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Master Circular on Memorandum of Instructions for Opening and Maintenance of Rupee/ Foreign Currency Vostro Accounts of Non-resident Exchange Houses

Master Circular on Memorandum of Instructions for Opening and Maintenance of Rupee/ Foreign Currency Vostro Accounts of Non-resident Exchange Houses - FEMA - 03/2015-16 - Dated:- 1-7-2015 - RBI/2015-16/89 Master Circular No. 3/2015-16 July 01, 2015 To, All Authorised Dealer Category-I Banks Madam / Sir, Master Circular on Memorandum of Instructions for Opening and Maintenance of Rupee/ Foreign Currency Vostro Accounts of Non-resident Exchange Houses This Master Circular consolidates the existing .....

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the fresh instructions are issued. The date up to which the Master Circular has been updated is suitably indicated. Yours faithfully, (B. P. Kanungo) Principal Chief General Manager INDEX PART-A SECTION I Operations of Rupee Vostro Accounts of Non-resident Exchange Houses SECTION II Permitted Transactions SECTION III Rupee Drawing Arrangement Procedures and Collateral Cover SECTION IV Foreign Currency Drawing Arrangements SECTION V Miscellaneous Provisions SECTION VI Internal Control and Monito .....

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me they enter into Rupee Drawing Arrangements (RDAs) with non-resident Exchange Houses from Gulf countries, Hong Kong, Singapore, Malaysia and all other countries which are FATF compliant for opening and maintaining Rupee vostro accounts in India of those non-resident Exchange Houses under the said RDAs. Subsequently, they may enter into RDAs, subject to the prescribed guidelines and inform the Reserve Bank immediately. However, once the total number of RDAs reaches twenty, the AD Category-I ban .....

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-resident Exchange Houses in India. 2. (a) Under the Rupee Drawing Arrangements (RDAs), cross-border inward remittances are received in India through Exchange Houses situated in Gulf countries, Hong Kong, Singapore, Malaysia (for Malaysia only under Speed Remittance Procedure) and all other countries which are FATF compliant (for all other countries which are FATF compliant only under Speed Remittance Procedure). AD Category-I banks should apply to the Reserve Bank in the form provided at Annex- .....

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a) While considering the request of an Exchange House for opening an account in India, the AD Category-I banks concerned should make necessary enquiries about the financial standing of the Exchange House, in accordance with the normal banking practices and satisfy themselves fully in all respects. AD Category-I banks should also ensure that the Exchange Houses hold valid licenses issued by the Local Monetary/ Supervisory Authority concerned and have necessary authority / license to transact curr .....

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ointly and severally bound to honour the obligations devolving on the Exchange Houses under the agreement. (c) The normal banking requirements of registration of Power of Attorney/ specimen signatures of signing officials of the Exchange Houses should be observed. 4. Instructions regarding operations in the Rupee vostro accounts (a) The accounts can be used for channeling cross- border inward remittances into India primarily on private account. The remitter and the beneficiary should be individu .....

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e. AD Category-I banks shall adopt value dating where on-line debit to Rupee vostro account is not possible on a real time basis when any payment is made at drawee branches, to check adequacy of funds and detect concealed overdrafts. However, in such cases, it may be ensured that the drawee branches are networked at the earliest. (c) Separate Rupee vostro account shall be maintained for each arrangement. The accounts should be funded by sale of permitted foreign currency to the AD Category-I ban .....

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tance under priority allotment, etc., schemes. In order to facilitate tourists (whether Indian or not), receiving remittances through such accounts to prove the external sources of the funds wherever required (such as for payment of passages in India or for re-conversion of unutilised balances), AD Category-I banks may issue certificates in the same form as obtaining for inward remittances received through Rupee accounts of overseas banks. (e) Funds in such accounts will not be convertible, nor .....

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r-value in foreign currency (cf. paragraph 3.3.1 of the Guidelines for Internal Control over Foreign Exchange Business, February, 2011). (h) AD Category-I banks may like to obtain suitable and adequate collateral either in the form of a cash deposit in any convertible foreign currency or guarantee of a bank of international repute, depending on the type of arrangement to take care of the credit and operational risks. (i) A cap of 300 on the number of drawee branches has been prescribed by the Re .....

