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Representation to Finance Ministry & Financial Institutions  » FEMA'99 Anomalies- our submission to Hon.Finance Minister - Year 2000

 FEMA,1999 – ANOMALIES & REMEDIAL SUGGESTIONS

Pg. 4
INCOME TAX ACT, 1961 – ANOMALIES AND REMEDIAL SUGGESTIONS
The following sections of Income Tax Act, 1961 continue to incorporate / refer to the provisions of Foreign Exchange Regulations Act, 1947 and Foreign Exchange Regulations Act, 1973.

Sr No
Section
Explanation
Regarding
Act
1
10 ( 4 ) ( ii )
 
Exemption of interest from NR(E) / FCNR(B) Account
FERA 1973
2
10 ( 4 )(B)
 
Granting exemption on interest from saving certificates
FERA 1973
3
10 ( 15 ) ( g )
Explanation
Granting exemption on foreign currency borrowings by a company providing long term housing finance.
FERA 1973
4
10 A (9)
2 ( ii )
Defining “convertible foreign exchange”
FERA 1973
5
10 B (9)
2 ( ii )
Defining “convertible foreign exchange”
FERA 1973
6
43 A (i)
1 ( b )
Defining “foreign currency” and “Indian currency”
FERA 1947
7
48 (ii)
( I )
Defining “foreign currency”
FERA 1973
8
80 HHB (2)
( a )
Defining “convertible foreign exchange”
FERA 1973
9
80 HHB (3)
( iii )
Defining “convertible foreign exchange”
FERA 1973
10
80 HHC (4B)
( a )
Defining “convertible foreign exchange”
FERA 1973
11
80 HHD (7)
( a )
Defining “travel agent”
FERA 1973
12
80 HHD (7)
( d )
Defining “Authorised dealer”, “foreign exchange” and “Indian currency”
FERA 1973
13
80 RRA (2)
( a )
Defining “foreign currency”
FERA 1973
14
115 AB
( c )
Defining “foreign currency”
FERA 1973
15
115 C
( a )
Defining “convertible foreign exchange”
FERA 1973
16
138 (1) (a)
( I )
Defining officer, authority, or body
FEMA 1947
17
196 A (2)
 
As regards Deduction from income in respect of units of non residents
FERA 1973
18
196 A (2)
( a )
Defining “foreign currency”
FERA 1973
19
204 (iia)
 
Referring to Non Resident External Account
FERA 1973
20
204
(b)
Defining “Authorised dealer “
FERA 1973



WEALTH TAX ACT, 1957 – ANOMALIIES AND REMEDIAL SUGGESTIONS
 The following sections of Wealth Tax Act, 1957 continue to incorporate / refer to the provisions of Foreign Exchange Regulations Act, 1947 and Foreign Exchange Regulations Act, 1973.

Sr No
Section
Explanation
Regarding
Act
1 (v)
5
( 2 )
Referring to exemption to balance held in Non Resident External Account
FERA 1973
2
6
( 1A )
Referring to “Person Resident Outside India”
FERA 1973