CBDT:
CBDT notified that for the purpose of computation of arm’s length price, where there is variation between the arm’s length price determined under section 92C of Income Tax Act, 1961 and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed 1% of the latter in respect of wholesale trading and 3% 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 2016-2017. The notification further provides the definition of wholesale trading.
RBI:
RBI has issued Master Circular on Policy Guidelines on Issuance and Operation of Pre-paid Payment Instruments in India. This Master Circular has been prepared to facilitate the Prepaid Payment Instrument Issuers, System Providers, System Participants and all other Prospective Prepaid Payment Instrument Issuers to have all the extant instructions on the subject at one place. The Master Circular has been updated by incorporating all the instructions/guidelines issued on Issuance and Operation of Pre-paid Payment Instruments in India up to July 09, 2015. The guidelines lay down the eligibility criteria and the basic conditions for payment system operators involved in the issuance of Pre-paid Payment Instruments in the country. It further provides that all persons proposing to operate payment systems and involved in the issuance of Pre-paid Payment Instruments shall seek authorization from the Department of Payment and Settlement Systems, Reserve Bank of India, under the Payment and Settlement Systems Act, 2007.
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