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ary Board approval before increasing the number of drawee branches beyond 300 and should inform the position to the Reserve Bank, immediately. SECTION II Permitted Transactions 1. Drawing Arrangements with Exchange Houses are primarily designed to channel cross-border inward personal remittances. Under no circumstances, donations / contributions to charitable institutions should be routed through the Exchange Houses. 2. The following is the list of permissible transactions under Drawing Arrangem .....

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India in individual names, subject to compliance of regulations applicable thereof, by the Non-resident Indians. (vi) Payments of tuition/ boarding, examination fee, etc., to schools, colleges and other educational institutions. (vii) Payments to medical institutions and hospitals in India, for medical treatment of NRIs / their dependents and nationals of all FATF countries. (viii) Payments to hotels by nationals of all FATF compliant countries / NRIs for their stay. (ix) Payments to travel age .....

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d under RDA are from FATF compliant countries, ii. KYC/AML/CFT and other due diligence concerns should be taken care of by AD banks, iii. Individual Exchange houses which are frequently sending large value trade related remittances must be reviewed and reported to the Reserve Bank of India, iv. AD banks must contact their correspondents that maintain accounts for, or facilitate transactions on behalf of Exchange Houses in order to request additional information regarding high value trade related .....

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ephone (except for mobile top-ups), internet, television, etc. (xii) Tax payments in India. (xiii) EMI payments in India to Banks and Non-Banking Financial Companies (NBFCs) for repayment of loans. (xiv) Remittances to the Prime Minister s National Relief Fund subject to the condition that the remittances are directly credited to the Fund by the banks and the banks maintain full details of the remitters. Note: No cash disbursement of remittances received is allowed under Rupee / Foreign Currency .....

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ts. ii. In respect of the bank accounts which are not KYC compliant, the Recipient Bank shall carry out KYC/CDD of the recipient before the remittance to such account is credited or allowed to be withdrawn. iii. The Partner Bank (i.e. the AD Cat-I Bank receiving foreign inward remittance through non-resident exchange houses under RDA) shall appropriately mark the direct-to-account remittances to indicate to the Recipient Bank that it is a foreign inward remittance. iv. The Partner Bank shall ens .....

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KYC non-compliant account. v. The identification and other documents of the recipient shall be maintained by the Recipient Bank as per the provisions of Prevention of Money Laundering (Maintenance of Records) Rules, 2005. All other requirements under KYC/AML/CFT guidelines issued by the Reserve Bank of India from time to time shall be adhered to by the Partner Bank. vi. The Recipient Bank may seek additional information from the Partner Bank and shall report suspicious transactions to the FIU-IN .....

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he drawee bank (a/c- Exchange House) with an international bank acceptable to the drawee bank at a centre mutually agreed upon or with the drawee bank itself at the branch where the corresponding Rupee vostro account is maintained, with the prior approval of the Reserve Bank. (b) The Exchange House will, at the end of each day, arrive at the total drawings in Indian Rupees for the day and will convert the same into foreign currency which shall be deposited into the account of the drawee bank (a/ .....

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DDA account will be (i) on account of transfer to the nostro account of the drawee bank where the DDA account is maintained with a bank other than the drawee bank, (ii) for crediting the Rupee vostro account of the Exchange House by selling permitted foreign currency to the drawee bank where the DDA account is maintained with the drawee bank. (e) It will be the responsibility of the Exchange House to arrange for the transfer of the sum collected on any particular day to the DDA account. The floa .....

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perating in the country concerned to examine the daily drawings and deposits in the accounts with the DDA as well as transfer to the nostro account of the drawee bank. For this purpose, the Exchange House will undertake to allow the auditors to inspect the books, pay in vouchers, etc., of the Exchange House in so far as they pertain to Rupee drawing arrangement. Such inspections will be done at least once or twice every week by the auditors. (h) As an alternative to the appointment of auditors a .....

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termination will also be promptly reported to the Reserve Bank. (j) So long as the Exchange House complies with the guidelines, the drawee bank will ensure that the drafts issued are honoured at the branches mutually agreed to. (k) The remuneration payable to the auditors will be borne by the drawee banks. (l) Drafts drawn by the Exchange House should have a validity of only three months from the date of issue thereof. (m) AD Category-I banks should satisfy themselves that the books of accounts .....

