Banks Holiday declared by Reserve Bank of India

Reserve Bank if India, has declard 2nd and 4th saturdays every month as Holidays for all Indian Banks. In this regard it has also stated that the other Saturdays will be full working days instead.

This is declared in consultation with AIBEA ( All India Banking Employees Union)

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Payment to Banks - Under Forex remittances 

The earstwhile Sec 195(6) of the Income tax Act 1961 was not specfic about the payment for import payments by importer. Now the said section has amended to include the term whether r not chargeable to tax in India. as such submission of Form 15CA and 15CB has been made mandatory for submission to Banks for making import payments. 

Section 195(6) says " The person responsible for paing to a non-resident,Not being a company) or to a foreign company, any sum whether or not chargeable under the provisions of this Act, shall furnish the information relating to payment of such sum in such form and manneras may be prescribed"

Thus it has been made clear to furnish Form 15CA and 15 CB.

There are conflicts in this as this involves so many processes such us getting certificate from the CA and to upload details in Form 15CA in IT Module .This process makes the importers very difficult in making the import payment.

Hopefully, this issue might have been taken to the Ministry of Finance




 

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