Exchange rate conversion prescribed for calculating stamp duty and customs valuation, effective for specified imported goods.
The Central Government prescribes exchange rate conversion for specified foreign currencies to be used in calculating stamp duty under the Indian Stamp Act, 1899 and for section 14 of the Customs Act, 1962 insofar as they relate to imported goods, superseding an earlier notification and fixing the applicable rates via two appended schedules.

Specification of Resurgent India Bonds as deposits confirms tax treatment for foreign currency promissory note instruments.
Central Government specifies Resurgent India Bonds under section 10(15)(i) as deposits for income tax purposes, characterising them as bank instruments representing foreign currency denominated deposits issued as promissory notes by the State Bank of India, and exercising the power conferred by sub clause (i) of clause (15) of section 10 to designate them as deposits within that provision.

Export recognition exemption: renewals for prior recognitions need not meet prescribed annual growth requirement during the renewal year.
An amendment exempts exporters whose recognition commenced from 1.4.97 from meeting the prescribed minimum annual average growth in export performance when applying for renewal during 1998-99. A new paragraph 12.12A permits recognition as Star or Super Star Trading House for manufacturing companies or industrial houses that meet specified manufacturing turnover thresholds and sign a prescribed Memorandum of Understanding committing to achieve the prescribed physical export performance over the next three years.

Excise duty change: parts of goods in specified list now dutiable after withdrawal of stainless steel coin blanks exemption.
The Central Government amends Notification No. 5/98-Central Excise to omit the Table entry covering stainless steel coin blanks, withdrawing their excise exemption, and adds an item to List 8 to render parts of the goods specified in that list dutiable under the notification.

Section 35AC amendment substitutes the notified beneficiary name, reflecting a formal corrective change to the tax incentive notification.
Amendment under Section 35AC replaces the listed beneficiary name in an existing notification: the Central Government, on the National Committee's recommendation and exercising powers under the provision, substitutes the earlier organisation name with the amended organisation name in the notification's column entry, with no other alterations to the notification's terms indicated.

Exemption under section 35AC extended for construction of one-teacher school project, preserving tax-deduction eligibility for further assessment years.
The Central Government extends the tax-exemption designation under the Income-tax Act provision for the construction of 230 one-teacher schools by Bhartiya Shikshan Avam Shodh Parishad in specified Bihar villages, following a National Committee recommendation, by specifying the project as an eligible scheme for a further three assessment years commencing from assessment year 1999-2000.

Section 35AC exemption extended to land development and running of Shree Nirmal Vivek Institute; eligibility renewed.
The Central Government specifies that the project of land development, construction, furnishing, equipment and running of Shree Nirmal Vivek Institute of the Society for Welfare of Mentally Handicapped, Jaipur qualifies as an eligible project under section 35AC, following the National Committee's recommendation under sub rule (5) of rule 11M; the specification renews eligibility for a further three assessment years commencing with assessment year 1999-2000 and records an estimated project cost.

Exemption under section 35AC extended for construction of a Cobalt Therapy Unit, maintaining eligibility for specified donations.
Extension of tax exemption under section 35AC is granted for construction of a Cobalt Therapy Unit at M. B. S. Hospital Campus, Kota, sponsored by Kota Cancer Society. The National Committee, satisfied the project was being executed properly and recommended continuation under the rules; the Central Government, invoking statutory power, specified the project as an eligible scheme for a further assessment year and recorded the project's estimated cost and sponsoring details in the notification.

Exemption under section 35AC: outreach project for rural eye care specified and extended following committee recommendation.
The Central Government specified the Ishwar Charitable Trust's Expansion of Outreach programmes in rural neighbouring villages as an eligible project under section 35AC, following the National Committee's recommendation that execution was satisfactory, and extended the project's specification for a further three assessment years commencing from the assessment year 1999 2000, noting an estimated project cost.

Exemption under section 35AC: designation of Poona Blind Men's Association eye hospital as eligible project for extended tax benefit.
Central Government, exercising powers under Section 35AC of the Income tax Act, specifies the Poona Blind Men's Association 50 bed eye hospital at Mohammedwadi, Haveli, District Pune, Maharashtra as an eligible project for tax exemption purposes for a further period of three assessment years commencing from the assessment year 1999 2000, following a recommendation by the National Committee under sub rule (5) of rule 11M of the Income tax Rules, 1962, and stating the estimated project cost.

