Notification, Circular and Press Release
·
The CBDT has issued a press release dated 26.11.2015 pointing
out that after notification of ICDS, it has been brought to the notice of the
CBDT by the
stakeholders that certain provisions of ICDS may need further
clarification/ guidance for proper implementation. These implementation issues
raised by the stakeholders have been referred to an expert committee comprising
of departmental officers and professionals and the committee is currently
examining these issues. The CBDT has stated that in order to issue a
comprehensive guidance/clarification on this matter, the stake holders and
general public are requested to bring out issues/points which in their opinion
would require further clarification/guidance for proper implementation of the
provisions of the ICDS. These issues/points may be submitted by 15th December,
2015 at the email address (dirtpl3@nic.in) or by post at the stated address.
·
The CBDT has issued a press release dated 20.11.2015 stating
that the Finance Minister in his Budget Speech, 2015 has indicated that the
rate of corporate tax will be reduced from 30% to 25% over the next four years
along with corresponding phasing out of exemptions and deductions. This is a
step towards simplification of tax laws, which is expected to bring about
transparency and clarity. The CBDT has identified the precise provisions that
will be affected as a result of the phasing out plan. The CBDT has invited comments
on the aforesaid phasing out plan within 15 days
·
In National Petroleum Construction Company Vs. DIT in ITA Nos.
143, 144, 533/2013 and 795/2014, the Delhi High Court in its order dt.
13.08.2015, dt. 20.08.2015 and 28.09.2015 directed the Income Tax Department to
formulate and implement a standard operating procedure relating to seamless
transfer of case from one standing counsel to another, filling re-filling of appeal in time and
maintaining record of order of SC or High court which has attained finality
relating to any aspect whether in favor of assessee or department.
·
Pursuant to the said directives of the High Court, the Chief
Commissioner has issued a detailed document titled “PROCEDURE FOR FILING
APPEALS, CURING DEFECTIVE APPEALS AND EFFECTIVE REPRESENTATION IN THE DELHI
HIGH COURT”. The said document sets out the standard operating procedure to be
followed by the department in all cases.
·
Pursuant to the solemn promise made by Prime Minister Narendra Modi that a mechanism would be set up to ensure that Assessing
Officers are accountable for the unreasonable additions that they make in the
assessment order, the CBDT has issued Instruction No. 17/2015 dated 09.11.2015
in which it has admitted that the tendency of the AOs to frame high-pitched and
unreasonable assessment orders reflects harassment of taxpayers and leads to
generation of unproductive work for the Department.
·
The CBDT has consequently set up a committee of high-ranking
officials which will examine whether there is a prima-facie case of high-pitched
assessment, non-observance of principles of natural justice, non-application of
mind , gross negligence or lack of involvement of assessing officer. The
Committee would ascertain whether the addition made in assessment order are not
backed by any sound reason or logic, the provisions of law have grossly been
misinterpreted or obvious and well established facts on records have out
rightly been ignored. The Committee would also take into consideration whether
the principles of natural justice have been followed by the assessing officer.
If it is established that unreasonable and high-pitched additions have been
made by the assessing officer, a report would be sent to the Pr. CCIT by the
Local Committee who will then take suitable administrative action against the
Assessing Officer. Further, the departmental position as determined by the
Local Committee in such cases would be appropriately presented before the
Appellate Authorities so that litigation is curtailed.
·
The CBDT has issued Instruction No. 16 of 2015 dated 06.11.2015
in which it has taken a stern view of the fact that the time limit of six
months specified in s. 12AA(2) of the Income-tax Act 1961 for passing an order
granting or refusing registration under s. 12AA are not being adhered to by the
Commissioners of Income Tax (Exemptions). The CBDT has directed the Chief
Commissioners to monitor that the Commissioners are adhering to the time limit
and to take suitable administrative action in the case of laxity
·
The Ministry of Finance has issued a Notification dated
29.10.2015 in which it is stated that where the variation between the arm’s
length price determined under section 92C and the price at which the
international transaction or specified domestic transaction has actually been
undertaken does not exceed one percent of the latter in respect of wholesale
trading and three percent of the latter in all other cases, the price at which
the international transaction or specified domestic transaction has actually
been undertaken shall be deemed to be the arm’s length price for Assessment
Year 2015-2016.
·
Case
Laws
·
COMMISSIONER OF INCOME TAX vs.DERBY TEA & INDUSTRIES PVT. LTD.
