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of <h1>Income-tax Rules Amended: Rule 6DD Now Allows Cash Payments by Authorized Dealers for Foreign Currency Transactions.</h1> The Income-tax (Sixteenth Amendment) Rules, 2000, issued by the Central Board of Direct Taxes, amends the Income-tax Rules, 1962. Effective retrospectively from July 25, 1995, the amendment introduces a new clause in rule 6DD, allowing authorized dealers and money changers to make cash payments for foreign currency or travelers cheques in the normal course of business. This amendment addresses hardships faced due to the omission of a previous provision that allowed exceptions for cash payments exceeding Rs. 20,000 under specific circumstances. The amendment ensures that it does not adversely affect any taxpayer's interests.
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