Case Details: Abdul Jabbar Jaheer Husain vs. Income-tax Officer - [2025] 180 taxmann.com 672 (Chennai-Trib.)

Judiciary and Counsel Details

• George K, Vice President & S.R. Raghunatha, Accountant Member
• V. Padmanaban, CA for the Appellant.
• Ms Gouthami Manivasagam, JCIT for the Respondent.

Facts of the Case

Assessee, an individual, filed its return of income for the relevant assessment year. The case was selected for limited scrutiny to examine the claim of deduction/exemption under section 54F.

During the assessment, the Assessing Officer (AO) noted that the assessee could not furnish the necessary evidence for the expenditure forming part of the section 54F claim. AO completed the assessment under section 143(3), disallowing the entire claim under section 54F and initiated penalty proceedings under section 271(1)(c).

On appeal, CIT(A) confirmed the penalty by invoking Explanation 1 to section 271(1)(c). Aggrieved by the order, the assessee filed an appeal to the Chennai Tribunal against the penalty proceedings.

ITAT Held

The Tribunal held that the assessee claimed a deduction under section 54F while computing the Long-Term Capital Gains. In the assessment order completed, the claim of deduction under section 54F was denied since the assessee had not produced the necessary evidence to substantiate the expenditure incurred. During the appellate proceedings, the CIT(A) allowed the deduction under section 54F to the extent of about Rs. 2.45 crores.

Thus, the deduction under section 54F was reduced by Rs. 22.36 lakhs. Penalty under section 271(1)(c) was imposed on account of the excess claim made under section 54F. The CIT(A) reduced the claim of deduction under section 54F by observing that the assessee was not allowed to claim a portion of the deduction under section 54F, as no bills were furnished for certain invoices for which there was no supporting evidence.

Mere disallowance of a claim in the assessment proceedings could not be a sole basis for levying a penalty under section 271(1)(c). In the instant case, the assessee made a claim that could not be fully substantiated by bills/invoices. That, by itself, did not amount to furnishing inaccurate particulars of income. Therefore, the penalty imposed under section 271(1)(c) was to be deleted.

List of Cases Referred to

• ITO v. Ashif Mehbbobelahi Rushnaiwala [IT Appeal No. 329/Ahd/2020, dated 22-06-2022] (para 6)
• CIT v. Reliance Petroproducts (P.) Ltd. [2010] 189 Taxman 322/322 ITR 158 (SC) (para 6)
• CIT v. Zoom Communication (P.) Ltd. [2010] 191 Taxman 179/327 ITR 510 (Delhi) (para 7).

The post No Penalty for Partial Section 54F Disallowance Due to Missing Bills | ITAT appeared first on Taxmann Blog.

source

Case Details: Simla Gomti Pan Products (P.) Ltd. vs. Commissioner of State Tax U.P. - [2025] 180 taxmann.com 464 (Allahabad)

Judiciary and Counsel Details

• Jaspreet Singh, J.
• Pradeep Agrawal & Amar Mani Tiwari for the Petitioner.

Facts of the Case

The petitioner, challenged orders passed under Section 74 of the CGST Act by filing a statutory appeal, which was dismissed for limitation. Upon remand, the appellate authority again rejected the appeal for non-compliance with the statutory requirement of making a 10 percent pre-deposit under Section 107. It was submitted in the present writ petition that it had already conveyed its inability to make the pre-deposit, that the issue had been considered in the earlier writ petition, and that the appellate authority ought not to have dismissed the appeal on this ground. The matter was accordingly placed before the High Court.

High Court Held

The High Court held that the prior order of remand was confined strictly to the issue of limitation and did not grant any exemption from the statutory pre-deposit mandated under Section 107 of the CGST Act and the Uttar Pradesh GST Act. It was observed that neither in the earlier petition nor in the present one had petitioner sought any specific relief for waiver of the pre-deposit, despite full knowledge that the appeal had been dismissed for non-compliance with this requirement. The Court concluded that statutory appeals cannot be entertained.

