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I. DIRECT TAX: SPOTLIGHT
1. Capital Gains Account (Second Amendment) Scheme 2025 - Notification No. 161/2025 and 162/2025 dated 19 November 2025
II. FEMA
1. RBI modifies FEMA compounding directions and updates bank account details for receiving fees and compounding amounts
The RBI has decided to change the details of accounts where compounding application fee and compounding amount will be received. This is to streamline these receipts. Accordingly, Annexure I of the Master Direction has been modified.
[AP (DIR Series) Circular No. 15/2025-26,dated 24th November, 2025]
2. RBI bars Pakistani/Bangladeshi citizens from carrying Indian notes to/from Nepal & Bhutan under revised FEMA norms
The Foreign Exchange Management (Export and Import of Currency) Regulations, 2015 has been amended. After the amendment, regulation 8 adds the phrase ‘not being citizen of Pakistan or Bangladesh’, thus barring these citizens from taking out of India or bringing into India Indian currency through Nepal or Bhutan.
[Notification No. FEMA 6(R)/(4)/2025-RB,dated 28th November 202
