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of <h1>Rule 114BB Amended: Government and Consular Offices Exempt from Certain Banking Requirements.</h1> The Income-tax (29th Amendment) Rules, 2022, effective from July 9, 2022, amend the Income-tax Rules, 1962. Specifically, a proviso is added to rule 114BB, exempting the Central Government, State Government, and Consular Offices from certain requirements related to depositing or withdrawing money, or opening current or cash credit accounts. The amendment is issued by the Central Board of Direct Taxes under the Ministry of Finance, ensuring no adverse effects on individuals due to its retrospective application.
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