List of Cases Reviewed

• Celir LLP v. Sumati Prasad Bafna [2024] 169 taxmann.com 381 (SC) (Para 31) followed

List of Cases Referred to

• Simla Gomti Pan Products (P.) Ltd. v. Commissioner of State Tax [2025] 173 taxmann.com 969 (Allahabad) (para 4)
• Suryachakra Power Corporation Limited v. Electricity Department (2016) 16 SCC 152 (para 5)
• M.P. Steel Corporation v. CCE (2015) 7 SCC 58 (para 5)
• Simla Gomti Pan Products (P.) Ltd. v. Commissioner of State Tax U.P. [2024] 168 taxmann.com 541/93 GSTL 322 (Allahabad) (para 7)
• Simla Gomti Pan Products (P.) Ltd. v. Commissioner of State Tax [2024] 168 taxmann.com 542/[2025] 93 GSTL 321 (SC) (para 7)
• Sarguja Transport Service v. State Transport Appellate Tribunal, M.P., Gwalior and others (1987) 1 SCC 5 (para 28)
• Celir LLP v. Sumati Prasad Bafna [2024] 169 taxmann.com 381 (SC) (para 30).

The post Successive Petitions Can’t Bypass GST Pre-Deposit Requirement | HC appeared first on Taxmann Blog.

source

News; dated: 04.12.2025

1. Introduction

In the age of the “10-minute delivery” and instant ride-hailing, the Indian economy is increasingly fuelled by an invisible workforce. Whether it is a Zomato delivery partner braving the rain or an Urban Company professional entering a home, these individuals form the backbone of the “Gig Economy.” Yet, despite their indispensable contribution, the promise of fair wages for fair work often remains unfulfilled.

Traditionally, labour laws in India were designed for factories and office spaces, leaving this new class of workers in a legal vacuum. They were neither “employees” with full benefits nor were truly independent “entrepreneurs” with control over their pricing. The Code on Social Security, 2020 (CoSS 2020) marks a historic shift by legally recognising “gig workers” and “platform workers” for the first time, aiming to bridge the gap between algorithmic management and social protection.

2. The Scenario Pre-Code on Social Security

Before the CoSS 2020, India’s labour framework largely divided the workforce into the “organised” (receiving Provident Fund, ESI, Gratuity) and “unorganised” sectors. Gig workers fell into a “grey zone.”

(a) “Partners,” not Employees – Platforms like Uber, Ola, and Swiggy classified workers as “partners” or “independent contractors.” This classification allowed companies to bypass costs associated with statutory benefits like the Employees’ Provident Fund (EPF) and Employees’ State Insurance (ESI).

(b) Lack of Safety Net – In the absence of formal recognition, a delivery rider injured on the job often had to rely on voluntary (and often inadequate) group insurance provided by the platform, rather than a statutory right to compensation.

(c) The Reality of Conditions – The Fairwork India Ratings 2024 [https://fair.work/wp-ontent/uploads/sites/17/2024/10/Fairwork_India_Report_2024.pdf] highlighted the precarious nature of this work. Major platforms like Uber and Ola scored zero in the ratings, while Zomato, Swiggy, and Urban Company scored moderately (6/10), indicating significant gaps in “Fair Pay” and “Fair Representation.”

Click Here To Read The Full Article

The post The Invisible Workforce | Gig Workers and the New Code on Social Security, 2020 appeared first on Taxmann Blog.

source

Editorial Team – [2025] 181 taxmann.com 34 (Article)

World Corporate Law News provides a weekly snapshot of corporate law developments from around the globe. Here’s a glimpse of the key corporate law update this week.

1. Securities Law

1.1 FCA Sets Out Proposals to Make ESG Ratings Transparent, Reliable and Comparable

On December 1, 2025, the Financial Conduct Authority (FCA) published proposals to ensure that environmental, social and governance (ESG) ratings are transparent, reliable and comparable.

These proposals follow the decision by the government to bring ESG ratings within the FCA’s remit, supported by 95% of those who responded to its consultation. Introducing clear, proportionate rules for transparency and governance will help to build the market’s trust in ESG ratings and address concerns.

The FCA’s research shows that around half of those who use ESG ratings are worried about how they are built (55%) and how transparent they are (48%). The proposals aim to address this and focus on 4 areas:

(a) Increased Transparency – allowing easier comparisons for the benefit of both those who use ratings and those who are rated.

(b) Improved governance, systems and controls – to ensure clear decision-making and strong oversight and quality assurance.

(c) Identification and management of conflicts of interest

(d) Setting clear expectations for stakeholder engagement and complaints handling.

Sacha Sadan, director of sustainable finance at the FCA, said:

‘Our proposals will give those who use ESG ratings greater trust and confidence – supporting our goal of increasing trust and transparency in sustainable finance.

‘This will enhance the UK’s reputation as a global sustainable finance hub – attracting investment and supporting growth and innovation.’

