| Date: |
02-12-2014
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| Notification No: |
RBI/2014-15/332 A.P. (DIR Series) Circular No.43
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
RBI/2014-15/332 |
| Subject: |
Remittance of Assets – Submission of Auditor’s certificate
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RBI/2014-15/332
A.P. (DIR Series) Circular No. 43
December 2, 2014
To
All Category - I Authorised Dealer Banks
Madam / Sir,
Remittance of Assets – Submission of Auditor’s certificate
Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to
the Foreign Exchange Management (Remittance of Assets) Regulations, 2000,
notified vide
Notification No. FEMA 13/2000-RB dated May 3, 2000, as amended
from time to time, which required submission of certificates in the formats
prescribed by Central Board of Direct Taxes, Ministry of Finance, Government of
India specified in their circular No. 10/2002 dated October 9, 2002.
- The instructions by Central Board of Direct Taxes (CBDT) regarding
submission of certificates have undergone significant changes over the
years. Also it is pertinent to note that CBDT vide its notification dated
September 2, 2013 has revised the instructions regarding furnishing of tax
declarations and submission of Form 15CA and 15 CB.
- Accordingly, Reserve Bank has since amended the Principal
Regulations through the Foreign Exchange Management (Remittance of Assets)
(Amendment) Regulations, 2014 notified vide
Notification No. FEMA.
324/2014-RB dated October 31, 2014, c.f. G.S.R. No. 803 (E) dated November
14, 2014, with respect to submitting certificates on tax payments.
- In this connection, Authorised Dealer banks may refer to the
instructions contained in
A.P (DIR Series) Circular No. 151 dated June 30,
2014. The conditions stipulated therein shall be complied with while making
remittances.
- AD Category- I banks may bring the contents of the 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, 1999 (42 of
1999) and is without prejudice to permissions / approvals, if any, required
under any other law.
Yours faithfully
(C D Srinivasan)
Chief General Manager
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