Updates

RBI has notified that Overdraft and Cash Credit accounts can also now withdraw up to Rs. 50000 in cash, in a week. Accordingly, holders of current / overdraft / cash credit accounts, which are operational for the last three months or more, may now withdraw upto Rs. 50000 in cash, in a week. This enhanced limit for weekly withdrawal is not applicable for personal overdraft accounts. Further, RBI has said that such withdrawals may be disbursed predominantly in Rs. 2000 denomination bank notes.

CBDT

India and the US have reached a deal for the first bilateral advance pricing agreement. Further, they have also resolved 108 tax disputes involving a tax of about Rs. 5,000 crore through the Mutual Agreement Procedure (MAP). The resolved cases pertain to various issues like transfer pricing adjustments made to the international transactions in the nature of payment of royalty, management fees, cost contribution arrangements, engineering design services, contract R&D services, investment advisory services, Marketing Support Services and Software Development Services. This Bilateral Agreement would help in creating a conducive atmosphere for investments and business by US Companies in India