Corporate Updates 7 July 2014


RBI restores limit of Overseas Direct Investments to 400% of net worth for Financial Commitment (FC) to be undertaken by Indian party under Overseas Direct Investments (ODI) under the automatic route to the limit prevailing, as per the extant FEMA provisions, prior to August 14, 2013. Further for any financial commitment exceeding USD 1 (one) billion (or its equivalent) in a financial year would require prior approval of the Reserve Bank even when the total FC of the Indian Party is within the eligible limit under the automatic route (i.e., within 400% of the net worth as per the last audited balance sheet).


CBDT, Ministry of Finance has come out with a Standard Operating Procedure on filing of Appeals/ Special Leave Petitions (SLPs) by the Income tax Department in the Supreme Court under various provisions of the Income Tax Act & rules framed thereunder and for other related matters. Instructions  & revised Proforma B for submission of proposal to file SLP has also been issued by CBDT.

Speak Your Mind