(2015) 45 CCH 0242 Kol Trib
o Apex Court in
the case tit led as Collector Land Acquisition, vs. Mst. Katiji & Ors (1987
AIR 1353, 1987 SCR (2) 387) analyzed the situation while dealing with the delay
on behalf of the Government and observed as enumerated below: When
substantial justice and technical considerations are pitted against each other,
cause of substantial justice deserves to be preferred for the other side cannot
claim to have vested right in injustice being done because of a non deliberate
delay. "It must be grasped that judiciary is respected not on account of
its power to legalise injustice on technical grounds but because it is capable
of removing injustice and is expected to do so. (para 3)
o
DEPUTY COMMISSIONER OF INCOME TAX vs.BENGAL AMBUJA HOUSING
DEVELOPMENT LTD. (2015) 45 CCH 0232 KolTrib
While computing the
profits for the purpose of deduction the loss incurred by the assessee in any
other eligible industrial undertaking could not be set off against the profits
a particular industry that would qualify for deduction.
o
HEMANT KUMAR GODARA vs.ASSISTANT COMMISSIONER OF INCOME TAX, (2015)
45 CCH 0233 MumTrib
Where Tax authorities
had drawn adverse inference only on basis of denial of supply of machinery to
assessee’s personal name by supplier despite overwhelming evidences furnished
by the assessee to support the claim of manufacture and sale of goods, the tax
authorities were not justified in holding that assessee was not manufacturing
goods; and sssessee was entitled to deduction.
o
SWAMI DAYANAND EDUCATIONAL TRUST vs.COMMISSIONER OF INCOME TAX, (2015) 45 CCH
0256 DelTrib
when
no allegation had been brought on record that Assessee was conducting
activities beyond its object as per trust deed or fees and donations were being
used for activities which were not charitable and beyond ambit of objects of
assessee applicant trust, Applicant trust eligible for registration u/s 12A.
o
COMMISSIONER OF INCOME TAX & ORS. vs.FIVE VISION PROMOTERS
PVT. LTD. & ORS. (2015) 94 CCH 0101 DelHC
Provisions of s 68 can
be invoked only where assessee offers no explanation at all or explanation
offered is unsatisfactory; and addition thereunder can be made only on that
condition.
o
Transfer Pricing
o
COMMISSIONER OF INCOME TAX vs.NESTLE INDIA LTD. (2011) 337 ITR 0103
Transfer
pricing—Applicability of Chapter X—Deductibility of royalty payment of
associated concern—Sec. 92 does not apply in respect of ‘payments of royalty
etc.’ which are not the part of regular business carried on between a resident
and a non-resident
o
International
Taxation
o
DIRECTOR OF INCOME TAX
vs.INFRASOFT LTD. (2013) 85 CCH 0319 DelHC
Consideration
received by the Assessee on grant of licences for use of software is not
taxable as royalty within the meaning of Article 12(3) to the DTAA between
India and the USA.
|
Service
Tax Updates By CA Abhishek Batra 9811611880
|
Summary of Developments in Service Tax during the month of
November, 2015
1. Notification No.
23/2015-ST & 25/2015-ST Dated 12.11.2015
SBC made
applicable w.e.f. 15.11.2015.
The issues regarding
the
amount on which SBC is
payable has been clarified by Notification No.
23 & 25.
2. Circular no.
187/6/2015-ST Dated 10.11.2015
The board
has issued a
circular for speedy
disposal of refund applications of exporters of
services. As per the circular, the exporters are required to furnish a
certificate of CA. (Statutory Auditor in case of company) along with an
undertaking. On receipt of these documents, jurisdictional Asstt.
Commissioner/Dy.
Commissioner will make provisional payment
of 80% of
amount of refund
claimed within 5 working days of receipt of the documents.
3. Circular no.
188/7/2015-ST Dated 16.11.2015
Codes for SBC allotted
by Controller General of Accounts & made public vide this circular. The codes allotted are:
Tax collection Other Receipts (Interest) Penalties
00441493 00441494
00441496
4. Circular no.
189/8/2015-ST Dated 26.11.2015
Clarification issued by
the Board vide this Circular confirming that all activities incidental with
testing related to agriculture and agricultural produce shall be exempt. The
Board has specified that-testing cannot stand in isolation of certification and
other ancillary activities. Testing cannot be random, somebody has to register
for testing. If certificate is not received and seeds are not tagged, testing
is irrelevant. Therefore, all processes are a part of the composite process and
cannot be separated from testing.
