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I. DIRECT TAX : SPOTLIGHT
1. Income tax Rules 2026 notified. They will come into effect from 1 April 2026. – Notification No.22/2026 dated 20 March 2026
II. FEMA
1. RBI modifies the ECB forms in line with the revised ECB Framework under FEM (Borrowing & Lending) Regulations
The RBI, on 9th February 2026 issued new Borrowing and Lending regulations, revising External Commercial Borrowing (ECB) framework. The old ECB forms have been revised in line with the new ECB framework. Part V – Annex I and Annex II have been substituted with Form ECB I/Revised Form ECB I and Form ECB 2 respectively.
[AP (DIR Series 2025-26) Circular No. 23,dated 18th February 2026]
2. RBI introduces ‘Currency Declaration Form’ under FEM (Export and Import of Currency) Regulations, 2015
The RBI has amended Regulation 6 of FEM (Export and Import of currency) Regulations, 2015 by introducing a ‘Currency Declaration Form’. The following points are to be noted with respect to the form:
a. The form needs to be filled in by passengers where the aggregate valueRead More
