Corporate Updates 10 July 2014

Railway Budge 2014: 

The Government’s railway budget broke new ground by proposing the opening up of the system to overseas investors and offering a grand vision of what India’s train system could look like in the future. Some of the Highlights of Railway Budget are : No new increase in passenger fares and freight charges; Bullet train on Mumbai-Ahmedabad Sector after Delhi – Agra; Diamond quadrilateral for high speed trains; Plan to hike speed of trains to 160-200 km/hr in 9 sectors; Online booking to support 7,200 tickets/minute; to allow 1.2 lakh users log in simultaneously; Reservation system to be revamped, ticket-booking through mobile phones, post offices to be popularized; Online platform, unreserved tickets; Combo parking-platform tickets at stations.


RBI has clarified that the Central Board of Direct Taxes (CBDT) is the competent authority to issue instructions under Foreign Exchange Management Act, 1999 (FEMA), for the purpose of clarifying tax issues. It has now been decided that Reserve Bank of India will not issue any instructions under the FEMA, in this regard. It shall be mandatory on the part of Authorised Dealers to comply with the requirement of the tax laws, as applicable. The CBDT has revised the existing instructions to be followed while allowing remittances to the non residents, with effect from October 1, 2013. It has issued Income Tax (14th Amendment) Rules, 2013 on furnishing of information under Section 195(6) of the Income Tax Act, 1961 and prescribed the rules and forms to this effect. To view and download the Circular, please Click Here.

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