Approval as long-term finance corporation permits tax recognition for industrial finance activities, subject to statutory compliance requirements.
Approval of M/s Kerala Power Finance Corporation Limited as a corporation engaged in providing long-term finance for industrial development for the purposes of section 36(1)(viii) is recorded for the relevant assessment year, subject to the condition that the company conform to and comply with the provisions of section 36(1)(viii).

Anti-dumping duty on Acrylonitrile Butadiene Rubber from Taiwan; provisional duties applied to imports pending final determination.
Provisional imposition of anti-dumping duty on Acrylonitrile Butadiene Rubber (NBR) under customs sub-heading 4002.59 originating in or exported from Taiwan, based on preliminary findings that the product was dumped at prices below normal value causing material injury to the Indian industry; exporter-specific per-metric-tonne duties are prescribed in the notification and apply pending final determination, effective until and including 1 May 2000.

Imports exemption for international organisation projects now requires specified certificates confirming project necessity and Government approval.
The notification amends the customs exemption proviso to require, where goods are imported by or for projects financed by organisations listed in the Annexure, either a certificate from the importing Annexure organisation confirming necessity and Government approval or a certificate from a Deputy Secretary in the Ministry of Finance (Department of Economic Affairs) confirming necessity and Government approval; it also amends two provisos to exclude Annexure listed organisations from references to "any other international organisation."

Excise duty exemption conditions tightened for goods to listed international organisation financed projects, requiring specified organisational or Deputy Secretary certification.
Amendment requires certification for excise duty exemption on goods linked to projects financed by listed international organisations: either a certificate from the listed organisation confirming necessity and Government approval where goods are supplied to the organisation for an approved project, or a certificate from an officer not below Deputy Secretary in the finance department confirming necessity and Government approval where goods are supplied to an approved project financed by a listed organisation; exemptions confined to organisations named in the Annexure.

Regulation of Nidhi and Mutual Benefit Societies: restrictions on non-core activities and strengthened governance requirements.
The Central Government prescribes prohibitions and operational limits for companies declared as Nidhi or Mutual Benefit Societies, including restrictions on non-core business activities, branch expansion, membership admissions, new equity issues to non-depositors, financial dealings with non-members, unsecured lending and pledge of member security, limits on deposit mobilization and loan exposure, and a conversion consequence to non-banking financial company status where deposit thresholds are exceeded.

Minimum CIF value adjustments for imported steel items revised under trade policy, with revised rates effective for a limited two month period.
Amendment to the Foreign Trade Policy sets revised minimum CIF values per tonne for seven specified steel categories in Chapter 72 of the ITC(HS) Classification, altering figures in Import Licensing Notes 3 and 4. The values under Licensing Note 4 take effect on notification for a fixed two month period, after which those minimum import prices are withdrawn. The amendment integrates these changes into the Export and Import Policy 1997-2002.

Tax exemption under section 10(23G) for specified infrastructure projects, subject to compliance and possible withdrawal for breaches.
Notification approves specified enterprises for tax exemption under section 10(23G) for assessment years 1999-2000 to 2001-2002, conditional on compliance with section 10(23G) and rule 2E. Approval is subject to withdrawal if the enterprise ceases to provide the infrastructure facility, fails to maintain books and obtain the audit required by sub rule (7) of rule 2E, or fails to furnish the required audit report. Four projects-an ROB on a national highway, a cellular service licence project, a petcoke thermal power station, and a cogeneration plant-are specifically listed as approved.

Approval under section 36(1)(viii): tax recognition subject to audited accounts, prescribed reserve, business object and statutory compliance.
Approval of M/s Happy Home Profin Limited under section 36(1)(viii) for assessment year 1999-2000 is granted subject to conditions: main object of providing long term finance for residential housing; annual submission of audited profit and loss account and balance sheet with the statement of deduction before the due date for filing returns under section 139(1); creation and maintenance of the required special reserve; and fulfillment of all other conditions of section 36(1)(viii).

Tax exemption approval under specific income tax provision granted subject to compliance and withdrawal conditions for licensed satellite service.
Approval is granted to the specified enterprise for income tax exemption under section 10(23G) read with rule 2E for assessment year 1999-2000, conditional on conformity with the cited provisions, maintenance of books, audit by an accountant and furnishing the audit report; the Central Government may withdraw approval if the enterprise ceases to carry on the infrastructure facility or fails the accounting and audit obligations.

Approval under section 36(1)(viii) grants tax recognition to a housing finance company subject to specified compliance.
Approval is granted to LIC Housing Finance Limited under section 36(1)(viii) to qualify as a housing finance company for tax deduction purposes, subject to conditions: principal object of long-term residential housing finance; annual submission of audited accounts and a statement of the deduction before the return filing due date; creation and maintenance of the required special reserve; and fulfillment of all other statutory conditions.

