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The Central Government specifies certain authorised dealers and Full-Fledged Money Changers for clause (v) of the proviso to section 194N of the Income-tax Act, 1961. The specified entities maintain a separate bank account for cash withdrawals used only for foreign currency purchases or inward remittance disbursements under the Money Transfer Service Scheme. The entities furnish a certificate to the bank that the withdrawals are only for the specified purposes and comply with Reserve Bank of India guidelines. The notification comes into force with effect from the 1st day of September, 2019.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 15th October, 2019 INCOME-TAX
S.O. 3719(E).—In exercise of the powers conferred by clause (v) of proviso to section 194N of the Income-tax Act, 1961 (43 of 1961), the Central Government, after consultation with the Reserve Bank of India (RBI), hereby specifies,-
Explanation - For the purposes of this notification, “authorised dealer” means a person authorised as an authorised dealer under sub-section (1) of section 10 of the Foreign Exchange Management Act, 1999 (42 of 1999).
[Notification No. 80/2019/F. No. 370142/12/2019-TPL (Part 2)] SAURABH GUPTA, Under Secy. (Tax Policy & Legislation Division)
Explanatory Memorandum : It is certified that no person is being adversely affected by giving retrospective effect to this notification.