The proposals draw on the existing voluntary industry code of conduct and International Organization of Securities Commissions (IOSCO) recommendations to support consistency and international competitiveness. The FCA welcomes feedback on the proposals – the consultation is open until 31 March 2026.

Source – Official Announcement

1.2 ASIC updates guidance on Product Disclosure Statements

On December 3, 2025, the Australian Securities and Investments Commission (ASIC) has published updated Regulatory Guide 168 Product Disclosure Statements – Disclosure and other obligations (RG 168) following consultation with industry.

The updates are aimed at providing clarity and improving industry’s ability to prepare Product Disclosure Statements (PDSs).

ASIC considered industry submissions to Consultation 22 – Proposed update to ASIC’s guidance on Product Disclosure Statements (CS 22) and welcomes the support to simplify the guidance.

In updating RG 168, ASIC:

(a) Incorporated further guidance from regulatory guides, which are to be withdrawn, and made references to ASIC relief instruments that stakeholders indicated were useful.

(b) Updated guidance on compliance risks and considerations for PDSs to clarify what happens if the PDS requirements are not met, and

(c) Updated Appendix 1 with ASIC’s guidelines where a PDS claims that labour standards or environmental, social or ethical considerations are considered in investment decisions to refer to further relevant ASIC guidance.

Background

RG 168 provides guidance on preparing a PDS that complies with the requirements in the Corporations Act 2001. It sets out good disclosure principles and explains how ASIC will monitor the use of PDSs and enforce the requirements.

The following guidance has been withdrawn, and guidance incorporated in the updated RG 168:

(a) Information Sheet 94 Notification requirements for Product Disclosure Statements (INFO 94)

(b) Information Sheet 155 Shorter PDSs – Complying with requirements for superannuation products, simple managed investment schemes and simple sub-fund products (INFO 155)

(c) Regulatory Guide 65 Section 1013DA disclosure guidelines (RG 65)

(d) Regulatory Guide 66 Transaction – specific disclosure for PDSs (RG 66)

(e) Regulatory Guide 197 Warrants – Out of use notices (RG 197) and

(f) Regulatory Guide 219 Non-standard margin lending facilities – Disclosure to investors (RG 219)

Source – Official Guidance

Click Here To Read The Full Article

The post [World Corporate Law News] FCA Proposes Rules to Make ESG Ratings More Transparent and Reliable appeared first on Taxmann Blog.

source

Notification No. 166/2025, dated 03-12-2025

The Central Board of Direct Taxes (CBDT) has issued a notification recognising “Shree Balakrishna Lalji & other deities temple,” Bhuleshwar, Mumbai, managed by the Mota Mandir Trust, as a place of historic importance and a place of public worship of renown across the states of Maharashtra and Gujarat.

This notification has been issued for the purposes of Section 80G of the Income-tax Act, 1961.

1. Purpose of the Notification

The recognition allows donors to claim Section 80G tax deductions for contributions made exclusively towards:

• Renovation of the temple, and
• Repair of the temple premises.

Only the specified temple property at Bhuleshwar, Mumbai, is covered under this approval.

2. Monetary Cap on Eligible Donations

The notification includes a specific financial ceiling:

• The 80G benefit will apply only up to ₹50,00,00,000 (Fifty Crore) of aggregate donations received for the renovation or repair.
• Once this limit is reached, the notification will automatically cease to apply.

This ensures that the tax benefit is restricted to the defined quantum of contributions.

3. Validity Period

The notification will remain valid until the earlier of the following:

• The date on which the total eligible donations reach ₹50 crore, or
• 31 March 2030

Whichever occurs first will determine the end of the notification’s effectiveness.

4. Significance

This notification:

• Supports the conservation of a historically important and widely revered temple,
• Enables donors to avail tax benefits for contributing to its restoration,
• Ensures accountability through clear monetary and time-based limits.

Click Here To Read The Full Notification

The post CBDT Notifies Shree Balakrishna Lalji Temple for Section 80G Exemption appeared first on Taxmann Blog.

source

Case Details: Tiffot (P.) Ltd., In re [2025] 180 taxmann.com 826 (AAR-KERALA)

Judiciary and Counsel Details

• Jomy Jacob & Mansur M.I., Member
• Lijose Panikulangara, CA for the Applicant.

