Issue/Justification
All the foreign currency remittances/payments are required to be reconciled with details provided in Form No. 15CA. RBI report 2012-13 provides that the foreign currency remittances for imports (all types of imports– goods and services) is more than 5,00,000 million dollars i.e. more than Rs. 3,00 Lakhs million Rupees
Suggestion
Out of the said amount, even if 1/3rd remittance is liable for tax @ 1%, government should have received Rs. 1,00,000 Lakh crore by way of TDS on foreign currency remittance. It is thus suggested that all the foreign currency remittances/ payments are required to be reconciled with details provided in Form No. 15CA.