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inspected, AD Category-I banks should periodically review the arrangement by paying visits to the Exchange Houses and / or by periodical review of opinion reports. The visits of officials from AD Category-I banks should be at a sufficiently senior level, who are fully conversant with the conduct of the Non-resident Rupee Accounts of the Exchange Houses. (q) Collateral Cover for DDA: For Exchange Houses which have not completed three years of operation, collateral cover in cash deposit in any con .....

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teral cover where it is not possible to appoint auditors as mentioned at 1(g) above. The deposit should be in the name of the AD Category-I bank with interest thereon at market related rates payable to the Exchange House placing the deposits. The amount of deposit and guarantee should be periodically reviewed and properly monitored by the AD Category-I banks to ensure that the collateral covers adequately the drawings. 2. Non- DDA procedure (a) As an alternative to maintaining a DDA account and .....

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on, collateral cover in cash deposit in any convertible foreign currency or guarantee from a bank of international repute equivalent to 7 days projected drawings may be obtained. For Exchange Houses which have completed three years of successful operations, no collateral is prescribed. Further, under Non-DDA arrangement, a collateral cover in cash deposit in any convertible foreign currency or guarantee from a bank of international repute equivalent to 10 days projected drawings may be obtained .....

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change House placing the deposits. The amount of deposit and guarantee should be periodically reviewed and properly monitored by the AD Category-I banks to ensure that the collateral adequately covers the drawings and account for the pipeline debits evaluated. 3. Speed Remittance Procedure (a) AD Category-I banks are permitted to enter into RDA under speed remittance procedure wherein: (i) The Exchange House sends payment instructions with complete details like name, address, etc., via SWIFT or .....

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pective of the beneficiaries centre. (v) The branch shall make no payment unless clear funds are available in the account. (vi) The AD Category-I bank shall obtain date-wise information regarding number and aggregate value of such transfers from the Exchange House. (vii) Where facility of speed remittance is extended to existing Rupee drawing arrangements, the Exchange House shall open a separate Rupee account with the prior approval of the Reserve Bank and no payment instructions shall be execu .....

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) Collateral Cover for Speed Remittance Arrangement: For Exchange Houses, which have not completed three years of operation, collateral cover in cash deposit in any convertible foreign currency or guarantee from a bank of international repute equivalent to 7 days projected drawings may be obtained. For Exchange Houses, which have completed three years of successful operations, no collateral is prescribed. Further, the Exchange House shall keep with the AD Category-I bank an additional cash depos .....

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urrency drawing arrangements under DDA or Non-DDA procedure with those Exchange Houses with whom they have Rupee Drawing Arrangements (RDAs), with prior approval of the Reserve Bank, subject to the following conditions. Each tie-up arrangement of an AD Category-I bank with an Exchange House under Foreign Currency Drawing Arrangements is required to be approved by the Reserve Bank. (a) Exchange Houses shall draw drafts in any convertible foreign currency on A or B category branches of AD Category .....

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reign currency by the Exchange House on any day should be credited to the nostro Account of the drawee bank latest by close of business on the second working day. (e) The account maintaining branch of the drawee AD Category-I bank should credit foreign currency vostro account of the Exchange House on receipt of confirmation regarding credit to their nostro account. (f) AD Category-I banks should ensure that foreign currency accounts are funded at all times. (g) If the arrangement is under the No .....

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be reviewed every six months on the basis of operations under this arrangement and if necessary the Exchange House should increase the quantum of the deposit. AD Category-I banks should allow interest on this deposit at an appropriate rate. (i) AD Category-I banks are allowed to keep the amount of deposit required to be kept under foreign currency draft drawing arrangements and Non-DDA procedure of Rupee Drawing Arrangement in India with the Account maintaining branch. SECTION V Miscellaneous P .....

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ayments are made to the beneficiaries. 3. AD Category-I banks should undertake a due diligence exercise in respect of remittances received through Rupee/ Foreign Currency Drawing Arrangements so that regulations relating to anti-money laundering standards are complied with scrupulously. AD Category-I banks should call for an annual compliance report from the Exchange Houses duly certified by their auditors that they are adhering to the home country KYC/ AML/ CFT regulations. 4. AD Category-I ban .....

