Hi Folks
On the occasion of World Photography Day (19th August, 2013), it seems rather unusual that we have chosen to communicate through ‘words’ rather than ‘pictures’. A picture speaks a 1000 words. Well, words are no less powerful as the pictures above reveal. Reflect as you read the few news items we have compiled this fortnight.
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Warm regards

Effective from 14th August, 2013, the existing limit of net worth for total overseas direct investment (ODI) made by an Indian party in all joint ventures / wholly owned subsidies (WOS) has been reduced from 400% to 100% under automatic route.
Applications received for compounding of contravention under FEMA, 1999 without obtaining prior approval from the concerned authorities or incomplete applications, result in delayed processing or return of application along with the fee.

In order to expedite refund of compounding fee and application fee, as may be applicable, the applicants are mandatorily required to furnish the details of their bank account in the prescribed format

The Real Estate (Regulation and Development) Bill, 2013 which was approved by the Union Cabinet has now been placed in Rajya Sabha for approval.

The Bill which is applicable to residential real estate aims at regulating the real estate sector, provide for registration of real estate projects and agents detail their functions and rights, establish Real Estate Regulatory Authority and Tribunal and usher in much needed.

Changes have been made in “Exchange of Information” under Double Taxation Avoidance Agreement (DTAA) signed between Government of India and Kingdom of Sweden in order to prevent fiscal evasion of taxes on income and capital. The revised DTAA will replace the earlier and shall be effective from 16th August, 2013.
The Employees’ Provident Fund Organization “EPFO” has discontinued the system of issuing PF slips once in a year. Instead it has provided online facility enabling both the employers and employees to view and download the PF slips online.

Note: The contents of this
Newsletter are only a summary and has not dealt with any issue in detail. Any action
taken or proposed to be taken must be in consultation with professionals and not
merely based on the articles / news updates. Lex Valorem disclaims all liability
on action taken without professional advice.

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