Exemption under section 35AC extends eligibility to an environmental preservation project, enabling tax-deductible contributions during specified years.
Central Government designates the Preservation of Environment and Ecological Planning Project at GIDC-Ankleshwar and Bharuch of Ankleshwar Environmental Preservation Society as an eligible project under the Income-tax Act at an estimated cost of one hundred eighty-six lakhs, for a further two assessment years commencing from the assessment year 1999-2000, following the National Committee's recommendation that the project is being executed properly.

Exemption under section 35AC: Palliative Care Centre project affirmed eligible and approved cost enhanced for tax benefit eligibility.
The Central Government designates the Palliative Care Centre project at Pune, run by Cipla Cancer and Aids Foundation, as an eligible project under the income-tax exemption provision for a period of three assessment years commencing with assessment year 1997-98, and specifies the estimated approved cost at rupees seven hundred fifteen lakhs including a corpus fund of rupees five hundred lakhs following the National Committee's recommendation.

Charitable exemption extended for recurring expenses of tribal residential school; qualifying contributions remain eligible for tax relief.
The Central Government, on recommendation of the National Committee and exercising powers under the relevant statutory provision, specifies recurring expenses for running the Saraswati Vidya Mandir Residential High School with vocational training centre at Ratnapur, Dhanbad, as an eligible project for a further three assessment years commencing with the assessment year 1999 2000, at an estimated cost of sixty six lakhs seventy five thousand rupees.

Tax exemption under section 35AC: specified institutions' approved projects qualify for deduction for limited assessment years.
The Central Government approves a list of charitable institutions and specifies for each the eligible project or scheme, the estimated project cost, and the maximum amount of that cost allowable as a deduction under the Income-tax Act for donations to those approved projects. The notification confines those approvals to a defined limited period of assessment years and records later amendments to particular entries, including adjustments to estimated costs and deductible maxima.

Jurisdictional reallocation of income-tax appeals reallocates appellate jurisdiction and transfers pending appeals to new appellate commissioners.
The Chief Commissioner, exercising powers under the Income-tax Act and prior Board notifications, abolishes a transferred appellate charge and directs that the Commissioners of Income-tax (Appeals) named in the attached Schedule shall perform appellate functions for persons assessed by the assessing officers and ranges specified against each Commissioner for appeals under the relevant tax statutes; pending appeals arising from transferred Wards/Circles/Special Ranges shall be transferred to and dealt with by the Commissioner to whom those units are assigned, with the order effective from the date of notification.

Export rebate eligibility revised for mineral oil products by amending the list of destinations under central excise rules.
An amendment under rule 12 of the Central Excise Rules, 1944 substitutes the words in condition (i) of Notification No. 46/94-C.E. (N.T.), replacing the prior list of named destination countries with an updated list, thereby changing the destinations eligible for rebate on mineral oil products.

Appointment of Maritime Commissioner to exercise Central Excise commissioner powers nationwide under Central Excise Rules authority.
Appointment of the Maritime Commissioner, Calcutta to exercise the powers and functions of the Commissioner of Central Excise throughout India under the Central Excise Rules, by central administrative authority exercising rule based delegation, permitting the Maritime Commissioner to carry out all duties and regulatory enforcement that the Commissioner of Central Excise may perform under the specified provisions of the Central Excise Rules, 1944.

Investment by acquiring depository equity shares added to eligible investments under Income-tax Rules, effective on Gazette publication.
Amendment adds investment by way of acquiring equity shares of a depository to the list of permissible investments under the Income-tax Rules, 1962, by inserting a new clause in rule 17C; the change takes effect upon publication in the Official Gazette.

Capital gain reinvestment in specified bonds under section 54EA with conditional taxation on early transfer.
The notification specifies that M/s. Weizmann Limited may issue bonds for investment by assessees reinvesting proceeds arising from long term capital asset transfers; such investments must be out of income chargeable as capital gain. If the allottee transfers the bonds within three years of allotment, the initial investment shall be chargeable to tax under the head "Capital gain" in accordance with the statutory recapture provision.

Exchange rate amendment updates foreign currency conversion rates for export goods, substituting specified schedule entries effective immediately.
Amendment updates prescribed foreign currency conversion rates for export goods by substituting specified entries in Schedule I and Schedule II of the prior customs notification, prescribing new rupee equivalences for identified currencies and directing that the revised rates are effective from 18th September, 1998.