Important judgments:-
M/s Meru Cab Company Pvt. Ltd. Vs. Comm. Of
Central Excise, Mumbai-II
1. The tangible goods in
the form of radio taxi are given to the driver and there is no transfer of the
possession of the vehicle but physical transfer has taken place, but the
effective control of such taxi still is in the hands of the appellant.
2. The driver of the
radio taxi is not permit holder and he does not have independent authorization
for plying the vehicles and is allowed to take passengers on instructions and
directions from the appellant only.
3. The driver is
collecting the fare amount from the customer on behalf of the appellant, as
fare invoice for the journey is created and issued in the name of the
appellant.
4. The entire findings
of the adjudicating authority has been misdirected to hold that
the driver keeps
bulk of the amount
of the journey
and deposits only small
portion of the
amount as agreed
between the appellant and the
driver, which indicates the radio taxi is given for use and covered under
Supply of Tangible Goods for Use. The said agreement does not any where
indicate that the driver are having the possession of the vehicles for their
use, which is the most important aspect to be covered under category of
services under supply of tangible goods.
|
Vat
Updates by Ad Suresh
Aggarwal 9810032846
|
Notifications,
Circulars and Orders issued by DVAT Department
1) The
Department has issued an Advisory Notice dated 03/11/2015 stating that in the
IITF-2015 from 14/11/2015 to 27/11/2015, The Registered Dealer shall use their
regular TIN no. for making sales at IITF and other dealers shall take
registration as casual dealer and will follow the law as per DVAT Act and DVT
rules.
2) The
Government has issued a Notification No. 901 dated 06/11/2015by which LG has
appointed SDM as VAT authorities to assist the Commissioner of VAT.
3) The
Government has issued a Notification No. 906 dated 12/11/2013 by which Amended
DVAT-16, Annexure 2A & 2B, and also DVAT-30 & 31 and introduced
Annexure1E. These forms and Annexure are basically amended for changes in
policy and rate of tax in respect of Purchase / Sales of Diesel & Petrol
and also introduction for providing information by e-commerce entities.
4) The
Government has issued a Notification No. 907 dated 12/11/2015 stating that in
case of Local Purchased Goods with ITC claim is used for Inter State Sales then
ITC credit is required to be reduced by 100 percent in case of sales of
Cigarettes and accordingly made provision of entry in DVAT-16 also.
5) The
department has issued Notification No. 1003-1014 dated 12/11/2015 and extended
the last date of filing online return in EC-II & EC-III up to 30/11/2015
for the quarter ending June-2015 and September-2015.
6) The
department has issued a Circular No. 29 dated 16/11/2015 and extended the date
of filing online / hardcopy of the return in DVAT-16 / DVAT-17 / DVAT-48 up to
20/11/2015 for the quarter ending September-2015.
7) The
Government has issued a Notification No. 913 dated 16/11/2015 and amended the
third schedule in which entry no. 86 (xxviii) amended and now “Spare parts,
Accessories and components other than electric motors, switchgears and
starters” are liable to be taxed @5%. Meaning thereby that the spare parts,
Accessories and components of Electric Motors, Switchgears and starters are
taxable @12.5%. Also amended Fourth Schedules and Petroleum products such as
Naphtha, Lubricants, Furnace Oil, Mixtures and combination of these products
are taxable @ 20%.
8) The
Government has issued a Notification No. 914 dated 16/11/2015 and stated that
an application for refund or an addition or revised application for refund from
the embassies, High Commission and International Organization listed in the
entry at serial No. 1 of the sixth schedules can be considered up to a period
of one year from the end of relevant quarter.
9) The
department has issued a Circular No. 30 dated 18/11/2015 and stated that online
statutory forms against central purchases can be uploaded if the ratio of
purchase and sales is 60% or above in a quarter in which forms required or
otherwise up to next quarter otherwise, Ward officer will scrutinized the facts
and approved the file and only then forms would be downloaded. Also stated that
if RC applied for cancellation or notice issue for cancellation or if otherwise
already cancelled, then also forms would be downloaded only after approval by
the concerned ward officer.