Tax exemption approval for satellite mobile infrastructure may be withdrawn for failure to audit, maintain accounts, or meet licensing conditions.
Approval is granted to the specified enterprise to qualify under the tax exemption provision for infrastructure undertakings subject to compliance with the Income-tax Act and rules, including maintaining books of account, obtaining an audit as required, and furnishing the audit report. The Central Government may withdraw approval if the enterprise ceases the infrastructure activity, fails to maintain or audit accounts or to furnish the audit report, or fails to comply with conditions imposed by the telecommunications licensing authority.

Customs amendment replaces the operative date in a defence imports exemption notification, altering the exemption's temporal scope.
The Central Government, under section 25(1) of the Customs Act, 1962, amends Notification No. 39/96-Customs by substituting the operative date in the Explanation to the Table entry for S. No. 15, column (3), thereby changing the temporal scope of the exemption for imports relating to defence and internal security forces for that specific entry.

Anti-dumping duty imposed on Low Carbon Ferro Chrome imports from specified countries to address below-normal value exports.
Imposition of Anti-dumping duty on Low Carbon Ferro Chrome (LCFC) imports from China PR and Macedonia follows the designated authority's finding that LCFC imports from China PR, South Africa and Macedonia were dumped and caused material injury to domestic industry; duties are applied to LCFC originating in or exported from China PR and Macedonia at country specific per tonne rates under the Customs Tariff Act and applicable anti dumping rules.

Notification treating manufacture or production of helicopter or aircraft as an article or thing enables specified tax deduction provisions.
Notification designates manufacture or production of a helicopter or aircraft as an article or thing for the purposes of clause (1) of sub section (2AB) of section 35 of the Income tax Act, thereby qualifying such activities within the provision's tax incentive framework and enabling taxpayers engaged in those production activities to claim the benefits contemplated by that clause.

Exchange rate determination for export goods sets prescribed foreign currency conversion rates effective from the stated notification.
Determination under sub clause (a) of sub section (3) of section 14 of the Customs Act, 1962 prescribing rate of exchange for conversion of specified foreign currencies in relation to export goods, superseding Notification No. 57/99-NT-Customs and effective from 1st November, 1999, with operative rates set out in Schedule I (per unit rates) and Schedule II (per 100 unit rates).

Exchange rate determination for imported goods prescribes conversion rates for stamp duty and customs valuation effective November.
Prescribes the rate of exchange for specified foreign currencies for converting into Indian currency or vice versa, to be used in calculating stamp duty and for the purposes of section 14 of the Customs Act in relation to imported goods; supersedes the earlier notification and fixes the rates in Schedules I and II effective 1st November, 1999.

Double taxation relief treaty allocates taxing rights, limits source withholding and provides mutual resolution and information exchange mechanisms.
The Convention provides a bilateral framework to avoid double taxation and prevent fiscal evasion between India and Trinidad and Tobago, defines taxes and key terms including residence and permanent establishment, allocates taxing rights across categories of income (business profits, dividends, interest, royalties, capital gains, employment income), limits source taxation by withholding caps for certain items, and establishes mechanisms for elimination of double taxation, mutual agreement procedure, exchange of information, collection assistance, confidentiality and non discrimination.

Tax-exemption approval under section 10(23G) conditioned on infrastructure use and statutory audit compliance for specified assessment years.
Approval is granted to specified enterprises for tax exemption under section 10(23G) read with rule 2E for the assessment years 1999-2000 to 2001-2002, conditional on compliance with section 10(23G) and rule 2E, including maintenance of books, audit under sub-rule (7) of rule 2E and furnishing the audit report. The Central Government may withdraw approval if an enterprise ceases to provide an infrastructure facility or fails to maintain or audit books or to furnish the required audit report; the notification lists the approved power projects.

Insolvency law reform: expert committee to redesign winding up procedures and recommend time bound, transparent processes.
An expert Committee is constituted to review and recommend reforms to company winding up and insolvency laws to increase transparency and reduce delays; to propose management and supervisory mechanisms during winding up; to examine rules for adjudication; to advise on asset sale and distribution processes; and to produce a self-contained winding up note considering related statutes. The Committee, chaired by a retired judge and comprising government, industry, labour, academic and legal members with departmental secretariat support, may consult experts and the Law Commission and must report within three months of its first meeting.

Settlement procedure for customs cases: application, disclosure to commissioners, provisional attachment and copying fees.
Rules prescribe that settlement applications be submitted in Form SC(C)-1 in quintuplicate, verified and signed by authorised persons per applicant type and accompanied by a prescribed filing fee. The Settlement Commission may forward the application (excluding annexures) when seeking a report and, if it proceeds, must send annexures and supporting documents to the Commissioner. If provisional attachment is ordered, the Commission sends the order to the relevant Commissioner, who may authorise an officer to attach property, prepare and serve an inventory and provide copies to the Commissioner and the Commission. Copies of reports attract a per page fee.