Facts of the Case

The applicant, a private company, submitted that it provided comprehensive solid waste management services to a public limited company wholly owned and controlled by the Government of Kerala. The services included collection, storage, segregation, compaction, baling, and transport of non-recyclable plastic for cement kiln co-processing, with disposal. All costs, including manpower, logistics, and fuel, were maintained by the applicant; quantity records were maintained, and periodic reports were submitted along with disposal certificates. It was contended that such services are eligible for exemption. The matter was accordingly placed before the Authority for Advance Ruling (AAR).

AAR Held

The AAR held that the services provided by the applicant constitute solid waste management under Entry 6 of the Twelfth Schedule. As the recipient qualifies as a Governmental Authority performing municipal functions under Article 243W, the supplies are exempt under Entry 3B of Notification No. 12 of 2017, dated 28-06-2017, as amended by Notification No. 13 of 2023, dated 19-10-2023. The Authority noted that the applicant carried out all operational responsibilities, maintained records, and submitted reports under government oversight, confirming that exemption conditions were satisfied. Thus exemption claim was allowed, and any alternative claim was rejected as void ab initio.

List of Cases Referred to

• All India Institute of Medical Sciences, In re [2024] 159 taxmann.com 508/103 GST 546/85 GSTL 109 (AAR – TELANGANA) (para 8.10)
• Mahavir Shamrik & Nirman Swalambi Sahkari Samiti Ltd. v. State of Bihar [2024] 158 taxmann.com 496 (Patna) (para 8.10).

The post Solid Waste Management Services to Govt. Entity Exempt from GST | AAR appeared first on Taxmann Blog.

source

PR No.78/2025, Dated: 02.12.2025

The Securities and Exchange Board of India (SEBI), in collaboration with the Investor Education and Protection Fund Authority (IEPFA), has announced the organisation of the fourth ‘Niveshak Shivir’.

The initiative forms part of the ongoing nationwide effort to assist investors in recovering unclaimed assets and strengthening financial awareness.

1. Event Details

• Date – December 06, 2025
• Time – 10:00 AM to 4:00 PM
• Venue – Swarn Mahal, Vaishali Nagar, Jaipur
• Partners – Market Infrastructure Institutions (MIIs) and Registrar and Transfer Agents (RTAs)

2. Purpose of the Niveshak Shivir

The Shivir is designed to help shareholders and investors resolve issues related to unclaimed securities and incomplete records. Key services available at the event include:

2.1 Transfer of Unpaid Dividends

Facilitating processes for shareholders to reclaim unpaid or unclaimed dividend amounts transferred to the IEPF.

2.2 KYC and Nomination Updates

Assisting investors in updating mandatory KYC information and registering nominees to ensure seamless future transactions.

2.3 Resolution of Pending IEPFA Claims

Providing on-the-spot verification, guidance, and processing support for claims relating to:

• Unclaimed shares
• Unpaid dividends
• Other investor entitlements transferred to the IEPF

3. Support from MIIs and RTAs

The initiative is supported by key Market Infrastructure Institutions and prominent Registrar and Transfer Agents, who will be present to:

• Verify documents
• Facilitate real-time corrections
• Speed up claim resolution
• Provide investor education and assistance

4. Objective and Significance

The Niveshak Shivir aims to:

• Improve investor access to claim settlement mechanisms
• Reduce pendency of IEPF claims
• Promote investor awareness and financial empowerment
• Strengthen ecosystem-wide investor protection efforts

Click Here To Read The Full Press Release

The post SEBI and IEPFA to Hold 4th Niveshak Shivir in Jaipur on 6 Dec 2025 appeared first on Taxmann Blog.

source

Case Details: J M Jain vs. Union of India [2025] 180 taxmann.com 864 (Delhi)

Judiciary and Counsel Details

• Prathiba M. Singh & Shail Jain, JJ.
• J.K. Mittal, Ms Vandana Mittal, Mukesh Choudhary, Mohit & Lalitendra, Advs. for the Petitioner.
• Brijesh Yadav, Avinash Shukla, Priyatam Bhardwaj, Shagan Vaswani, Advs., Dipak Raj & Anurag Ojha, SSC for the Respondent.

Facts of the Case

The petitioner submitted that the Income-tax Department conducted a search at its premises for the relevant period and recovered computer servers, audit books, statutory records, digital devices, and employee communications, followed by recording of statements. It was stated that these materials were later shared with the GST authorities, who thereafter issued a show cause notice (SCN) alleging concealed commission income and GST evasion for FY 2019-20 to 2021-22. It was contended that the SCN was vague and baseless, relied solely on income-tax material without independent GST inquiry. The matter was accordingly placed before the High Court.