10)
The department
has issued Notification No. 1062-73 dated 23/11/2015 and extended the last date
of online filing of DP-1 up to 31/12/2015 for the dealers registered up to
31/10/2015.
11)
The department
has issued a Circular No. 31 dated 26/11/2015 and directed the Zonal
Authorities to restored the RC of the dealer within 3 working days once the
proposal for restoration of registration is approved by the Competent
Authority.
|
MCA
Updates By Kiran
Amarpuri 9911127572
|
02-11-2015
MCA has notified New Form AOC - 4 CFS (Form for
filing consolidated financial statements and other documents with the
Registrar), which is available for filing w.e.f 1st Nov 2015.
Further, the Versions of forms AOC-4 (XBRL) and AOC - 4 Attachment are
modified w.e.f 1st Nov 2015. MCA has also made necessary changes w.r.t SRN of
form ADT-1 filed for intimation of appointment of the auditor in case of
Government Companies and First Auditors under section 139(5)/ (6)/ (7) of the
Companies Act, 2013. Now all such companies can enter the SRN
‘Z99999999’ for any such appointment while filing Form AOC -
4. Only new version of the eForm will be acceptable.
Stakeholders are requested to plan accordingly and ensure that you have
downloaded the latest version for filing and uploading the
latest version only. Form-wise date of last version change
is available at on the website of MCA.
09/11/2015
MCA has
made amendments to the Companies (Share Capital and Debentures)
Rules, 2014 and notified the Companies (Share Capital and Debentures) Third Amendment
Rules, 2015 which shall come into force from the date of
their publication in the Official Gazette. MCA allowed Infrastructure Debt Fund
Non-Banking Financial Companies, as defined in clause (b) of direction 3 of
Infrastructure Debt Fund Non-Banking Financial Companies (Reserve Bank)
Directions, 2011 and Companies permitted by a Ministry or Department of the
Central Government or by Reserve Bank of India or by the National Housing Bank
or by any other statutory authority to issue debentures for a period exceeding
ten years.
Last date of
filing forms AOC-4 (XBRL, non-XBRL & CFS) and MGT-7 have been extended till
30th Dec 2015 without additional fee.
Version of Form 4 and 11 LLP is
modified w.e.f 29th Nov 2015. Stakeholders are requested to plan accordingly
|
Foreign
Exchange Management Act 1999 ‘FEMA’ –Nov 2015 Updates – CA Sulabh Lohia 98103 53219,
|
(November
05, 2015 – A.P. (DIR Series) Circular No.27 of Reserve Bank of India ‘RBI’ –
Software Export – Filing of Bulk SOFTEX – Further Liberalisation)
Attention of Authorised Dealers is
invited to A.P. (DIR Series) Circular No. 80 dated February 15, 2012, A.P. (DIR
Series) Circular No. 66 dated January 01, 2013 and A.P. (DIR Series) Circular
No. 43 dated September 13, 2013, in terms of which a software exporter, whose
annual turnover is at least Rs.1000 crore or who files at least 600 SOFTEX
forms annually on an all India basis, is eligible to declare all the off-site
software exports in bulk in the form of a statement in excel format, to the
competent authority for certification on monthly basis.
In order to provide benefits to small
exporters also, it has been decided to extend this facility to all software
exporters. Accordingly, all software exporters can now file single as well as bulk
SOFTEX form in excel format to the competent authority for certification. The
SOFTEX form is given at Annex I. Since the SOFTEX data from STPI/SEZ is being
transmitted in electronic format to RBI, the exporters are required to submit
the SOFTEX form in duplicate as per the revised procedure. STPI/SEZ will retain
one copy and handover the duplicate copy to the exporters after due
certification.
As hitherto, the software exporters
can generate SOFTEX form number (single as well as bulk) for use in off-site
software exports from the website www.rbi.org.in. In order to generate the
SOFTEX number/s, the applicant exporter has to fill-in the online form (Path
www.rbi.org.inà Formsà FEMA Formsà Printing EDF/SOFTEX Form No.). The specimen of the online
form and the advice are given at Annex II.
As per FEMA, exporters are required
to complete the SOFTEX form using the number so allotted and submit it first to
the competent authority for certification and then to the AD for further
necessary action, as hitherto.
