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RBI/2015-16/309 A.P. (DIR Series) Circular No.44/2015-16 [(1)/10(R)] February 04, 2016 To All Category - I Authorised Dealers and Authorised Banks Madam/ Sir Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2015 Attention of Authorised Dealers (ADs) is invited to A.D.(M.A. Series) Circular No. 11 dated May 16, 2000 in terms of which ADs were advised of various Rules, Regulations, Notifications/ Directions issued under the Foreign Exchange Management Act, 1999 (hereinafter referred to as the Act). On a review it is felt necessary to revise the regulations issued under the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2000, as amended from time to time. Accordingly, in consultation with the Government of India, the said regulations have been repealed and replaced by the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015.

Cong To Take Up Graft Charges Against Guj CM The budget session of Parliament faces a serious threat of washout, with the Congress indicating it would raise the allegations of corruption against Gujarat chief minister Anandiben Patel to corner Prime Minister Narendra Modi.Patel has been accused of favouring businessmen linked to her daughter in Gujarat, with the issue pertaining to the period when Modi was the CM and she held the revenue portfolio. “The issue will be raised in Parliament because it has raised questions about the PM,“ Congress spokesman Anand Sharma said. He said Modi would have presided over the state cabinet meeting which cleared land allotments for the businessmen at throwaway prices.Along with Dalit scholar Rohith Vemula's suicide, graft charges against the Gujarat CM make for a potent combination for the opposition to corner the BJP. Adding to it is what Congress views as BJP's “deliberate provocation“ by attacking the Gandhi family like the PM's

The income-tax department has cautioned taxpayers not to share their PIN or password of emails. The department does not seek confidential or financial information of the taxpayer over email, it said. Business Standard, New Delhi, 6th Feb. 2016

Even the best of macro- prudential policies might fall short while addressing serious economic crises and might not be able to foresee such challenging situations, said Reserve Bank of India ( RBI) Deputy Governor R Gandhi. He was speaking a conference in Chennai on Friday. Macro- prudential policy is the approach to financial regulation aimed at mitigating the risk of the financial system as awhole. According to him, the challenge is to establish an implementable framework to deal with the emerging systemic risks at an early stage. “Future crisis also may not replicate any of the past ones. Hence, history might not always be of help. Complacency may slowly set in even as our memories of bad times are gradually fading away,” he said. Gandhi said the banking regulator would make bond markets safer and easier to access, which would attract companies to raise money through corporate bonds. “We are trying to limit access to the banking finance, so that corporates can look at the

Updates Of the Day 1.Demand of duty is a charge of suppression, as the sale invoice of the chassis manufacturer was not in possession of the appellant, therefore, the appellant was not in a position to provide the same to the department. The extended period of limitation is not invokable at all. – Tribunal. [M/s. HMM Coaches Limited vs CCE, Panchkula - 2016 (2) TMI 143 - CESTAT NEW DELHI] 2.Exemption of Services –Notification No. 25 dated 20.06.2012 updated till date. 3.Procedure, Formats and Standards for ensuring secured transmission of electronic communication to taxpayer. Notification No. 2/2016DGIT(S)/DIT(S)-3/AST/Paperless Proceedings/96/2015-1 4.Under no circumstances, the Director can be allowed to compete the business of the company, in which he/she is already a director, to exploit the mark in order to give the impression to the public at large that he/she has any association or affiliation of the company in which he/she is still a director. – HC. [RAJEEV SAUMITRA vs NE