Remittance of Assets - Submission of Auditor's certificate
IN terms of Foreign Exchange Management (Remittance of Assets) Regulations, 2000, Authorised Dealer Category-I (AD Category-I) banks were required to submit 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.
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 amended the Principal Regulations through the Foreign Exchange Management (Remittance of Assets) (Amendment) Regulations, 2014 with respect to submitting certificates on tax payments.
Authorised Dealer banks are required to refer to the instructions contained in A.P (DIR Series) Circular No. 151 dated June 30, 2014 and the conditions stipulated therein are to be complied with while making remittances.
Circular 43/RBI, Dated: December 2, 2014