Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
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FTP 2023 now permits export contracts and invoices, except those involving Asian Clearing Union (ACU) member countries, to be denominated and export proceeds realised in foreign currency or Indian rupees. ACU-country contracts, excluding Nepal and Bhutan, must use an ACU-determined currency or follow RBI directions; Nepal and Bhutan contracts must be denominated and settled in Indian rupees or as directed by RBI. Exports to countries other than Nepal and Bhutan whose proceeds are received in Indian rupees through specified banking channels qualify for FTP benefits, incentives and export-obligation fulfilment on par with foreign-currency realisations. Iran exports remain subject to FTP compliance requirements.
FTP 2023 now permits export contracts and invoices, except those involving Asian Clearing Union (ACU) member countries, to be denominated and export proceeds realised in foreign currency or Indian rupees. ACU-country contracts, excluding Nepal and Bhutan, must use an ACU-determined currency or follow RBI directions; Nepal and Bhutan contracts must be denominated and settled in Indian rupees or as directed by RBI. Exports to countries other than Nepal and Bhutan whose proceeds are received in Indian rupees through specified banking channels qualify for FTP benefits, incentives and export-obligation fulfilment on par with foreign-currency realisations. Iran exports remain subject to FTP compliance requirements.
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