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ssuance of drawing advices and stop payment instructions on their behalf and AD Category-I banks should not act on the instructions of such service providers. However, Exchange Houses can establish liaison offices in India and back office operations in India and activities such as printing of drafts, issuance of drawing advices and stop payment instructions can be undertaken by the liaison offices in India with the prior approval of the Reserve Bank. 7. AD Category-I banks should obtain approval .....

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nge Houses: AD Category-I banks are required to cause inspection of the vostro accounts of Exchange Houses on a half-yearly basis through experienced officers. The inspection reports should be carefully gone through by the competent authorities in AD Category-I banks so that prompt corrective action is initiated. Observations thereon shall be included in the annual review of the accounts submitted to the Board. PART-B Reports / Statements 1. Statement A: This statement (as at Annex-II) is design .....

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B: This is a consolidated half-yearly statement (as at Annex-III) showing position of Rupee/ foreign currency vostro accounts of Exchange Houses which are to be closed/ are in the process of closure. 3. Statement C: This is a monthly statement (as at Annex- IV) giving information regarding Exchange House s account held at overseas branches of Indian banks under DDA/ Non-DDA procedures for holding collection proceeds and additional collaterals. 4. Statement D: This monthly statement (as at Annex .....

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Statement E: This statement (as at Annex- VI) is designed to collect statistical information on total remittances received every quarter and the growth of business. This quarterly statement is required to be submitted to the respective Regional Office of the Foreign Exchange Department of the Reserve Bank of India, under whose jurisdiction the registered office of the applicant falls before 15th of the succeeding month to which the quarter relates. 6. Annual Review: AD Category-I banks should s .....

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ike (a) credit-worthiness of the Exchange House (based on financial statements and market reports), (b) validity of licenses of Exchange Houses and compliance of home country KYC/ AML /CFT Guidelines by Exchange Houses (c) financial losses suffered if any by the AD category -I bank on account of transactions, events, disputes, etc., (d) business turnover separately under each arrangement, (e) funding arrangements in respect of vostro accounts, (f) half-yearly inspection of the account of the Exc .....

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ses with the date of approval by RBI and opening of the vostro accounts (b) dates of termination of Drawing Arrangements, if any (including Drawing Arrangements which could not be concluded), and (c) number of drawee branches under each arrangement should be included. Note: Authorised Dealer Category I banks are required to make all their correspondence with Reserve Bank including submission of prescribed statements to the Regional Office of the Foreign Exchange Department of the Reserve Bank, u .....

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ve Bank of India, under whose jurisdiction the registered office of the applicant falls4. The application should be signed by the General Manager (or an officer of equivalent rank), International Banking Division/ Foreign Department of the applicant AD Category-I bank. (b) Documentation: AD Category-I banks should submit the following documents along with the application: (i) Certified copy of the license (English version) issued by the Central Bank/ any other Supervisory Authority of the countr .....

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pinion/ report recorded by (a) Embassy of India in the country concerned and (b) two bankers of the Exchange House. (v) Audited Balance Sheets and Profit and Loss Account Statements of the Exchange House for the previous three years. (vi) Copy of the Board Resolution of the AD Category-I bank for entering into the arrangement. (vii) Copy of letter from the Exchange House regarding the proposal to enter into the Rupee/ Foreign Currency Drawing Arrangement along with the provision of collateral, w .....

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ncial losses sustained if any during last five years (April-March) (i) Year (ii) Name of the EH (iii) Amount of loss (iv) Particulars of loss (v) Ref. Nos. and dates lodged with RBI and RBI s permission to write off 5. Financial disputes if any with EH(s) pending settlement (i) Name of EH (ii) Expected amount of loss (iii) Particulars of loss (iv) Ref. No. & dated of report lodged with RBI 6. Furnish an EH-wise summary of the major irregularities observed in the existing drawing arrangements .....

