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Audit Trail Compliance in Accounting Software
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Analysis of the Decision of the Supreme Court in Safari Retreats
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Gifts and Loans — By and To Non-Resident Indians – II
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Legal Considerations for Start-Ups – Are you overlooking some?
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December 2011

A.P. (DIR Series) Circular No. 46, dated 17-11-2011 — Overseas forex trading through electronic/internet trading portals.

By Gaurang Gandhi, Chartered Accountant

Reading Time 1 mins

This Circular clarifies that any person resident in India collecting margin payments for online forex trading transactions through credit cards/deposits in various accounts maintained with banks in India and effecting/remitting such payments directly/ indirectly outside India will make himself/herself liable for contravention under FEMA, 1999 besides being liable for violation of regulations relating to Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards.

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A.P. (DIR Series) Circular No. 45, dated 16-11- 2011 Foreign Direct Investment — Reporting of issue/transfer of ‘participating interest/ right’ in oil fields to a non-resident as a Foreign Direct Investment transaction.

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December 2011

A.P. (DIR Series) Circular No. 46, dated 17-11-2011 — Overseas forex trading through electronic/internet trading portals.

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A.P. (DIR Series) Circular No. 45, dated 16-11- 2011 Foreign Direct Investment — Reporting of issue/transfer of ‘participating interest/ right’ in oil fields to a non-resident as a Foreign Direct Investment transaction.

A.P. (DIR Series) Circular No. 47, dated 17-11-2011 — ‘Set-off’ of export receivables against import payables — Liberalisation of procedure.

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December 2011

A.P. (DIR Series) Circular No. 46, dated 17-11-2011 — Overseas forex trading through electronic/internet trading portals.

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You May Also Like

A.P. (DIR Series) Circular No. 45, dated 16-11- 2011 Foreign Direct Investment — Reporting of issue/transfer of ‘participating interest/ right’ in oil fields to a non-resident as a Foreign Direct Investment transaction.

A.P. (DIR Series) Circular No. 47, dated 17-11-2011 — ‘Set-off’ of export receivables against import payables — Liberalisation of procedure.