Exchange rate notification updates specified foreign currency conversion rates for imported goods, replacing prior prescribed exchange values.
Amendment to Notification No. 52/98-N.T.-Cus. substitutes specified Schedule I and Schedule II exchange rate entries for certain foreign currencies (Australian Dollar, Canadian Dollar, Deutsche Mark, Dutch Guilder, French Franc, Swiss Franc, Singapore Dollar, Belgian Francs and Japanese Yen) to establish revised rupee equivalents for customs valuation, effective from 18th September, 1998.

Port appointment permits unloading of imports and loading of exports under customs authority, clarifying permitted cargo operations.
The Central Government, exercising powers under the Customs Act, amended the earlier notification to replace the entry for Dahej Port with an authorization expressly permitting the unloading of imported goods and the loading of export goods, or any class of such goods, thereby defining the scope of appointments for specified customs purposes at that port.

Tax exemption notification: association granted conditional exemption subject to income application, investment and accounting requirements.
Notification grants U. P. Cricket Association exemption under clause of section 10 for specified assessment years subject to conditions: income must be applied or accumulated solely for the association's objects under the prescribed accumulation rules; investments other than specified voluntary-contribution articles must be in permitted modes; income distribution to members is prohibited except as grants to affiliated bodies; business income is excluded from the notification unless incidental to objectives and maintained in separate books.

Part-time member appointment to SEBI: individual nominated under enabling statute with a fixed three-year term.
Appointment of Shri Kumar Mangalam Birla as a part-time member of the Securities and Exchange Board of India under the enabling statutory clause, with office to be held for a fixed term of three years from the date he assumes office, effected by official government notification pursuant to the rules governing SEBI membership and service terms.

Customs tariff coverage expanded to include platinum and silver for jewellery inputs, extending exemption scope for export manufacture.
The amendment inserts the words "platinum and silver falling under Chapter 71 of the Customs Tariff Act" into Notification No. 49/97-Cus, thereby extending that notification's application to platinum and silver when imported for manufacture of plain and studded jewellery for export.

Zero duty expansion: biotech and engineering subsectors added, and EOU/EPZ units eligible for specified Policy benefits with DTA disclaimers.
Amendment adds the Bio-technology Sector and specific engineering sub-sectors to paragraph 6.2's zero duty table where the CIF threshold applies. It also amends paragraph 9.13(b) to allow EOU/EPZ/EHTP/STP units, on production of a suitable disclaimer from DTA suppliers, to obtain specified Policy benefits and to have Brand Rates fixed by the DGFT, while maintaining eligibility for benefits applicable to domestic-supplier linked supplies.

Duty-free sourcing of captive power and boiler fuel allowed with Development Commissioner recommendation and Commissioner approval.
Amendment permits duty free sourcing of captive power plants, including generating sets and recommended spares, with Development Commissioner authority to permit such sourcing up to a specified capacity. Fuel, lubricants, consumables and furnace oil for textile unit boilers may be sourced duty free only with Commissioner of Customs approval based on the Development Commissioner's recommendation.

Exception for house property loss: amendment requires separate disclosure and computation of house property loss in income reporting.
The amendment narrows the exclusion in rule 26B to except the loss under Income from house property from the general parenthetical phrase, and revises Form 12C item 4 to require separate disclosure of non-salary incomes-specifically listing Income from house property (with computation if a loss), business or profession, capital gains, and other sources-while adjusting item 5 to match the new enumeration.

Appointed day under Income Tax Act designated, fixing the operative commencement date for the Explanation to the provision.
Central Government designates 1st October 1998 as the appointed day for the purpose of the Explanation to the provision relating to section 246A of the Income-tax Act, 1961 by formal notification of the Central Board of Direct Taxes, thereby fixing the operative commencement date for that Explanation under the Act.

Delegation of Commissioner powers enables the Delhi-II Commissioner to conduct nationwide investigation and adjudication when assigned.
The Central Board delegates to the Commissioner of Central Excise, Delhi-II the powers of the Commissioner of Central Excise to be exercised throughout India for investigation and adjudication of cases assigned to him by the Board under the Central Excise Act and Central Excise Rules.

