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of <h1>RBI Updates Format for Income Tax Clearance Certificate for Foreign Exchange Remittances; Aligns with CBDT Circular No.10/2002.</h1> The Reserve Bank of India issued a circular revising the format for the Income Tax Clearance Certificate/No Objection Certificate required for foreign exchange remittances. This revision follows the Central Board of Direct Taxes' Circular No.10/2002, which updates the undertaking and certificate formats initially outlined in Circular No.759 from 1997. The new formats aim to ensure accurate tax deductions at source and streamline the remittance process. Authorised dealers must now obtain the revised undertaking and an accountant's certificate before processing remittances, forwarding these documents to the relevant tax authorities. The circular is effective immediately.
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