A new scheme called ‘Depository Receipts Scheme, 2014’ (DR Scheme, 2014) for investments under ADR/GDR have been notified by the Central Government effective from December 15, 2014 which provides for repeal of extant guidelines for Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993 except to the extent relating to foreign currency convertible bonds.
Keeping in view the changes in the definition / classification of the exporters as per the Foreign Trade Policy of the Ministry of Commerce and Industry issued from time to time, it has been decided to review the policy framework for Overseas Direct Investments (ODI) by a proprietorship concern / unregistered partnership firm in India.
The Reserve Bank of India (RBI) vide A.P. (DIR Series) Circular No.62 dated January 22, 2015 has extended the availability of benefit conferred under Regulation 7(8) of Notification No. FEMA 10/2000-RB dated May 3, 2000 to an Employee of foreign company or Limited Liability Partnership, who in citizen of Foreign State, and is deputed to a group company in India.
Circular No. 01/2015-Income Tax The Finance (No.2) Act, 2014 (hereafter referred to as ‘the Act’) as passed by the Parliament, received the assent of the President on the 6th day of August, 2014 and has been enacted as Act No. 25 of 2014. This circular explains the substance of the provisions of the Act relating to direct taxes.
Securities and Exchange Board of India (hereinafter known as SEBI) in its Board Meeting held on 21st January, 2015 has approved proposal to carry out some amendments in SEBI (ICDR) Regulations, 2009 ( Regulations, 2009) with FEMA Act so as to harmonize the norms on receipt of upfront payment and tenure of partly paid shares / warrants.
References have been received in the Board that the current procedure for allowing re-export of goods that are imported under a bonafide mistake is being followed at Customs stations is time consuming and causes avoidable hardship to importer/airlines/consol agents.
All Regional Offices are requested to re-fix the annual average export obligation for EPCG Authorizations for the year 2013-14 accordingly. Reduction, if any, in the EO should be appropriately endorsed in the licence file of the office of RA as also in the Amendment Sheet to be issued to the EPCG Authorisation holder.
Attention is invited to Regulation (3) of Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2009, notified vide Notification No.FEMA.258/2013-RB dated February 15, 2013 and A.P. (DIR Series) Circular No. No. 39 dated
The avoidable delays on account of non-uniform Customs procedures adopted at some ports/Customs stations not only increase transaction cost and time of clearance but also prove to be major constraints in making Indian ports international transshipment hubs.
The representations, as aforesaid, have been examined by the Finance Department, Government of Maharashtra and after careful consideration of the same, has decided to extend the due date for submission of the Audit Report in Form 704 for the year 2013-14 to 30th January 2015.
