Know Your Customer (KYC) norms revised
RBI has directed banks to apply enhanced due diligence measures on higher risk customers viz., bullion dealers & jewelers. These “high risk accounts” will be monitored stringently under the Prevention of Money Laundering Rules, 2005 (full name of the rules runs into a paragraph…!)
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Issuance of Foreign Inward Remittance Certificate (FIRC) to NRE account holders
RBI has instructed the banks not to issue FIRC against remittance for credit to NRE Accounts. It has also clarified that if the proceeds of inward remittance received are remitted in foreign currency itself to the beneficiary’s banker, then FIRC is to be issued by the bank which has received the proceeds in foreign exchange.
Perhaps RBI will not insist on producing FIRC in case of FDI coming in through NRE account which needs to be reported.
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Public Provident Fund (Amendment) Scheme, 2010
The Public Provident Fund (Amendment) Scheme, 2010 requires PPF accounts opened by HUFs prior to 1.05.2005 to be closed after expiry of 15 years and balance amount to be refunded. It also requires that balance amount be refunded to HUFs where the PPF accounts have already completed 15 years and in any case not later than 31.03.2011.
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Taxation of Packaged and Canned Software
1. Service Tax Notification No.53/21.12.2010 exempts right to use “packaged and canned software” from payment of service tax subject to certain conditions. Notification No.51&52/21.12.2010 rescind earlier notifications related to such exemption. Impact – Service Tax is exempt, if Central Excise/Customs Duty is paid.
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2. Central Excise Notification 35/21.12.2010 rescinds notification No.17/27.02.2010 which exempted packaged and canned software from Central Excise subject to certain conditions. Impact – Central Excise is payable.
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3. Customs Notification 126/21.12.2010 rescinds notification No.31/27.02.2010 which exempted packaged and canned software from Customs Duty subject to certain conditions. Impact – Customs Duty is payable.
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