Export restriction on basmati paddy seeds now requires a licence under the amended foreign trade policy provisions.
The Export & Import Policy 1997-2002 is amended to include "Basmati Paddy Seeds" after "Paddy Seeds (Wild varity)" in the entry at Sl. No.19 of Chapter 16, Part II, thereby classifying basmati paddy seeds as restricted items exportable only under licence, under powers conferred by the Foreign Trade (Development & Regulation) Act and the Policy's enabling paragraph.

Restricted import of computer systems allowed only against licence, public notice or Special Import Licence under amended Chapter 84.
Computer systems, including personal computers, below a specified cif value are classified as Restricted under specified EXIM codes in Chapter 84; import is permitted only against an import licence or in accordance with a Public Notice, and may alternatively be permitted against a Special Import Licence (SIL).

Exchange rate amendment updates prescribed foreign currency conversion rates for export goods and substitutes specified schedule entries.
The Central Government amends the earlier customs notification by substituting revised entries in Schedule I and Schedule II to prescribe new rupee equivalents for specified foreign currencies, to be used for export goods valuation; the substituted schedule entries take effect from the stated effective date.

Exchange rate update for imported goods: revised foreign currency conversion rates apply from early September, affecting customs valuation.
The Central Government amends Notification No. 52/98-N.T.-Cus. by substituting entries in Schedule I (Serial Nos. 5, 6, 11, 13) and Schedule II (Serial Nos. 1, 3) with revised conversion rates for specified foreign currencies to be used for customs valuation, effective 9th September, 1998.

Tariff amendment: N Paraffin imports for manufacture of linear alkyl benzene added to customs notification with specified duty treatment.
Amendment to Notification No. 23/98 Cus inserts a new serial entry after S. No. 28 identifying N Paraffin imported for use in the manufacture of Linear Alkyl Benzene and specifying the tariff/treatment entries applicable to such imports under the Customs Act, 1962, effected as a miscellaneous exemption/tariff notification in the public interest.

Customs exemption for kerosene used in N Paraffin extraction: initial partial duty payment, monthly certification, and duty adjustments.
Kerosene imported by Linear Alkyl Benzene manufacturers for extraction of N Paraffin is exempt from customs duty limited to kerosene consumed in extraction and remnant kerosene sold to the Indian Oil Corporation Limited. Manufacturer importers must initially pay duty on a specified portion at import, maintain prescribed accounts, and submit monthly certified consumption and sale statements to the Assistant Commissioner of Central Excise. The ACCE will determine quantities consumed and sold, adjust the initial duty, order additional duty payable or refunds, and the manufacturer must pay any additional duty within three days, with interest for delay.

Excise duty on studded gold jewellery imposed, amending tariff exemptions under Central Excise Act notification.
Notification No.30/98-CE dated 8-9-1998, issued under section 5A(1) of the Central Excise Act, 1944, amends Notification No.20/97-Central Excise (11 April 1997) by inserting serial No.1A in the Table to prescribe an excise duty for studded gold jewellery, the Government being satisfied the change is necessary in the public interest and thereby modifying the miscellaneous exemptions framework.

Similarity requirement for domestic sales: DTA clearances must match goods exported or expected to be exported.
Clearances from EOUs and EPZ units for home consumption must be of goods similar to those exported or expected to be exported during the specified period and must conform to the Export Import Policy for that period, as provided by the substituted sub clause in the exemption notification.

Excise exemption: 2-Cyanopyrazine declared nil duty by tariff notification amendment under excise authority.
An amendment inserts a new tariff entry exempting 2-Cyanopyrazine in Chapter 29 by declaring a nil duty rate, thereby altering the Table of the prior notification to reflect the duty-free status of the specified chemical.

Capital gain reinvestment into specified equity shares allowed, subject to holding period and taxability on early transfer.
Central Board of Direct Taxes specifies issuance of specified equity shares by a public company to qualify as eligible investment for relief from tax on long term capital gain, authorising issue within one year subject to a stated monetary ceiling, provided the investment is made out of income chargeable under the head Capital gain from transfer of a long term capital asset; if the assessee transfers the allotted shares within three years, the initial investment shall be chargeable to tax under the head Capital gain in accordance with the statutory provision on re transfer.