Black Money Act would be effective from July 1, 2015

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The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015) (hereinafter referred to as the Act) received the assent of the President on 26th May, 2015. And whereas sub-section (3) of section 1 of the Act provides that save as otherwise provided in the Act, the Act shall come into force on the 1st day of April, 2016; And whereas sub-section (1) of sectio...
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Economy rises: More reforms needed to accelerate growth

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Reserve Bank of India Governor Raghuram Rajan commented that  India's economy may be on course for revival with stalled projects moving again. Country needed growth to accelerate to 8-10% from 6-8% levels in order to pull the country's most disadvantaged sections out of poverty. RBI plans to review the limit on overseas ownership of Indian bonds twice a year, opening up the possibility of a...
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FinMin asks taxpayers to e-file I-T returns early

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The Finance Ministry today asked taxpayers to file their I-T returns for 2015-16 early to avoid the rush towards the last date of August 31. The tax department, yesterday, made fully operational its e-filing website for taxpayers to file their I-T returns for assessment year 2015-16. "Taxpayers are requested to e-file their returns early to avoid the rush closer to the last date of filing," ...
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Prevention of Money Laundering: Govt notifies 3 month compliance window till Sept 30 for disclosure

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The new black money law has triggered defaulters to face criminal prosecution with a jail term of up to ten years. Government yesterday gave three months time till September 30 for people to declare their undisclosed foreign income and assets to escape prosecution under the new black money law, while tax and penalty on such funds can be paid till December 31. Those availing the one-time ‘c...
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Master Circular on Foreign Investment in India

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RBI/2015-16/96 Master Circular No. 15/2015-16 July 01, 2015 To, All Category - I Authorised Dealer banks Madam / Sir, Master Circular on Foreign Investment in India Foreign investment in India is governed by sub-section (3) of Section 6 of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time. The regulatory...
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Master Circular on Memorandum of Instructions governing money changing activities

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RBI/2015-16/92 Master Circular No.10/2015-16 July 01, 2015 To, All Authorised Persons in Foreign Exchange Madam / Sir, Master Circular on Memorandum of Instructions governing money changing activities This Master Circular consolidates the existing instructions on the subject of “Memorandum of Instructions governing money changing activities” at one place. The list of underlying circu...
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Master Circular on Miscellaneous Remittances from India – Facilities for Residents

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RBI/2015-16/91 Master Circular No.6/2015-16 July 1, 2015 To, All Authorised Persons in Foreign Exchange Madam / Sir, Master Circular on Miscellaneous Remittances from India – Facilities for Residents Miscellaneous remittance facilities for residents are allowed in terms of section 5 of the Foreign Exchange Management Act, 1999, read with Government of India Notification No. G.S.R 381...
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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

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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 instructions on the subject of “Memorandum of Instructions for Opening and Ma...
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Master Circular on Money Transfer Service Scheme

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RBI/2015-16/88 Master Circular No.1 /2015-16 July 1, 2015 To All Authorised Persons, who are Indian Agents under the Money Transfer Service Scheme Madam / Sir, Master Circular on Money Transfer Service Scheme Money Transfer Service Scheme (MTSS) is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only inward personal remittances into India...
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Master Circular on Remittance Facilities for Non-Resident Indians / Persons of Indian Origin / Foreign Nationals

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RBI/2015-2016/80 Master Circular No.8/2015-16 July 01, 2015 To, All Authorised Dealer Category – I banks and Authorised banks Madam / Sir, Master Circular on Remittance Facilities for Non-Resident Indians / Persons of Indian Origin / Foreign Nationals Remittance facilities for Non-Residents /Persons of Indian Origin /Foreign Nationals are governed by sub-section (1) and (2) of section...
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