Entries from November 2012 ↓

Liaison Office (LO) / Branch Office (BO) in India by Foreign Entities – Reporting to Income Tax Authorities

RBI/2012-13/311
A.P. (DIR Series) Circular No. 55

November 26, 2012

To

All Authorised Dealers Category – I Banks

Madam / Sir,

Liaison Office (LO) / Branch Office (BO) in India by Foreign Entities – Reporting to Income Tax Authorities.

  1. Attention of Authorised Dealer Category – I banks is invited to A.P. (DIR Series) Circular No. 24 dated 30.12.2009 in terms of which LOs/BOs are required to furnish copy of the Annual Activity Certificate (AAC) to Director General of Income Tax (International Taxation), Drum Shaped Building, I.P. Estate, New Delhi 110002.
  2. It is clarified that copies of the AACs submitted to the DGIT (International Taxation) should be accompanied by audited financial statements including receipt and payment account.
  3. Further, at the time of renewal of permission of LOs by AD banks, they may note to endorse a copy of each such renewal to the office of the DGIT (international Taxation).
  4. AD Category – I banks may bring the contents of this circular to the notice of their constituents/customers concerned and ensure compliance.
  5. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(Rudra  Narayan Kar)
Chief General Manager

PF withdrawal permitted for International Workers from Social Security Agreement countries

Employees’ Provident Funds (Fourth Amendment) Scheme, 2012
MINISTRY OF LABOUR AND EMPLOYMENT
NOTIFICATION

New Delhi, the 5th October, 2012

*G.S.R. 744(E).- In exercise of the powers conferred by section 5, read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’ Provident Funds Scheme, 1952, namely:-

1. (1) This Scheme may be called the Employees’ Provident Funds (Fourth Amendment) Scheme, 2012.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. In the Employees’ Provident Funds Scheme, 1952 (hereinafter referred to as the principal Scheme), under paragraph 83 relating to special provisions in respect of International Workers.-

(a) in paragraph 69 of the principal Scheme, as modified by para 6 of aforesaid paragraph 83, for sub-paragraph (4), the following sub-paragraph shall be substituted, namely:-

“(4) In respect of a member covered under social security agreement entered into between Government of India and any other country, on ceasing to be an employee in an establishment covered under the Act.”;

(b) in paragraph 72 of the principal Scheme, as modified by para 7 of aforesaid paragraph 83, for sub-paragraph (2), the following sub-paragraph shall be substituted, namely:-

“(2) The due amount in respect of the member shall be payable in the payees bank account directly or through the employer”.

[F.No.S-35025/09/2011-SS-II]
RAVI MATHUR, Addl. Secy.

Foot Note: The Employees’ Provident Funds Scheme, 1952 was published in the Gazette of India, Part-II, Section 3, Sub-section (i), vide number S.R.O. 1509, dated the 2nd September, 1952 and lastly amended vide number G.S.R.382(E), dated the 24th May, 2012.