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DA with any other bank in India? (b) If yes, state the name/s of the bank/s 3. Furnish details of the management structure of the EH: (a) Status of EH (company, firm, joint-ventures, etc.) (b) With whom the management vests (c) Name, nationality and line of business of the promoters of the EH (d) Capital holding pattern (e) Whether the applicant bank will have any investment in EH? Furnish complete details (f) Whether the applicant bank will have any role in management of EH.? Furnish details 4. .....

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ential opinion in brief recorded by a) Embassy of India in the country b) Bankers of the EH i) - Name of the banker ii) - Name of the banker 8. Is the applicant bank fully satisfied about a) the competence of the company/firm/people managing the EH b) the financial strength of the shareholders of the EH c)the financial strength of the EH d)the internal control systems operating in EH with regard to issue of drafts? 9. Furnish details of collateral arrangements negotiated with the EH (viz.. amoun .....

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itional collateral cover equivalent to 7 days projected drawings? (Applicable to EHs which have not completed three years of its operations) 7. Any other information which the bank wishes to furnish in support of this application We hereby certify that - i) the proposed arrangement with……………………………. has been considered by us carefully taking into account the means and standing of the aforesaid EH and we are fully satisfi .....

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working satisfactorily. iv) The particulars given above are true and correct to the best of our knowledge and belief. ( ) General Manager Address Place Date Annex-II [See PART B , Paragraph 1] Statement A Name of the Authorised Dealer Category-I : Full address : Name of the Exchange House: Particulars of operations in the account in the month of 1. Opening balance in the account (Cr/Dr) at the start of _______:_________ 2. Total credits during the month :________________ 3. Total debits during .....

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_______ DDA procedure. 7. Surplus /deficit in balances/collaterals in the account to :___________ cover item No.5 8. State amount of counter-value foreign currency : Date Amount of recovered from the Exchange House against each specific foreign foreign credit afforded to the account during the month currency corresponding to the sale of Rupees made by the bank to recovered the Exchange House A) All payment advices received during the month from our paying branches have been taken into account fo .....

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d. D) Copy of the statement has been sent to the General Manager-in-charge, Foreign correspondent relationship and department / Officer in Charge, nostro account of our bank. E) We confirm that we have not received any adverse report / warning signals from the General Manager of our International Department whose accounts are maintained by us at the time of submitting the statement. Statement countersigned by certifying that it has been internally reviewed in the bank and the conduct of the acco .....

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edits if any, during the month Debits if any, during the month Closing balance Any collateral Any other liability detected When the account is likely to be closed Remarks (i.e. brief resume of correspondence to effect closure of the account and item in Col. 8) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. (a) Notice has been issued to all Exchange Houses regarding closure of the account. (b) There are no pipeline debits or items of recovery in respect of the above accounts save for what is stated in the Co .....

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the accounts is being followed up. General Manager-in-Charge of International Division/ International Operations in the AD Category-I Annex- IV [See PART B , Paragraph 3] Statement C Monthly statement regarding particulars of Exchange House account held at overseas branches of Indian banks (ADs Category-I) Sr. No. Date of Opening the account Name of the Exchange House Name of the overseas branch Nature of account Why it was opened (quote H.O. authority if any) Balance as at the end of the previo .....

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lars (Amount in USD) (Amount in GBP) 1. Opening balance in the account (Cr/ Dr) at the start of the month to which the statement relates 2. Total credits during the month 3. Total debits during the month 4. Closing balance (Cr/ Dr) as on- 5. Estimated value of pipeline debits ( Average 15 days drawings determined by progressing annual debit summations or by item 3 above, whichever estimate is higher ) 5 (a) The amount of actual payments made by the principal encashing branches/ offices during th .....

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BI and in terms of the relative agreements with the Exchange Houses concerned. (c) Copy of the statement has been sent to the General Manager-in-Charge foreign correspondent relationship and Department/ Office-in-Charge- Nostro account of our bank. (d) We confirm that we have not received any adverse report/ warning signals from the General Manager of our International Department about the Exchange House whose accounts are maintained by us at the time of filing the statement to RBI. Chief Manage .....

