RBI:
All banks maintaining Non-Resident Deposits (NRD) Accounts are required to submission of Stat 5 and Stat 8 Returns to the RBI and moving the NRD-CSR reporting to XBRL platform. As banks’ submission of NRD-CSR data in XBRL platform has stabilised, it has been decided to discontinue the submission of Stat 5 and Stat 8 Returns from March 2015. Accordingly banks, dealing in foreign exchange may stop sending Stat 5 and Stat 8 Returns (both hard and soft copies) to the Department of Statistics and Information Management, Reserve Bank of India.
INCOME TAX:
CBDT has notified the Income Tax (Third Amendment) Rules, 2015 which shall come into force on the date of their publication in the Official Gazette. Through this Amendment, a new term “Rollback Year” has been defined as any previous year, falling within the period not exceeding four previous years, preceding the first of the previous years referred to in sub-section (4) of section 92CC. Further the provisions relating to “Roll Back of the Agreement” have been inserted for determining the arm’s length price or specify the manner in which arm’s length price shall be determined in relation to the international transaction entered into by the person during the rollback year.
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