(November
26, 2015 – A.P. (DIR Series) Circular No.29 of RBI – Import of Goods In India –
Evidence of Import)
Attention
of the Authorised Dealers is invited to para A.10.1 of A.P. (DIR Series)
Circular No. 106 dated June 19, 2003 in terms of which an importer has to
submit as evidence of import, (a) the exchange control copy of the Bill of
Entry for home consumption; (b) the exchange control copy of the Bill of Entry
for warehousing, in the case of 100% Export Oriented Units (EOUs); or (c)
Customs Assessment Certificate or Postal Appraisal Form as declared by the
importer to the Customs Authorities.
With
the establishment of Free Trade Warehousing Zones / SEZ Unit warehouses,
imported goods can be stored therein, for re-export / re-selling purposes for
which Customs Authorities issue Ex-Bond Bill of Entry. AD banks are advised to
consider the Bill of Entry issued by Customs Authorities named as Ex-Bond Bill
of Entry or by any other similar nomenclature, as evidence for physical import
of goods. Further, in cases where goods have been imported through couriers,
the Courier Bill of Entry, as declared by the courier companies to the Customs
Authorities, may also be considered as evidence of import of goods.
(November
26, 2015 – A.P. (DIR Series) Circular No.30 of RBI – No fresh permission/
renewal of permission to LOs of foreign law firms- Supreme Court’s directions)
Attention of Authorised Dealers
Category - I (AD Category - I) banks is invited to clause 3(f) of A. P. (DIR
Series) Circular No.77 dated June 29, 2007, in terms of which AD Category I
banks could allow advance remittance, without bank guarantee or an
unconditional, irrevocable standby letter of credit up to USD 50 million, in the
case of import of aircrafts/ helicopters/ other aviation related purchases by
scheduled air transport operators permitted by the Director General of Civil
Aviation (DGCA), after ensuring that the requisite approval of the Ministry of
Civil Aviation (MoCA)/ DGCA / other agencies in terms of the extant Foreign
Trade Policy, had been obtained by the company for import.
Director General of Foreign Trade
vide Notification No. 24/2015-2020 dated October 9, 2015 has announced
amendment in Policy condition 1 of Chapter 88 of ITC (HS), 2012-Schedule – 1
(Import Policy). Accordingly, AD Category – I banks may, while allowing advance
remittance without bank guarantee or an unconditional, irrevocable standby
letter of credit up to USD 50 million, ensure that only the requisite approval
of DGCA for import of aircrafts/helicopters in terms of the extant Foreign
Trade Policy has been obtained by the company for operating Scheduled or
Non-Scheduled Air Transport Services (including Air Taxi Services). In other
words, the approval from MoCA will not be required.
(November
26, 2015 – A.P. (DIR Series) Circular No.31 of RBI – Investment by Foreign
Portfolio Investors (FPI) in Corporate Bonds)
As
per extant regulations, all future investments by FPI in NCDs/bonds shall be
required to be made in securities with a minimum residual maturity of three
years.
On
a review, it has been decided to permit FPI to acquire NCDs/bonds, which are
under default, either fully or partly, in the repayment of principal on
maturity or principal installment in the case of amortising bond. The revised
maturity period of such NCDs/bonds, restructured based on negotiations with the
issuing Indian company, should be three years or more.
The
FPI which propose to acquire such NCDs/bonds under default should disclose to
the Debenture Trustees the terms of their offer to the existing debenture
holders / beneficial owners from whom they are acquiring. Such investment
should be within the overall limit prescribed for corporate debt from time to
time (currently Rs. 2443.23 billion). All other existing conditions for
investment by FPIs in the debt market remain unchanged.
(November
30, 2015 – A.P. (DIR Series) Circular No. 32 of RBI – Revised Framework of
External Commercial Borrowings ‘ECB’)
Considering
that sufficient time has passed since the extant ECB framework was
operationalized, a need was felt to undertake a review based on the experience
gained in administering the ECB regime and the current financing ecosystem
which, inter alia, allows issuance of Indian Rupee (INR) denominated bonds
overseas by a wide set of borrowers. Accordingly, a draft of the proposed ECB
framework was placed in the public domain on September 23, 2015 for wider
consultation. Based on the responses received and, in consultation with the
Government of India, a revised ECB framework based on the following overarching
principles has been finalised:
(i).
A more liberal approach, with fewer restrictions on end uses, higher allin-cost
ceiling, etc. for long term foreign currency borrowings as the extended term
makes repayments more sustainable and also minimizes roll-over risks for the
borrower;
(ii).
