Foreign-currency contribution rules reshape LLP accounting and disclosure for International Financial Services Centre entities. Section 32 of the Limited Liability Partnership Act, 2008 is amended to require partner contributions in a Specified International Financial Services Centre LLP to be accounted for and disclosed in a permitted foreign currency. Pre-existing IFSC LLPs may convert contributions from Indian rupees within the period and manner specified by the International Financial Services Centres Authority, in consultation with the Central Government, and after commencement no monetary contribution may be received unless first converted into permitted foreign currency.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Foreign-currency contribution rules reshape LLP accounting and disclosure for International Financial Services Centre entities.
Section 32 of the Limited Liability Partnership Act, 2008 is amended to require partner contributions in a Specified International Financial Services Centre LLP to be accounted for and disclosed in a permitted foreign currency. Pre-existing IFSC LLPs may convert contributions from Indian rupees within the period and manner specified by the International Financial Services Centres Authority, in consultation with the Central Government, and after commencement no monetary contribution may be received unless first converted into permitted foreign currency.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
