Act, thereby classifying that activity for the provision's statutory treatment; the notification is made by the Central Board under its statutory power and is effective from the first day of April for application to the following assessment years.

Exchange rate determination: administrative notification fixes distinct import and export conversion rates for listed foreign currencies.
Determination of exchange rates for conversion between specified foreign currencies and Indian rupees for the purpose of valuing imported and exported goods, with separate operative rates for import valuation and export valuation set out in two schedules, and superseding an earlier notification except as to past actions.

Rescission of provisional assessment notification withdrawn under Customs Tariff Act powers, saving prior acts and omissions.
The Central Government rescinds a prior customs notification authorising provisional assessment of exports, exercising powers under the Customs Tariff Act and the rules for anti dumping duty assessment, while expressly preserving the validity of actions taken or omissions made before the rescission.

Short selling by registered foreign institutional investors allowed subject to regulatory conditions, with retrospective effect.
The amendment permits a registered Foreign Institutional Investor to undertake short selling and to engage in lending and borrowing of securities, subject to conditions stipulated by the Reserve Bank of India and the Securities and Exchange Board of India. The regulation is titled as an amendment to the principal FEMA transfer/issue of security regulations and is deemed to have come into force retrospectively from December 31, 2007, with a clarification that no person will be adversely affected.

Committee composition change: two-Chief-commissioner committee established, assigning specific Pune and Goa jurisdictions.
The Board amends Notification No.24/2005-Central Excise (N.T.) by substituting Sl. No.19 to designate a two-member committee consisting of the Chief Commissioner of Central Excise, Pune and the Chief Commissioner of Customs, Mumbai-III, assigning jurisdictions Goa, Pune-I, Pune-II and Pune-III to that committee, and omits Sl. No.19A and its entries.

Specified scheme under Section 115AC: tax treatment for Issue of Foreign Currency Exchangeable Bonds applies from assessment year 2008-09.
The Central Government, under Section 115AC of the Income-tax Act, specifies the Issue of Foreign Currency Exchangeable Bonds Scheme, 2008 as a Scheme for tax purposes, applying the specification to assessment year 2008-2009 and subsequent assessment years and thereby bringing issuance of such bonds within the tax framework prescribed by the section.

Constitution of Committees under Customs Act creates two Chief Commissioner panels and omits prior committee entry.
The Board, under sub section (1B) of section 129A of the Customs Act, 1962, substitutes Sl. No.13 in Notification No.39/2005 Customs (N.T.) to constitute a committee comprising the Chief Commissioner of Central Excise, Pune and the Chief Commissioner of Customs, Mumbai III with specified Central Excise and Customs jurisdictions, and omits Sl. No.13A and its entries.

Power to summon under the Customs Act empowers gazetted officers to require evidence and document production.
Empowers gazetted Customs officers with statutory authority to summon persons and compel production of documents and evidence for customs purposes under the Customs Act, enabling them to require attendance, testimony, and documentary disclosure necessary for administration and enforcement of customs laws.