Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
The RBI issued instructions on Money Changing Activities u/s 10(4) and 11(1) of the Foreign Exchange Management Act, 1999. FFMCs/non-bank ADs Category-II must maintain a 75% ratio between foreign currency notes sold and purchased quarterly starting July 1, 2024. They must submit annual audited balance sheets with NOF certification by Oct 31. Compliance is mandatory and non-compliance may lead to penalties. The FED Master Direction No.3 is being updated to reflect these changes.
The RBI issued instructions on Money Changing Activities u/s 10(4) and 11(1) of the Foreign Exchange Management Act, 1999. FFMCs/non-bank ADs Category-II must maintain a 75% ratio between foreign currency notes sold and purchased quarterly starting July 1, 2024. They must submit annual audited balance sheets with NOF certification by Oct 31. Compliance is mandatory and non-compliance may lead to penalties. The FED Master Direction No.3 is being updated to reflect these changes.
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