Rule 12B Drugs and medical equipment used in dialysis for the treatment of patients suffering from kidney disease, as may be notified from time to time, by the State Government, in the Official Gazette.
In this regard, I am directed to inform that the said instructions will apply to all pending appeals in High Courts/ CESTAT. Principal Chief Commissioners/ Chief Commissioners are required to take immediate necessary action in this regard for cases which are below the new threshold limits subject to the conditions of the instructions of even no. dated 17.08.2011 and 17.12.2015.
On the Central Board of Direct Taxes (CBDT) revising the existing instructions to be followed while allowing remittances to the non-residents, Reserve Bank of India has clarified that it will not be issuing instructions under Foreign Exchange Management Act, 1999 (FEMA), clarifying tax issues. The Authorised Dealers are required to comply with the requirement of the tax laws, as applicable.
Foreign Exchange Management Act, 1999 (FEMA) is administered through the authorised persons and is based on the declarations and averments made to them by persons while undertaking the transactions. The Reserve Bank, therefore, has prescribed various reports and forms under FEMA to be submitted by/ through Authorised Persons/ Authorised Dealer Category – I Banks/ Authorised Banks. Accurate compilations and timely submission of these reports are of critical
FED Master Direction No. 17/2015-16 Instructions issued on import of goods and services into India have been compiled in this Master Direction. The list of underlying circulars/ notifications which form the basis of this Master Direction is furnished in the Appendix. Reporting instructions can be found in Master Direction on reporting (Master Direction No. 18 dated January 01, 2016).
Opening, holding and maintaining foreign currency accounts by a person resident in India is regulated in terms of section 9 of the Foreign Exchange Management Act, 1999 (FEMA) read with Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2000 issued vide Notification No. FEMA 10/2000-RB dated May 3, 2000
FED Master Direction No. 13/2015-16 Instructions issued on remittance of assets have been compiled in this Master Direction. The list of underlying circulars/ notifications which form the basis of this Master Direction is furnished in the Appendix. Reporting instructions can be found in Master Directions on reporting (Master Direction No. 18 dated January 01, 2016).
Life insurance and general insurance business in India can be undertaken by insurance companies registered with Insurance Regulatory and Development Authority (IRDA) and as per the regulations notified by Reserve Bank of India under Notifications No. 1 and 12/2000-RB dated May 3, 2000, as amended from time to time.
Borrowing and lending transactions in Indian Rupees (INR) between persons resident in India and Non-Resident Indians/Persons of Indian Origin are governed by clause (e) of sub-section 3 of section 6 of the Foreign Exchange Management Act, 1999 read with Foreign Exchange Management (Borrowing and Lending in Rupees) Regulations, 2000, notified vide Notification No. FEMA 4/2000-RB dated May 3, 2000
FED Master Direction No.5/2015-16 It may be noted that, whenever necessary, Reserve Bank shall issue directions to Authorised Persons through A.P. (DIR Series) Circulars in regard to any change in the Regulations or the manner in which relative transactions are to be conducted by the Authorised Persons with their customers/ constituents. TheMaster Direction issued herewith shall be amended suitably simultaneously.