High Court Held

The High Court held that documents and statements obtained during an income-tax search may be utilised by the GST authorities for scrutiny, but any presumption arising therefrom under Section 292C of the Income-tax Act, 1961 is rebuttable and cannot, by itself, form the basis of a final assessment under Section 74 of the CGST Act. The Court observed that the SCN in question was accompanied by relied-upon documents, business analysis, special audit findings, statement summaries, and GST computation, and therefore could not be considered vague or lacking particulars. The Court concluded that the challenge was premature, as the petitioner must first reply to the SCN and participate in adjudication, where all objections may be raised.

List of Cases Referred to

• Goa University v. Joint Commissioner of Central GST [2025] 173 taxmann.com 562/96 GSTL 513 (Bombay) (para 15)
• Commissioner of Customs (Imports), Chennai v. Flemingo (DFS) (P.) Ltd. 2010 (251) E.L.T. 348 (Mad.) (para 15)
• Union of India v. Garware Nylons Ltd. 1996 (87) E.L.T. 12 ( SC) (para 15)
• Armour Security (India) Ltd. v. Commissioner, CGST, Delhi East Commissionerate [2025] 177 taxmann.com 478/111 GST 400/101 GSTL 289 (SC) (para 15)
• Surjeet Singh Chhabra v. Union of India 1996 taxmann.com 71/1997 (89) E.L.T. 646 (SC) (para 21)
• P. R. Metrani v. CIT [2006] 157 Taxman 325 (SC) (para 52)
• CIT v. Ashok Kumar Poddar [2023] 156 taxmann.com 285/296 Taxman 171 (Calcutta) (para 54)
• Pepsi Foods (P.) Ltd. v. Asstt. CIT [2014] 52 taxmann.com 220/[2015] 231 Taxman 58 (Delhi) (para 55)
• Pr. CIT v. Himanshu Chandulal Patel [2019] 109 taxmann.com 202/267 Taxman 305 (Gujarat) (para 56)
• CIT v. Kishan Lal (HUF) [2003] 133 Taxman 102/[2002] 258 ITR 359 (Delhi) (para 68)
• Pullangode Rubber Produce Co. Ltd. v. State of Kerala [1973] 91 ITR 18 (SC) (para 68)
• Neela Productions v. CIT [1997] 223 ITR 504 (Kerala) (para 69)
• KMG Wires (P.) Ltd. v. National Faceless Assessment Centre [2025] 179 taxmann.com 565 (Bombay) (para 71)
• Christian Louboutin SAS v. Shoe Boutique [CS (COMM) No. 583 of 2025] (para 72)
• J M Jain v. Union of India [W. P. (C) No. 1206 of 2025] (para 75)
• J M Jain v. Union of India [SLP (C) Nos. 8544 of 2025, dated 7-4-2025] (para 76).

The post CGST SCN Based on Income-Tax Search Valid if Independently Scrutinised | HC appeared first on Taxmann Blog.

source

Case Details: R. Mangaldas Charitable Trust vs. Commissioner of Income-tax (Exemptions) [2025] 180 taxmann.com 190 (Mumbai-Trib.)

Judiciary and Counsel Details

• Rahul Chaudhary, Judicial Member & Vikram Singh Yadav, Accountant Member
• Niraj Seth for the Appellant.
• Umashankar Prasad, CIT-DR for the Respondent.

Facts of the Case

The assessee-trust moved an application in Form 10AB under section 80G(5)(iii), seeking approval under section 80G. The Commissioner (Exemptions) observed that, as per one of the objects of the Trust Deed, the assessee intended to provide financial assistance to students for prosecuting studies in India or abroad.

He thus held that the assessee intended to apply funds outside India and that such financial assistance for studies abroad would result in the application of income outside India. Thus, there would be a violation of the provisions of section 11, and such income would, in effect, be includible in total income. He accordingly rejected the assessee’s application for registration under section 80G.

ITAT Held

On appeal, the Tribunal held that the object clause in the trust deed referred to by the Commissioner (Exemptions) provided for financial assistance for studies in India or abroad. Thus, it didn’t specifically refer to studies abroad. The assessee submitted that such financial assistance would be given in India in Indian Rupees to Indian students for their studies in India or abroad. In the past, it had not provided any financial assistance in foreign currency, nor did it intend to remit any. The assessee also passed a resolution to this effect in the meeting of its trustees and submitted a certified copy thereof along with an affidavit.

