DGFT vide Notification No. 23/2023 dated 3rd August 2023 has amended the import policy of Laptops, Tablets, All-in-one Personal Computers, and Ultra Small Form Factor Computers and Servers (HSN 8471) to ‘RESTRICTED CATEGORY’ with effect from 1st November 2023. Therefore, pursuant to the policy, a restricted license from DGFT (Exim facilitation Committee) is required before importing […]
An increase in Tax collected at Source to 20% on the remittance of money under Liberalised Remittance Scheme (LRS) has been a major amendment in the Union Budget 2023. In addition, vide Notification dated 16th May 2023, it removed the exemption given to the use of international credit cards for meeting his/her expenses by a […]
On 16th May 2023, Department of Economic Affairs, Ministry of Finance issued a notification making an amendment to the Foreign Exchange Management (Current Account Transactions) Rules, 2000. The notification omitted Rule 7 of the Foreign Exchange Management (Current Account Transactions) Rules, 2000. Rule 7 of the Rules provided exemption on the use of International Credit […]
Round-tripping means a combination of transactions involving transfer of money across jurisdictions, eventually resulting in a return to the jurisdiction of origin. Simply, for example, an Indian entity sets up a subsidiary outside in the USA and that company uses these proceeds to invest back in India. RBI considers such transactions from suspicion of being […]
The Govt. has notified E-waste Management Rules,2022, which shall come into force from the 1st day of April, 2023 .These rules shall apply to every manufacturer, producer, refurbisher, dismantler and recycler involved in manufacture, sale, transfer, purchase, refurbishing, dismantling, recycling and processing of e -waste or electrical and electronic equipment (EEE) listed in Schedule I […]
The matter of contention for the Non-Resident Indians (NRI) is whether the investment undertaken by them in India is under repatriation or non-repatriation basis i.e. whether the NRI will be able to transfer the funds received on selling the investment from his Indian account to his account in the country of residence. This article will […]
Non Resident Indians (NRIs) has played a significant role in the empowering of our nation either through foreign remittance, technology transfer, investment, development, etc. With the objective of promoting them, the Government ensures to simplify and liberalize the taxation regime for NRIs and announces amendments each year during the Budget amendments for the benefit of […]
Hazardous wastes are often disposed directly into the environment posing health and environment risk. Control of dumping is thus key issue for any Government while designing and implementing regulations. To reduce the movement of hazardous wastes between the nations specially to prevent transfer of hazardous waste from developed countries to less developed countries, an International […]
Non Resident Indians (NRIs) always scout for options to invest their foreign exchange earnings in the Indian market. Investment in real estate has always been the preferred choice for the NRIs, especially after the rupee depreciation. Ease in Indian regulations and taxation has resulted in a spurt in investment, especially in the last decade. This […]
In accordance with the Foreign Exchange Management Act, 1999, a resident outside India is not allowed to hold a savings account in India. When a person resident in India leaves for: his residential status changes to Resident outside India and his existing account should be changed to Non-resident Ordinary (NRO) Account. In accordance with Foreign […]