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of <h1>Amendment to Section 80RRA: Authority for Allowance Period Shifted to RBI or Other Authorized Entity</h1> Section 80RRA of the Income-tax Act was amended effective June 1, 1999. In sub-section (1), the phrase concerning the Chief Commissioner's allowance period was replaced with 'within such further period as the competent authority may allow.' Additionally, a new clause was added to the Explanation after sub-section (2), defining 'competent authority' as the Reserve Bank of India or any other authority authorized by law to regulate foreign exchange payments and dealings.
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