Reserve Bank Of India
A.P. (DIR Series) Circular No. 55
November 26, 2012
To
All Authorised Dealers Category - I Banks
Madam / Sir,
Liaison Office (LO) / Branch Office (BO) in India by Foreign Entities –
Reporting to Income Tax Authorities.
Attention of Authorised Dealer Category – I banks is invited to
A.P. (DIR
Series) Circular No. 24 dated 30.12.2009 in terms of which LOs/BOs are required
to furnish copy of the Annual Activity Certificate (AAC) to Director General of
Income Tax (International Taxation), Drum Shaped Building, I.P. Estate, New
Delhi 110002.
- It is clarified that copies of the AACs submitted to the DGIT (International
Taxation) should be accompanied by audited financial statements including
receipt and payment account.
- Further, at the time of renewal of permission of LOs by AD banks, they may
note to endorse a copy of each such renewal to the office of the DGIT
(international Taxation).
- AD Category - I banks may bring the contents of this circular to the notice
of their constituents/customers concerned and ensure compliance.
- The directions contained in this circular have been issued under Sections
10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and
are without prejudice to permissions / approvals, if any, required under any
other law.
Yours faithfully,
(Rudra Narayan Kar)
Chief General Manager
RBI/2012-13/311