A more liberal regime for INR denominated ECBs where the currency risk is borne
by the lender;
(iii).
Expansion of the list of overseas lenders to include long-term lenders, such
as, Insurance Companies, Pension Funds, Sovereign Wealth Funds;
(iv).
Only a small negative list of end-use restrictions applicable in case of
long-term ECB and INR denominated ECB;
(v).
Alignment of the list of infrastructure entities eligible for ECB with the
Harmonised List of the Government of India.
The
framework for ECB, as a means to attract flow of funds from abroad will
continue to be a major tool to calibrate our policy towards capital account
management in response to evolving macroeconomic situation. These guidelines
will be reviewed after one year based on the experience and evolving
macro-economic situation.
The
revised ECB framework will comprise the following three tracks:
Track
I : Medium term foreign currency denominated ECB with Minimum Average Maturity
(MAM) of 3/5 years.
Track
II : Long term foreign currency denominated ECB with MAM of 10 years.
Track
III : Indian Rupee denominated ECB with MAM of 3/5 years.
The
guidelines for the revised ECB framework specifying the parameters and other
terms and conditions are separately set out by RBI in this Circular. It may be
noted that these parameters will apply in totality and not on a standalone
basis. Criteria for raising ECB under both the routes, viz., the automatic
route where entities do not require the prior approval of the Reserve Bank for
raising ECB and the approval route where entities can raise ECB only with the
prior approval of the Reserve Bank are separately provided by the RBI.
The
primary responsibility for ensuring that the ECB is in compliance with the
applicable guidelines is that of the borrower concerned. Any contravention of
the applicable provisions of ECB guidelines will invite penal action under the
FEMA. The designated AD Cat I bank is also expected to ensure compliance with
applicable ECB guidelines by their constituents.
For
dissemination of information related to ECBs details, such as, the name of the
borrower, amount, purpose and maturity of ECB contracted under the automatic
and the approval routes shall be put on the Reserve Bank’s website, on a
monthly basis, with a lag of one month to which it relates.
Entities
raising ECB under extant framework can raise the said loans by March 31, 2016
provided the agreement in respect of the loan is already signed by the date the
new framework comes into effect. For raising of ECB under the following carve
outs, the borrowers will, however, have time up to March 31, 2016 to sign the
loan agreement and obtain the Loan Registration Number (LRN) from the Reserve
Bank by this date:
(i).
ECB facility for working capital by airlines companies;
(ii).
ECB facility for consistent foreign exchange earners under the USD 10 billion
Scheme; and
(iii).
ECB facility for low cost affordable housing projects (low cost affordable
housing projects as defined in the extant Foreign Direct Investment policy)
Involvement
of Indian banks and their overseas branches/subsidiaries in relation to ECBs to
be raised by Indian entities will be subject to prudential guidelines issued by
the Department of Banking Regulation (DBR) of the Reserve Bank. Further,
overseas branches/subsidiaries of Indian banks will not be permitted as lenders
under Track II and III.
The
new ECB framework will come into force from the date of publication, in the
Official Gazette, of the relative Regulations issued under FEMA. These
Regulations are being issued separately.
FEMA FAQ SERIES
What
are the obligations of the Indian party, which has made direct investment
outside India?
An
Indian Party will have to comply with the following: -
- Receive
share certificates or any other documentary evidence of investment in the
foreign JV / WOS as an evidence of investment and submit the same to the designated
AD within 6 months;
- Repatriate
to India, all dues receivable from the foreign JV / WOS, like dividend,
royalty, technical fees etc.;
- submit
to the Reserve Bank through the designated Authorized Dealer, every year, an
Annual Performance Report in Part III of Form ODI in respect of each JV or WOS
outside India set up or acquired by the Indian party;
- report
the details of the decisions taken by a JV/WOS regarding diversification of its
activities /setting up of step down subsidiaries/alteration in its share
holding pattern within 30 days of the approval of those decisions by the
competent authority concerned of such JV/WOS in terms of the local laws of the
host country. These are also to be included in the relevant Annual Performance
Report; and
- in
case of disinvestment, sale proceeds of shares/securities shall be repatriated
to India immediately on receipt thereof and in any case not later than 90 days
from the date of sale of the shares /securities and documentary evidence to
this effect shall be submitted to the Reserve Bank through the designated
Authorised Dealer.
No comments:
Post a Comment