Foreign currency account credits now include gifts, export earnings, royalties and ADR/GDR disinvestment proceeds under approved scheme. The amendment permits credits to foreign currency accounts of residents as gifts from a close relative (defined by reference to the Companies Act), as earnings from export of goods or services or as royalty, honorarium or other lawful means, and as disinvestment proceeds on conversion of shares to ADRs/GDRs under the Sponsored ADR/GDR Scheme approved by the Foreign Investment Promotion Board, by inserting these clauses into Regulation 5A(1) and adding a corresponding entry to the Schedule.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Foreign currency account credits now include gifts, export earnings, royalties and ADR/GDR disinvestment proceeds under approved scheme.
The amendment permits credits to foreign currency accounts of residents as gifts from a close relative (defined by reference to the Companies Act), as earnings from export of goods or services or as royalty, honorarium or other lawful means, and as disinvestment proceeds on conversion of shares to ADRs/GDRs under the Sponsored ADR/GDR Scheme approved by the Foreign Investment Promotion Board, by inserting these clauses into Regulation 5A(1) and adding a corresponding entry to the Schedule.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
