RSM India Updates - Some recent tax & regulatory updates & news – on ease of doing business in India, possession & retention of foreign currency, acquisition & transfer of immovable property outside India, tax policy and reporting under

FDI scheme (1st to 5th Feb 2016)

(Compiled by RSM India)

1) RBI eases procedure for settlement of export and import transactions in currencies not having a

direct exchange rate https://www.taxmann.com/topstories/104010000000047531/rbi-eases-procedure-for-settlement-of-export-and-import-transactions-in-currencies-not-having-direct-exchange-rate.aspx

2) RBI Notification on Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015 http://abcaus.in/rbi/revised-limit-possession-of-foreign-currency-notes-coins-by-person-under-fema-regulations.html

3) Notification on Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India) Regulations, 2015 http://abcaus.in/rbi/acquisition-transfer-immovable-property-outside-india-resident-indian-revised-fema-regulations.html

4) Company law Panel suggests key changes in Companies Act to facilitate 'ease of doing business' http://pib.nic.in/newsite/PrintRelease.aspx?relid=135986 The report is available at below link and public comments on the report are invited online till 15 February 2016 http://www.mca.gov.in/Ministry/pdf/Report_Companies_Law_Committee_01022016.pdf

5) Government sets-up Tax Policy Research Unit and Tax Policy Council to bring consistency, multidisciplinary inputs, and coherence in Tax Policy http://pib.nic.in/newsite/PrintRelease.aspx?relid=136014

6) Foreign Direct Investment -Reporting under FDI Scheme, Mandatory filing of form ARF, FCGPR and FCTRS on e-Biz platform and discontinuation of physical filing from February 8, 2016 https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10248&Mode=0

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