Special currency basket value revised; banks must apply the new rupee rate immediately under FEMA authority. The circular fixes a revised rupee valuation for the special currency basket applicable to the Deferred Payment Protocols with the erstwhile USSR and directs Authorised Dealer Category I banks to apply the revised rupee value in relevant transactions and to inform their constituents. The instruction is issued under the Foreign Exchange Management Act and does not affect any other permissions or approvals required under law.
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.
Special currency basket value revised; banks must apply the new rupee rate immediately under FEMA authority.
The circular fixes a revised rupee valuation for the special currency basket applicable to the Deferred Payment Protocols with the erstwhile USSR and directs Authorised Dealer Category I banks to apply the revised rupee value in relevant transactions and to inform their constituents. The instruction is issued under the Foreign Exchange Management Act and does not affect any other permissions or approvals required under law.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
