Reserve Bank of India: 

RBI has decided that the letter issued by the Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number may be accepted as an ‘Officially Valid Document’. Further, RBI has also advised Banks to accept Aadhaar letter as a proof of both identity and address while opening accounts if the address provided by the account holder is the same as that on Aadhaar letter. For detailed notification, Please click here

Income Tax:

The Income Tax Authority has clarified that for the purpose of determining residential status of a citizen in India as per Income Tax Act, 1961, the term ‘going abroad for purpose of employment’ means travelling abroad on business visa to take up any employment or for any business carried outside India.

INCOME TAX: 

PAN Authorities have installed Interactive Voice Response (IVR) for all the applicants for knowing their status of PAN / TAN application and the same is now available at TIN call centre (TCC) in Hindi/English language. To check the status of your PAN / TAN application, the calls may be made at 020- 27218080.

RBI:

RBI asks AD banks to furnish statements on monthly basis for remittances made by NRIs out of NRO accounts including sale proceeds of immovable property provided the amount does not exceed USD one million per financial year (April-March). Earlier AD – Category I banks were required to furnish on a quarterly basis, to the Chief General Manager-in-Charge, Reserve Bank of India, Central Office, Mumbai-400001 within 10 days of the reporting quarter, a statement on the number of applicants and total amount remitted.

RBI: 

RBI has amended External Commercial Borrowings (ECB)- Reporting Arrangements and issues new Form for ECBs to collect details of financial hedging and foreign earnings and expenditures. The format of ECB-2 Return has been modified (Part-E). The reporting in the modified ECB-2 Return (Copy Attached) will be applicable from the return of the month April 2014 onwards. There is no change in the reporting procedure and Corporate(s) raising ECB continue to submit ECB-2 Return on a monthly basis duly certified by the designated AD Category-I bank. To view & download the circular, CLICK HERE

INCOME TAX: 

The convention between the Government of the Republic of India and the Government of the United Kingdom of Great Britain and Northern Ireland for the avoidance of double taxation (DTAA) and the prevention of fiscal evasion with respect to taxes on income and capital gains has been by the Government of respective countries and same has been notified on 10-02-2014.

RBI: 

RBI has amended FEM (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, to encourage long term investors, the existing Commercial Paper sub-limit of USD 3.5 billion is reduced by USD 1.5 billion to USD 2 billion for foreign investment in India by SEBI registered FII, QFI and long term Investors to purchase, on repatriation basis Government securities and non-convertible debentures (NCDs)/bonds issued by an Indian company subject to such terms and conditions as mentioned therein and limits as prescribed for the same by RBI and SEBI from time to time. The balance USD 1.5 billion shall, however, continue to be part of the total Corporate debt limit of USD 51 billion and will be available to eligible foreign investors for investment in Corporate debt. All other existing conditions for investment in Corporate debt remain unchanged. To view and download the copy of the circular, CLICK HERE

INCOME TAX: 

Finance Minister Shri. P. Chidambaram presented Interim Union Budget 2014-2015 in Parliament on Monday, the 17th February, 2014. To view and download the Key Features of Budget 2014-2015, CLICK HERE