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December 2011

A.P. (DIR Series) Circular No. 35, dated 14-10-2011 — Processing and settlement of export-related receipts facilitated by Online Payment Gateways — Enhancement of the value of transaction.

By Gaurang Gandhi, Chartered Accountant

Reading Time 1 mins

Presently, banks are permitted to offer the facility of repatriation of export-related remittances up to INR30,902 per transaction by entering into standing arrangements with Online Payment Gateway Service Providers (OPGSP).

This Circular has increased this limit per transaction from INR30,902 to INR185,413 with immediate effect.

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(2011) TIOL 330 ITAT-Mum. DCIT v. Telco Dadajee Dhackjee Ltd. MA No. 509/Mum./2010 A.Y.: 1998-1999. Dated: 11-3-2011

Delegation u/s. 637 of the Companies Act by the Central Government of its powers and functions under Act — Powers and functions delegated to Registrars of Companies for specified provisions of the Act — Supersession of Notification G.S.R. No. 506(E), dated 24-6-1985.

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December 2011

A.P. (DIR Series) Circular No. 35, dated 14-10-2011 — Processing and settlement of export-related receipts facilitated by Online Payment Gateways — Enhancement of the value of transaction.

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(2011) TIOL 330 ITAT-Mum. DCIT v. Telco Dadajee Dhackjee Ltd. MA No. 509/Mum./2010 A.Y.: 1998-1999. Dated: 11-3-2011

Delegation u/s. 637 of the Companies Act by the Central Government of its powers and functions under Act — Powers and functions delegated to Registrars of Companies for specified provisions of the Act — Supersession of Notification G.S.R. No. 506(E), dated 24-6-1985.