RBI:
RBI with the objective of bringing all the multilateral organisations at par, for opening of accounts in India, has reviewed the extant instructions and it has been decided to include in the exemptions, laid down in Foreign Exchange Management (Deposit) Regulation, 2000, deposits held in accounts maintained with an authorised dealer by any multilateral organization of which India is a member nation, and its subsidiary/affiliate bodies in India, and its or their officials in India. To view the notification, please Click Here.
CBDT:
CBDT has signed a First Bilateral Advance Pricing Agreement (APA) with a Japanese Company. This is India’s first bilateral APA. The APA is for a period of five years. The APA has been finalized in a period of about one and a half years, which is shorter than time normally taken in finalizing APAs internationally. The APA scheme has been introduced to bring about certainty and uniformity in transfer pricing matters of multi-national companies and reducing litigation. APAs will improve investment climate in the country.
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