RBI
Asian Clearing Union (ACU) Mechanism – Indo-Sri Lanka trade (JUL 8, 2022)
The extant provisions have been reviewed and in terms of clause b of sub-Regulation 2 of Regulation 3 and clause c of sub-Regulation 2 of Regulation 5 of Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016, it has been decided that all eligible current account transactions including trade transactions with Sri Lanka may be settled in any permitted currency outside the ACU mechanism until further notice.
AD Category-I banks may bring the contents of this circular to the notice of their constituents concerned.
The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999.
Ministry of Finance
Income Tax Department conducts searches on Pharmaceutical Manufacturers and Distributors in Haryana and Delhi-NCR (JUL 08, 2022)
The Income Tax Department carried out search and seizure operations on 29.06.2022 on a group engaged in the business of manufacturing and distribution of Pharmaceutical medicines and Real Estate Development. The search action covered 25 premises in Delhi-NCR and Haryana.
A large number of incriminating documents in the form of loose sheets and digital data have been found and seized. These documents reveal that the group was involved in huge unaccounted sales of pharmaceutical medicines in cash. Large amount of purchases, payments of wages and other expenses were also found to have been made in cash.
Income-tax (21st Amendment) Rules, 2022 (JUL 08, 2022)
In exercise of the powers conferred by sub-clause (iv) of clause (a) of Explanation to clause (viiad) of section 47 read with section 295 of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:─
In the Income-tax Rules, 1962, after rule 21AK, the following rule shall be inserted, namely: —
“21AL. Other Conditions required to be fulfilled by the original fund. - the original fund, in a case where a capital asset is transferred to a resultant fund being a Category III Alternative Investment Fund, shall fulfil the condition that the aggregate participation or investment in the original fund, directly or indirectly, by persons resident in India shall not exceed five per cent. of the corpus of such fund at the time of such transfer.
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BUSINESS AND ECONOMIC NEWS
Razorpay, Pine Labs get nod from RBI for payment aggregator licence (JUL 8, 2022)
Online payment providers including Razorpay, and Pine Labs are among the top names which have received the in-principle nod from the Reserve Bank of India (RBI) last night for a payment aggregator license, according to multiple sources aware of the discussion.
The payment aggregator framework, introduced formally in March 2020, mandates that only firms approved by the RBI can acquire and offer payment services to merchants.
Vivo Approaches Delhi High Court Over Freezing Of Bank Accounts By ED (JUL 8, 2022)
On Thursday, the ED seized 119 bank accounts belonging to Vivo India and associate companies, with a balance of around INR 465 Cr.
Vivo India said grave injustice will be caused to the company due to the freezing of its accounts and it will negatively affect its business operations and reputation.
Out of the total sale proceeds of INR 1,25,185 Cr, Vivo India remitted INR 62,476 Cr, almost half of its turnover, mainly to China: ED.
Centre directs edible oil associations to reduce prices by Rs 15/litre (JUL 8, 2022)
The Centre in a July 6 meeting directed leading edible oil associations to cut prices of edible oils by Rs 15 per litre with immediate effect, following the recent easing of imported edible oil prices.
In May, the Centre scrapped import duty on certain shipments of edible oils to lower prices and had advised the industry pass on the complete benefit to the consumers.
NEWS AT GLANCE
Prime Minister Narendra Modi launches projects worth over 1,800 crore rupees in Varanasi; Says, for his government, development means empowerment of poor, downtrodden, tribal and mothers and sisters.
Centre approves infrastructure project worth over 2,414 crore rupees to connect Haryana with upcoming Jewar airport in western Uttar Pradesh.
External Affairs Minister Dr. S. Jaishankar meets Russian counterpart Sergey Lavrov in Bali on sidelines of G-20 Foreign Ministers' Meeting.
Akasa Air receives Air Operator Certificate from DGCA to start commercial services.
Environment Ministry organizes 'Hariyali Mahotsav' in New Delhi to create awareness about importance of tree plantation to protect biodiversity and ecological balance.
Boris Johnson resigns as Prime Minister of Britain; New Delhi says change in leadership will not impact India-UK ties.
WORD OF THE DAY
SCRIVENER is a person who writes a document for another, usually for a fee. If a lawyer merely writes out the terms of a lease or contract exactly as requested by the client, without giving legal advice, then the lawyer is just a scrivener and is probably not responsible for legal errors (unless they were so obvious as to warrant comment). A non-lawyer may act as a scrivener without getting in trouble for practicing law without a license.
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