Home Highlights November 2017 Year 2017 This

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1. Issue of Indian Depository Receipts (IDRs) - Limited two way fungibilty. - Circular

2. Framework for issue of Depository Receipts - Permissible Jurisdictions and International Exchange(s)

3. Investment in Depository receipts by a person resident outside India - FEMA - New Regulations

4. Companies (Issue of Indian Depository Receipts) Amendment Rules, 2012 - In Rule 10 - Procedure for transfer and redemption regarding. - Notification

5. Jurisdiction assumed by DCIT not challenged within stipulated period, hence cannot be questioned now. Addition u/s 68 not sustainable as summary of receipts discloses...

6. Maintainability of writ petition - alternative and efficacious mechanism - Inordinate delay in issue of Show cause notice (around 16 years) - Issuance of Global...

7. RBI has observed instances of non-resident guarantees, including standby letters of credit and performance guarantees, issued to persons resident in India, which are not...

8. The RBI issued amendments to the Master Direction on Risk Management and Inter-Bank Dealings, applicable to Standalone Primary Dealers (SPDs) u/s 10(1) of FEMA, 1999....

9. Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2024. - Notification revises the provisions of regulation...

10. Unjust/ unlawful gains to the tune of US$ 92 million - violations noticed by SEBI relating to the issue of Global Depository Receipts (“GDRs”) by Cals Refineries Limited...

11. Reopening of assessment u/s 147 - non issue of notice issued u/s 143(2) - In absence of any notice issued u/s 143(2) after receipt of fresh return submitted by the...

12. SEBI has revised the timeline for submission of annual audited accounts/net worth certificate by stock brokers/depository participants from September 30th to October...

13. The High Court examined the jurisdiction of the Assessing Officer (AO) and the prescribed income-tax authority to issue notices u/s 143(2) of the Income Tax Act. It held...

14. The Calcutta High Court dealt with a case involving a conviction u/s 57 of FERA for non-realization of export proceeds, which was later repealed and replaced by FEMA....

15. Offence under FEMA - Scope of alternate remedy - violation of Section 4 of FEMA - examining sufficiency of reason or otherwise under Article 226 of the Constitution of...