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o. of branches covered Foreign currency received during last year ended December Inflows of foreign currency during current year Growth(+)/ deceleration (-) between last quarter and the quarter under report (%) Out flow foreign currency (amount) Jan-Mar April-June Jul-Sept. Oct-Dec 1 2 3 4 5 6 7 8 9 10 Notes:(a) In columns (5) to (8) inflows during the relevant quarter may be shown for the period beginning from the month of January each year. Just below these figures, please furnish in brackets .....

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Please attach separate sheets furnishing details of deviations from the requirements as per declaration at Sr.no. (c), (f), (g), (h), (i) and (j) of Para 1 of SECTION III wherever necessary. Please also indicate the corrective action taken and the current status. We hereby certify that i) The above information has been compiled with reference to actuals and excludes the transactions in the pipeline. ii) The number of branches covered has increased from _______to _______since the submission of t .....

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ches have not extended any line of credit / advances to above/ any of the above exchange houses viii) We are regularly submitting the statements 'A', 'B', 'C', and 'D', as at Annex- II, Annex-III, Annex-IV and Annex-V, respectively to the top management. ix) We have not come across any adverse features about operations in the account of the above / any of the above exchange houses and / or the Rupee and/ or Foreign Currency Drawing arrangement with these Exchange .....

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TMI Note: Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Minimum Tax (AMT) u/s 115JC of the Act.

TMI Note: Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

TMI Note: Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).

TMI Note: In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

TMI Note: ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

Notification: Income Computation and Disclosure Standards (ICDS) - New ICDS to be effective from AY 2017-18

News: RBI Reference Rate for US $

Highlight: GST - Detention of goods under transport - discrepancy in documents - the statutory provisions provide a mechanism for adjudication following detention of goods including for the provisional release thereof pending adjudication - HC

Highlight: Reassessment - first few paragraphs of the assessment order dealt with objections and disposed of accordingly - Unfortunately, the manner in which the AO has decided the issue is wholly unsustainable in law - HC

Highlight: Business expenditure u/s 37 - liquidated damage - breach of contract terms - Expenditure was not incurred for any purpose which is an offence or which is prohibited by law - cannot be disallowed - HC

Highlight: Valuation - inclusion of reimbursement of expenses - managing participation of clients in certain mela, fairs, promotional activities etc. - They are liable to service tax on the gross amount received - They cannot restrict their tax liability to only agency commission

Highlight: TDS liability - ITAT confirmed the liability - We do not see how it is possible for us to uphold the order of the Tribunal and when it purports to decide two Appeals of the Revenue by single paragraph conclusion - HC

Highlight: Reopening of assessment - sufficiency of material available with the AO to form a belief that income chargeable to tax had escaped assessment - bogus purchases - seller refused to respond - notice would not be interfered with - HC

Highlight: Exemption u/s 11 - education activities - transport and hostel facilities surplus cannot be considered as business income of the assessee society

News: Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962 comments and suggestions-reg.

Highlight: Genuineness of labour wages expenses, embroidery charges, fabrication expenses etc. - getting work done through small workmen who do not have any permanent place of residence - disallowance of ad hoc expenditure deleted.

Highlight: Project import - Since the goods were never used for the purpose for which it was imported, the actual user condition has been violated - Redemption fine and penalty imposed.

Highlight: Penalty u/s 112 (a) - CHA - Lack of due diligence and failure to take more precautions can not, by itself, bring in penal consequences

Highlight: Import of services - GST - The fact that those services were received outside India will not change the fact that the services have been paid for by the beneficiary appellant, who is located in India. - Demand confirmed.

Notification: SEZ for IT/ITES at Madhurwada Village, Visakhapatnam District in the State of Andhra Pradesh - denotified.

Highlight: Merely because payment is received in Indian rupee, it cannot be said that payment against export has not been received in convertible foreign exchange.

Highlight: Merely vehicle numbers was not mentioned on the invoices cannot be the reason to deny Cenvat Credit

Highlight: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017 - Circular

Circular: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017

News: Auction for Sale (Re-issue) of Government Stocks

Article: TDS APPLICABILITY ON GOVERNMENT CONTRACTS UNDER GST (Under Section 51 of the CGST Act, 2017)

News: Manmohan takes potshots at note ban, 'hasty' rollout of GST

News: GST on petrol, diesel requires wider discussion: Nitish



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