SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER For the Assessee : Shri Suresh Malik, CA For the Department : Shri Ved Prakash Mishra, Sr. DR ORDER This is an appeal filed by the assessee against the order of Ld. CIT(Appeals)- 42 New Delhi vide order dated 24.8.2015 pertaining to assessment year 2010-11 on the following ground of appeal :- (a) "On the facts and in the circumstances of the case, the learned CIT(Appeals) has erred, both on the facts ... ... ...

22. (1) On and from the commencement of these regulations, the provisions of the Reserve Bank Circular No. RBI/2014-2015/533 DOR.IBD.BC.14570/23.13.04/2014-15 dated 1 April 2015, shall no longer be applicable. (2) Notwithstanding the above, anything done or any action taken or purported to have been done or taken in respect of the circular mentioned in sub-regulation (1) shall be deemed to have been done or taken under the corresponding provisions of these regulations. (3) A Banking Un... ... ...

GOVERMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE & TAXES VYAPR BHAWAN, I.P. ESTATE, NEW DELHI No.F.13(34)/GST/Entt./2019-20/2427-38 Dated :- 19.08.2019 ORDER Consequent to implementation of GST Tax regime in the country w.e.f. 1" July, 2017, many State Taxes got subsumed in this single tax regime. The erstwhile Delhi entertainment & Betting Tax Act, 1996 was one such act subsumed in GST. The ambit of activities under entertainment is varied & vast and requir... ... ...

21. (1) If the Parent Bank applicant or the Banking Unit fail to fulfil the conditions subject to which the licence under Regulation 3 has been granted, the Authority may withdraw the licence, after giving an opportunity of thirty days to the Banking Unit to make its submissions, if any. (2) Without prejudice to the above, the Authority may take any other action as it deems fit, under the Act. =============... ... ...

20. For the purposes of implementation of these regulations and matters incidental thereto, or in order to facilitate and regulate financial services relating to banking and investment activities in an International Financial Services Centre, the Authority may specify norms, procedures, processes, manners or provide relaxations, by way of guidelines or circulars. =============... ... ...

19. A Banking Unit may exchange margins in a freely convertible currency or permissible listed debt securities and sovereigns with a counter party Banking Unit or overseas regulated entity for non-centrally cleared over the counter currency, interest rate, credit and commodity derivative contracts to reflect mark to market exposure under a legally enforceable netting arrangement as may be specified by the Authority. =============... ... ...

CHAPTER VII MISCELLANEOUS 18. There shall be no centralised deposit insurance scheme for deposits of a Banking Unit. =============... ... ...

17. (1) A Banking Unit shall be permitted to have an INR account out of the freely convertible foreign currency to defray their administrative and statutory expenses, and for such other purposes as may be specified by the Authority. (2) A Banking Unit shall maintain separate nostro accounts with correspondent banks, distinct from nostro accounts maintained by other branches of the same Parent Bank in India. =============... ... ...

16. A Banking Unit shall maintain its books of accounts, records and documents in such freely convertible foreign currency, as may be declared at the time of making an application under Regulation 3. =============... ... ...

Banking Units must furnish the Authority with operational information at such times and in such manner and form as specified by the Authority. Reports are required to be submitted in US Dollar unless otherwise specified. The reporting framework permits the Authority to determine applicable timing, format and currency requirements.

Banking Units must comply with Know Your Customer norms, counter-terrorism financing measures, anti-money laundering requirements and related reporting obligations issued by the Reserve Bank, except where the Authority specifies otherwise.

Banking Units may undertake lending, trade finance, inter-bank transactions, investments, export receivables financing and equipment leasing, subject to applicable conditions and risk-management guidelines. They may enter specified derivative transactions, including over-the-counter, listed INR, gold hedging and non-deliverable currency contracts. Banking Units may also operate as Foreign Portfolio Investors subject to registration or intimation requirements, offer segregated nominee accounts, and act as trading or professional clearing members for derivative segments.

Foreign currency account transactions prohibit cash transactions. Freely convertible foreign currency accounts may be opened, held and maintained with a Banking Unit as current, savings or term-deposit accounts for individuals, and as current or term-deposit accounts for other account holders, subject to specified conditions.

11. (1) The following persons are permitted to open, hold and maintain foreign currency accounts with a Banking Unit: (a) Qualified Individuals; (b) Persons resident outside India who are corporate or institutional entities, in the manner as may be specified by the Authority; (c) Persons resident in India, who are corporate or institutional entities, subject to such requirements as may be specified by the Authority; (d) Subject to sub-regulation (2), Quali... ... ...

CHAPTER IV PERMISSIBLE ACTIVITIES 10. A Banking Unit shall conduct such business in freely convertible foreign currencies and with such persons, whether resident or otherwise, as may be specified by the Authority. Provided that a Banking Unit may be permitted to conduct such business in INR with such persons, whether resident or otherwise, as may be specified by the Authority, subject to settlement of the financial transaction in relation to such business in freely convertible forei... ... ...

9. support shall not be available to a Banking Unit. =============... ... ...

8. The liabilities of a Banking Unit, other than the deposits raised from Qualified Individuals and Qualified Resident Individuals, shall be exempt from Cash Reserve Ratio or other such requirements. The deposits raised from Qualified Individuals and Qualified Resident Individuals shall be subject to such reserve ratios as may be specified by the Authority. =============... ... ...

7. A Banking Unit shall be subject to an exposure ceiling of five percent of the Parent Bank's Tier 1 capital in case of a single borrower, and ten percent of Parent Bank's Tier 1 capital in the case of a borrower group. =============... ... ...

6. Banking Unit shall adhere to the norms and guidelines relating to leverage ratio as may be specified by the Authority, from time to time. =============... ... ...

5. (1) A Banking Unit shall maintain the Liquidity Coverage Ratio; Provided that with the Authority's permission, the Liquidity Coverage Ratio may be maintained by the Parent Bank. (2) Net Stable Funding Ratio shall be made applicable to a Banking Unit as and when determined by the Authority and shall be maintained by a Banking Unit; Provided that with the Authority's permission, the Net Stable Funding Ratio may be maintained by the Parent Bank. =============... ... ...