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Showing posts from March, 2015
Acquisition/transfer of immovable property - Prohibition on citizens of certain countries Reserve Bank of India has amended the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations, 2015 notified vide Notification No. FEMA 335/2015-RB dated February 4, 2015 c.f. G.S.R. No. 120 (E) dated February 24, 2015 to include the citizens of Macau and Hong Kong also in the list of countries which are prohibited to acquire/transfer immovable property in India in terms of Regulation 7 of  FEMA. In terms of Regulation 7 of Foreign Exchange Management (Acquisition and Transfer of immovable property in India) Regulations, 2000 notified vide Notification No. FEMA 21/2000-RB dated 3rd May 2000, which no person being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan without prior permission of the Reserve Bank shall acquire or transfer immovable property in India, other than lease, not exceeding five
DIRECT AND INDIRECT TAX DUE DATES FOR THE MONTH OF MARCH 2015
HIGHLIGHTS OF BUDGET 2015-16 Changes in Financial Market Ø   Public Debt Management Agency (PDMA) bringing both external and domestic borrowings under one roof to be set up this year. Ø   Enabling legislation, amending the Government Securities Act and the RBI Act included in the Finance Bill, 2015. Ø   Forward Markets commission to be merged with SEBI. Ø   Section-6 of FEMA to be amended through Finance Bill to provide control on capital flows as equity will be exercised by Government in consultation with RBI. Ø   Proposal to create a Task Force to establish sector-neutral financial redressal agency that will address grievance against all financial service providers. Ø   India Financial Code to be introduced soon in Parliament for consideration. Ø   Vision of putting in place a direct tax regime, which is internationally competitive on rates, without exemptions. Ø   Government to bring enabling legislation to allow employee to opt for EPF or New Pe