Authorised dealer responsibility for payments to non-resident Indians: covers remittance or credit of consideration for foreign-exchange asset transfers. Amendment inserts a clause treating sums payable to a non resident Indian as consideration for transfer of a foreign exchange asset (not a short term capital asset) as falling under section 204, and makes the authorised dealer remitting or crediting that sum to the Non resident (External) Account responsible under the provision. An Explanation ties definitions of non resident Indian and foreign exchange asset to Chapter XII A and defines authorised dealer by reference to the Foreign Exchange Regulation Act.
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Provisions expressly mentioned in the judgment/order text.
Authorised dealer responsibility for payments to non-resident Indians: covers remittance or credit of consideration for foreign-exchange asset transfers.
Amendment inserts a clause treating sums payable to a non resident Indian as consideration for transfer of a foreign exchange asset (not a short term capital asset) as falling under section 204, and makes the authorised dealer remitting or crediting that sum to the Non resident (External) Account responsible under the provision. An Explanation ties definitions of non resident Indian and foreign exchange asset to Chapter XII A and defines authorised dealer by reference to the Foreign Exchange Regulation Act.
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