Simplified procedure for remission of payments by way of royalty or fees for technical services to a foreign Co.

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....reign companies, taxpayers have to obtain a 'No Objection Certificate' from the Income-tax authorities before such remittance is allowed by the Reserve Bank of India. 2. With a view to simplifying this procedure it has been decided, that hereforth taxpayers will not be required to obtain a No Objection Certificate from the Income-tax authorities before remitting payments by way of royalty or fe....

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....ificate from the Incometax authorities. 4. A copy of Reserve Bank of India's letter Refere a GA.NB.No. 593/G.A.64(10)J-88/89 dated 17.8.88 to the Banks concerned containing the guidelines to be followed by the 'designated banks' and the prescribed form for deduction of tax, is enclosed. Particular attention is invited to Paras 4,5 and 8 of the guidelines. 5. For the removal of doubts it is c....