News Update

DRI nabs Dubai-bound pax with FC worth Rs 1.93 croresCX - Too late for Revenue to complain that there is non-compliance by Settlement Commission with mandatory provisions of law: High CourtI-T - Tax Recovery Officer cannot summarily assume powers under Indian Contract Act, 1872, to suo motu declare a transaction of sale to be void & without approaching civil court: HCI-T - Expenses incurred for purely business purposes not being incurred on employees, would not attract Fringe Benefit Tax: HCCX - General practice amongst masses to not consider trading as an 'exempted service' till amendment was made in CCR - assessee had no malafide intention to avail undue benefit: CESTATCJI impeachment - Opposition Parties finally do it; hands over Notice to Vice PresidentBRICS discusses constitution of Working Group on illicit financial flowsCBDT shifts DGHRD office to Jawaharlal Nehru StadiumCBIC clarifies that remnant fuels (HSD/LDO) (after ship breaking) are classifiable under Chapter 27 and free from import policy restrictionsI-T - Mere projection of profit statement found in loose sheets from taxpayer's premises, is no basis for levying penalty in his hands: ITATGoM on Transport recommends uniform road tax structureCX - Assessee taking credit on rejected goods, recyling same and paying duty on clearance alleging that credit has been availed irregularly is unsubstantiated no question of double duty : CESTATGovt seeks feedback to Draft Coastal Regulation ZoneI-T - Payments made to founder or relative of trust, if credited to trust's account immediately without taking any undue benefit from it, will not upset exemption benefit u/s 11: ITATFC to individually assess needs of each State: NK SinghCX Mere reiteration of order of penalty imposed by original authority, who had jurisdiction, by first appellate authority, who lacked jurisdiction, does not cause grievance to appellant at that stage: CESTATGoM on Transport recommends uniform road tax and national permits for buses and taxisJustice Loya death case - SC dismisses pleasChennai Customs nabs pax coming from Dubai with gold worth Rs 2.5 Cr + also seizes 7.5 kg of seahorses during vehicle checkGovt to give new award to certain ranks of Civil servantsVAT - Reimbursement received by dealer for supply of spare parts to its customers under warranty period, are not liable to VAT under Maharashtra VAT Act: HCIT - Where Revenue detects massive tax evasion through bogus bills, it cannot wash hands of it through mere additions: ITATIT - Failure to explain scientific method in determining the amount of performance bonus payable to employees can lead to its disallowance : ITATST - Demand of differential amount of service tax alleging that entire amount collected by PCO operator is subject to levy of service tax cannot sustain for period prior to 01.03.2011: CESTATIndia almost ready with Rs 600 Crore Chandrayaan-2Govt launches Study in India Portal for foreign studentsAfter issuance of SCN, write to noticees about availing window of Settlement Commission for early settlement of disputes - CBIC instructs fieldCBDT Diktat on Misconduct - But, Mr Prime Minister, Actual High-handedness lies in Revenue Target Fixation!
Untitled Document

A.P. (DIR Series)

CIRCULAR NO

23/RBI; Dated: April 12, 2018

Liberalised Remittance Scheme (LRS) for Resident Individuals – daily reporting of transactions

Please refer to the announcement made in para 10 of Part II of the First Bi Monthly Monetary Policy Statement 2018-19 dated April 05, 2018.

2. Currently, transactions under Liberalised Remittance Scheme (LRS) are being permitted by AD banks based on the declaration made by the remitter. The monitoring of adherence to the limit is confined to obtaining such a declaration without independent verification, in the absence of a reliable source of information.

3. In order to improve monitoring and also to ensure compliance with the LRS limits, it has been decided to put in place a daily reporting system by AD banks of transactions undertaken by individuals under LRS, which will be accessible to all the other ADs.

4. Accordingly, from the date of issue of this circular, all AD Category-I banks are required to upload daily transaction-wise information undertaken by them under LRS at the close of business of the next working day. In case no data is to be furnished, AD banks shall upload a 'Nil' report. AD banks can upload the LRS data as CSV file (comma delimited), by accessing XBRL site through the URL https://secweb.rbi.org.in/orfsxbrl/ as hitherto.

5. The directions contained in this circular have been issued under Sections 10(4), 11(1) and 11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.

[RBI/2017-18/161]

(R K Moolchandani)
Chief General Manager