Reserve Bank of India has reviewed the policy relating to issue of instructions under Foreign Exchange Management Act, 1999 (FEMA), clarifying tax issues. It has now been decided that Reserve Bank of India will not issue any instructions under the FEMA, in this regard. It shall be mandatory on the part of Authorised Dealers to comply with the requirement of the tax laws, as applicable.
The Stock Exchanges and Depositories are advised to bring the contents of this Circular to the notice of the Stock Brokers, Depository Participants, as the case may be, and also disseminate the same on their websites.
In the Result Framework Document, 2014-15, the Board has resolved to augment the number of Aayakar Sewa Kendras from existing 189 already set up in the Income-tax department, by setting up additional 70 Aayakar Seva Kendras (ASK) all over the country in the current financial year i.e. 2014-15.
These records shall also indicate the basis followed for arriving at the rates charged or paid for such goods or services so as to enable determination of the reasonableness of such rates in so far as they are in any way related to goods/services under reference.
It is also clarified that the certificate from Forward Markets Commission will also be required in cases of companies registered with the words Commodity Exchange before the issue of this circular.
Manufactures of export products covered under above SIONs and the concerned Export Promotion Councils should submit production and consumption data as soon as possible but not later than Thursday, the 31st July, 2014 so that such a review is taken up. Failure to provide the data, so required by the date so specified would result in stoppage of the benefit of Advance Authorization / DFIA for export products covered by these SIONs.
In continuation of this Ministry’s circular no. 02/2014 dated 11.02.2014, it is hereby clarified the use of the word Commodity Exchange may be allowed only where a No Objection Certificate from the Forward Markets Commission (FMC) is furnished by the applicant. All other provisions of the Companies (Incorporation) Rules, 2014 will continue to be applicable.
In view of the above, it has been decided to modify the said circular dated November 29, 2013 to extend the time line for aligning existing employee benefit schemes with the SEBI (ESOS and ESPS) Guidelines, 1999 till the new regulations are notified. However, it is reiterated that prohibition on acquiring securities from the secondary market shall continue till the existing schemes are aligned with the new regulations to be notified.
M/s Dupont had filed appeal before the Hon’ble High Court against rejection of a refund claim on an issue which had earlier been decided by the Hon’ble High Court against the revenue, though in a matter relating to a different assessee. Thus for deciding the refund, a binding precedent judgment existed.
In supersession of all earlier orders on the subject, it is hereby decided by the competent authority, only cases where objection is filed by the dealer, shall be dealt by Special Objection Hearing Authority (SOHA). However, cases where only rectification/ review for the mistake which is apparent on the record or where mismatch report as per System becomes NIL after revising the return
