Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
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The Foreign Exchange Management (Deposit) (Sixth Amendment) Regulations, 2026 introduce an IFSC definition by linking it to the International Financial Services Centres Authority Act, 2019, and expand the SNRR account framework. A person resident outside India may open and maintain an SNRR account with an authorised dealer in India or its branch outside India, including in an IFSC, for permissible current and capital account transactions and bona fide transactions with non-residents. The amendment also adds transfer routes from NRO accounts within remittance limits, aligns transfers to NRE or SNRR accounts with the remittance rules, and requires SNRR transfers between non-residents to be made on the basis of account-holder instructions stating the underlying purpose.
The Foreign Exchange Management (Deposit) (Sixth Amendment) Regulations, 2026 introduce an IFSC definition by linking it to the International Financial Services Centres Authority Act, 2019, and expand the SNRR account framework. A person resident outside India may open and maintain an SNRR account with an authorised dealer in India or its branch outside India, including in an IFSC, for permissible current and capital account transactions and bona fide transactions with non-residents. The amendment also adds transfer routes from NRO accounts within remittance limits, aligns transfers to NRE or SNRR accounts with the remittance rules, and requires SNRR transfers between non-residents to be made on the basis of account-holder instructions stating the underlying purpose.
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