E India CA

Professional Updates for Chartered Accountants

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Dividend up to 10 lakh from shares exempt

To claim Foreign Tax Credit, you must submit a statement of foreign income and tax deducted on income, in Form 67 Say person A is in Germany from December to March. He earned money in Germany in the form of salary. Now he has ₹16 lakh as his total income in Germany after conversion, according to RBI rates, out of which ₹4 lakh i...

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RBI Vs Government: Protecting Depositors, Taxpayers Is Public Interest, Says Central Bank

Amid speculation that the government may have invoked a hitherto unused section to overrule the Reserve Bank of India (RBI) on the pretext of "public interest", the central bank has shot back with its own definition of "public interest". Reserve Bank Deputy Governor N.S. Vishwanathan, in a recent speech, said when a bank is trying t...

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RBI vs Government: Not the last word

News reports on Wednesday suggested that the government has invoked Section 7 of the Reserve Bank of India (RBI) Act, 1934, and RBI governor Urjit Patel could be on his way out. The finance ministry did well to put out a statement to control the damage, at least for now. It is unlikely that the rift has ended; we are yet to see t...

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Opinion | The ball was always in the government’s court

Amid speculation that Reserve Bank of India (RBI) governor Urjit Patel might quit, the government did well on Wednesday to issue a statement, highlighting that the autonomy of the central bank is essential. This should help defuse tension, at least for now. Uncertainty in the market went up with reports that the government had invok...

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Banks Allowed To Lend More To Some Non-Banking Financial Companies

The limit has been raised from 10 per cent and is effective up to December 31, RBI said.The central bank on Friday increased lenders' single borrower exposure limit for non-banking financial companies (NBFCs) which do not finance infrastructure, to 15 per cent of capital funds. The limit has been raised from 10 per cent and is e...

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The history of the contentious ‘RBI Act Section 7’

No government has so far invoked Section 7 of the RBI in the Reserve Bank of India’s 83-year history Section 7 (1) of The Reserve Bank of India Act, 1934, became a contentious issue after the tension between the central bank and government turned into a public spat over the last few days. No government has so far invoked this ...

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RBI audit of IL&FS group makes independent directors jittery

MUMBAI: The Reserve Bank of India (RBI) has recently concluded an audit of IL&FS and may send notices to the company’s board and management if lapses found, two people with direct knowledge of the matter said. Though the results of the audit are not known, independent directors in some of the IL&FS group companies are se...

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Opinion | Don’t cry for India? A central bank’s lament

Long-simmering discord between the Indian central bank and the government is turning into a very public brawl. The timing couldn’t be more awful for markets. In a hard-hitting speech on Friday on central-bank independence, Reserve Bank of India Deputy Governor Viral Acharya startled his audience by invoking Argentina of 2010. B...