Therefore, the assessee has sufficiently explained and substantiated that it intends to provide financial assistance to students for studies in India or abroad, whereby such financial assistance shall be provided in India in Indian rupees. In such a scenario, the application of income will be for educational purposes in India as soon as the assessee releases the funds, which will undoubtedly happen there. The fact that financial assistance so provided will be utilised by students for studies abroad cannot be read and understood as providing financial assistance outside of India.

Thus, there was no justifiable legal and factual basis to deny registration to the assessee-trust.

List of Cases Reviewed

• Jamsetji Tata Trust v. JDIT (Exemptions) [2014] 44 taxmann.com 447 (Mumbai)/[2014] 148 ITD 388 (Mumbai) [Para 19] Followed

List of Cases Referred to

• M.K. Nambyar Saarf Law Charitable Trust v. Union of India [2004] 140 Taxman 616 (Delhi)/[2004] 269 ITR 556 (Delhi) (para 10)
• Foundation for Indo-German Studies v. DIT (Exemptions) [2016] 74 taxmann.com 66 (Hyderabad – Trib.)/[2016] 161 ITD 226 (Hyderabad – Trib.) (para 11)
• National Informatics Centre Services Inc. v. DIT (Exemption) [2017] 88 taxmann.com 878 (Delhi – Trib.) (para 11)
• Sarbat The Bhala Gurmat Mission Charitable Trust v. CIT (Exemptions) Chandigarh [2021] 127 taxmann.com 816/189 ITD 353 (Chandigarh – Trib.) (para 12)
• Jamsetji Tata Trust v. Joint DIT (Exemption) Range -II [2014] 44 taxmann.com 447 (Mumbai)/[2014] 148 ITD 388 (Mumbai) (para 13)
• Sila for Change Foundation v. CIT (Exemption) [2025] 173 taxmann.com 694 (Mumbai – Trib.) (para 14)
• Dy,. DIT v. Foundation for Indian Sporting Talent [IT Appeal Nos. 1489(Bang) of 2013, dated 26-8-2016] (para 14).

The post Trust Providing Financial Aid to Students Eligible for Section 80G Even if Students Study Abroad | ITAT appeared first on Taxmann Blog.

source

Notification No. FEMA 6 (R)/(4)/2025-RB; Dated: 28-11-2025

RBI has issued Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2025, substituting Regulation 8 of the Principal Regulations (2015).

Under the earlier Regulation 8, a person could take or send Indian currency to Nepal or Bhutan only up to Rs. 100 denomination, with a limited proviso permitting travellers to carry Rs. 200/Rs. 500 notes of the Mahatma Gandhi (New) Series up to Rs. 25,000.

Further, the regulation did not expressly impose any citizenship-based restriction. The amended Regulation 8, now statutorily permits persons (other than citizens of Pakistan and Bangladesh) to both take Indian currency to, and bring Indian currency from, Nepal and Bhutan, including notes above Rs. 100 up to an overall limit of Rs. 25,000.

However, individuals travelling from India to Nepal or Bhutan, or travelling to India from Nepal or Bhutan, may carry Indian currency notes of denominations above Rs. 100 up to a consolidated limit of Rs. 25,000.

The amended norms are as follows:

1. Carriage of Indian Currency to Nepal/Bhutan

A person not being a citizen of Pakistan or Bangladesh may:

(a) Take or send Indian currency notes to Nepal or Bhutan (excluding denominations above Rs. 100).

(b) However, individuals travelling from India may carry Indian currency notes of denominations above Rs. 100 up to Rs. 25,000.

2. Bringing Indian Currency from Nepal/Bhutan into India

A person not being a citizen of Pakistan or Bangladesh may:

(a) Bring into India Indian currency notes from Nepal or Bhutan (excluding denominations above Rs. 100).

(b) Individuals travelling to India may carry Indian currency notes of denominations above Rs. 100 up to Rs. 25,000.

3. Movement of Nepalese/Bhutanese Currency

Any person may:

(a) Take out of India to Nepal/Bhutan, or

(b) Bring into India from Nepal/Bhutan

currency notes of Nepal or Bhutan without restriction.

Click Here To Read The Full Notification

The post RBI Bars Pak/Bangladesh Citizens from Carrying Indian Notes to Nepal and Bhutan appeared first on Taxmann Blog.

source