News Update

Next Pandemic knocking on Door! A Siren in Time would certainly save Nine!IFSC notifies Insurance Intermediary Regulations 2021Mormugao Port Trust proposal for revision of rental of 35 premises approvedGST - TRAN-1/2 - Directions were issued in September 2019 to allow petitioners to file declaration and claim transitional credit - since directions not yet complied, Nodal officer to personally remain present before Court: HC4 lakh files junked in govt offices - 1 lakh sqf space retrievedPig to human kidney transplant with gene-editing worked in US experimentGST - GSRDC is a Government Entity as well as a Government Authority - development of bridges and roads is exempted vide Sr. No. 3 of Not. 12/2017-CTR: AARVaccination - India to surpass 100 Cr mark today - Govt to release film & songContamination detected by EU - Govt says India exports strictly non-GMO riceHP authorities trying to locate 17 missing trekkers in KinnaurGST - Transfer of business by AAI to M/s. Adani Ahmedabad International Airport Limited is supply of 'Transfer of a going concern' service and exempted vide Entry No. 2 of 12/2017-CT(R): AARCOVID-19: Daily caseload rises to over 18K for India + Daily death count touches 2000 for US; over 1000 for Russia; over 400 for Brazil & Mexico & 180 for UKEthnol-blending in fuel - 10% target achieved; now moving towards 20%: PuriGovt extends insurance cover for COVID-19 health workers for six more monthsGST - Invoice raised by AAI for reimbursement of salary/staff cost on M/s. Adani Ahmedabad International Airport Limited - reimbursement of cost is exempt: AARRBI imposes fine of Rs one crore on Paytm Payments bankPM invites global CEOs to partner in exploration of oil & gas: PMHealth experts call for fresh lockdown in UK but Johnson not in favourCX - Not granting access to Relied Upon Documents contravenes principles of natural justice, which is foremost requirement to be complied with - assessment order quashed: CESTATGreen Energy - Scotland to convert whiskey into fuelGovt rescinds anti-dumping duty on phenol imported from EU, Singapore & KoreaUK seals trade deal with New ZealandCus - Refund of SAD - Original challans evidencing payment of ST/VAT need not be produced & production thereof need not be insisted upon: CESTATAustralia amends law to permit companies to switch to online AGMs permanentlyI-T - Search assessment u/s 153A cannot be resorted to where no material incriminating the assessee is found in course of search operations : ITATWHO alerts Pandemic to persist in 2022I-T- PCIT has rightly invoked power u/s 263 as activities for which claim u/s 80IA (4) is claimed and allowed by AO does not come under purview of infrastructure project : ITATUK Competition Regulator imposes USD 50 mn fine on Facebook over Giphy buyI-T - Where order is passed u/s 143(3) & not u/s 144, it implies that subsequent compliance in assessment proceedings is good compliance & default committed earlier are ignored : ITATG20 leaders to schmooze on climate change issues prior to COP26, says ItalyI-T - Re-opening of assessment merits being sustained where it is based on proper information sourced from the jurisdictional DCIT : ITATTesla’s Musk to be world’s first Trillionaire, says Morgan StanleyI-T - Re-assessment notice issued without prior approval of jurisdictional CIT contravenes mandate of Section 151(2) and hence is invalidated : ITATEU Parliament confers Sakharov Rights Award on jailed Russian opposition leader NavalnyI-T- It would be reasonable to sustain addition @ 10% of amount of bogus purchases, being profit element involved therein : ITATNhava Sheva Customs detects concealment and undervaluation in imported walnuts and dates containersI-T – Interest on funds borrowed by assessee to give interest-free loan as a measure of commercial expediency should be allowed as deduction u/s 36(1)(iii) : ITATIndia revises guidelines for international travellers w.e.f Monday - Self-declaration form to be uploaded on Air Suvidha website before travelI-T- On The basis of mere disallowance of expenditure claimed as per books of account, penalty u/s 271(1)(c) cannot be levied unless any particulars in return of income has been found to be false or incorrect: ITATHuge cache of arms and drugs seized by BSF & local police in Khemkaran Area on Indo-Pak borderI-T - Penalty notice issued u/s 271(1)(c) r/w Sec 274 cannot be sustained where relevant charge against assessee, forming basis for imposing penalty, is not specified: ITAT
Untitled Document
EXCHANGE CONTROL MANUAL

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Chapter
Subject  
1.
Introduction
2.
Permitted Currencies and Methods of Payment
3.
Foreign Exchange Transactions with Public
Annexure II: Guidelines for hedging of commodity price exposures
Annexure I: CBDT circular and form of undertaking/certificate
4.
Authorised Dealers' Dealing with Reserve Bank
5.
Accounts of Non-resident Banks and Inter-bank Dealings
Annexure: Guidelines for foreign exchange exposure limits of
6.
Exports of Goods, Software, Currency etc.
Annexure : List of Exports Promotion Councils and Other Grantee
7.
Import of Goods, Currency, etc., Merchanting Trade and other
Annexure : Guidelines for Handling Import Bills - Operating
8.
Foreign Travel and Miscellaneous Remittance
Annexure V : Guidelines to authorised dealers for scrutiny of
Annexure IV : Guidelines for granting remittance facilities
Annexure III : Guidelines for acceptance of passage fare/freight
Annexure II : Use of International Credit Cards
Annexure I : Guidelines for release of exchange for travel abroad
9.
Investments/Offices Abroad
Annexure III : Terms and Conditions for investment in JV/WOS
Annexure II : Guidelines to Authorised Dealers for approval
Annexure I : Guidelines for Indian Direct Investment in Joint
10.
Foreign Investment in India (Part 1 of 2)
Foreign Investment in India (Part 2 of 2)
11.
Foreign/FERA Companies and Foreign Nationals
12.
Bank Accounts and other Assets Overseas of Residents
Annexure : Scheme for issue of ADR/GDR Linked Stock Option for
13.
Rupee Accounts of Non-residents other than Banks
14.
Foreign Currency Accounts in India
Annexure II : Resident Foreign Currency Accounts Scheme
Annexure I : List of additional purposes for which funds in
15.
Insurance
16.
Returns and Statements
Annexure I : Guide to Authorised Dealers for Compilation of
Supplement on 'Exchange Control Regulations applicable to Nepal