Deductibility for charitable donations affirmed where payments to approved relief funds, even if CSR-driven, qualify under the donation deduction sche...
Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
RBI amends the FEMA Non-Debt Instruments Regulations, 2019 to revise payment and remittance rules for certain equity and pension-related investments. For Schedule III, it specifies that consideration by individual persons resident outside India, including NRIs and OCIs, must be paid through inward remittance or repatriable deposit accounts, and allows sale proceeds of equity instruments, mutual fund units and NPS subscriptions to be remitted abroad or credited to permitted rupee or deposit accounts. For Schedule XI, it restates the payment channels for purchase or subscription of equity shares of Indian companies listed on international exchanges and permits sale proceeds to be remitted abroad or credited to the holder's permitted bank account. It also updates reporting under Form LEC (IFI) for such purchases or transfers on Indian stock exchanges.
RBI amends the FEMA Non-Debt Instruments Regulations, 2019 to revise payment and remittance rules for certain equity and pension-related investments. For Schedule III, it specifies that consideration by individual persons resident outside India, including NRIs and OCIs, must be paid through inward remittance or repatriable deposit accounts, and allows sale proceeds of equity instruments, mutual fund units and NPS subscriptions to be remitted abroad or credited to permitted rupee or deposit accounts. For Schedule XI, it restates the payment channels for purchase or subscription of equity shares of Indian companies listed on international exchanges and permits sale proceeds to be remitted abroad or credited to the holder's permitted bank account. It also updates reporting under Form LEC (IFI) for such purchases or transfers on Indian stock exchanges.
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