[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART-II, SECTION 3, SUB-SECTION (ii)]
GOVERNMENT OF INDIA
80/2019; Dated: October 15, 2019
S.O. 3719(E). - In exercise of the powers conferred by clause (v) of proviso to section 194N of the Income-tax Act, 1961 (43 of 1961), the Central Government, after consultation with the Reserve Bank of India (RBI), hereby specifies,-
maintaining a separate bank account from which withdrawal is made only for the purposes of,-
and a certificate is furnished by the authorised dealers and their franchise agent and sub-agent, and the Full- Fledged Money Changers (FFMC) and their franchise agent to the bank that withdrawal is only for the purposes specified above and the directions or guidelines issued by the Reserve Bank of India have been adhered to.
Explanation - For the purposes of this notification, "authorised dealer" means a person authorised as an authorised dealer under sub-section (1) of section 10 of the Foreign Exchange Management Act, 1999 (42 of 1999).
2. The notification shall be deemed to have come into force with effect from the 1st day of September, 2019.
[F. No. 370142/12/2019-TPL (Part 2)]
Explanatory Memorandum : It is certified that no person is being adversely affected by giving retrospective effect to this notification.