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of <h1>Banks Must Obtain CA Certificate for Foreign Remittances u/s 195 of Income Tax Act.</h1> The circular issued on July 19, 2007, addresses the requirement for Authorized Dealer Category - I banks and authorized banks to obtain an undertaking and a Chartered Accountant's certificate from remitters when making foreign currency remittances to non-residents, including trade payments. This requirement is based on Section 195 of the Income Tax Act, which mandates the deduction of income tax at the source for payments to non-residents or foreign companies. The circular clarifies that these obligations apply to both interest and business income. The instructions are issued under the Foreign Exchange Management Act, 1999, and banks are advised to inform their customers accordingly.
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