Foreign exchange reporting: specified returns under FEMA no longer required, subject to limited exceptions for specific permissions. Submission obligations for foreign exchange returns were narrowed under the Foreign Exchange Management Act, 1999: annual returns for foreign assets need not be filed except where specific permission conditions require detailed returns; authorised dealers need not submit form CIR; airline and shipping companies need not submit forms SPG and SPM because authorised dealers may permit remittances after verification; DBS statements need not be submitted following discontinuation of Diplomatic Bond Stores Accounts.
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 exchange reporting: specified returns under FEMA no longer required, subject to limited exceptions for specific permissions.
Submission obligations for foreign exchange returns were narrowed under the Foreign Exchange Management Act, 1999: annual returns for foreign assets need not be filed except where specific permission conditions require detailed returns; authorised dealers need not submit form CIR; airline and shipping companies need not submit forms SPG and SPM because authorised dealers may permit remittances after verification; DBS statements need not be submitted following discontinuation of Diplomatic Bond Stores Accounts.
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