Corporate Updates – 12-06-2015


RBI has reviewed the guidelines and permitted Subscription to chit funds by Non-Resident Indian on non-repatriation basis. Earlier no person resident outside India shall make investment in India, in any form, in a company or partnership firm or proprietary concern or any entity, whether incorporated or not, which is engaged or proposes to engage “in the business of chit fund”. RBI has decided to permit Non-Resident Indians (NRIs) to subscribe to the chit funds, without limit, on non-repatriation basis subject to the conditions that permission has been granted by the Registrar of Chit Fund and amount shall be brought in through normal banking channel, including through an account maintained with a bank in India.


The Advance Pricing Agreement provisions were introduced in 2012 through insertion of sections 92CC and 92CD in the Income-tax Act, 1961 by the Finance Act, 2012 and Rollback provisions in the APA Scheme were introduced through section 92CC and have been notified recently on 14th March, 2015. CBDT has issued Clarifications on Rollback Provisions of Advance Pricing Agreement Scheme as subsequent to the notification of the rules, requests for clarification regarding certain issues have been received in the Central Board of Direct Taxes. In order to clarify such issues, the Board has decided to adopt a Question and Answer format.

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