{"id":221388,"date":"2019-10-22T19:00:12","date_gmt":"2019-10-22T13:30:12","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=221388"},"modified":"2019-10-22T18:19:10","modified_gmt":"2019-10-22T12:49:10","slug":"cbdt-exempts-cash-withdrawal-by-authorised-dealer-and-its-franchise-agent-and-sub-agent-and-full-fledged-money-changer-licensed-by-rbi","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/10\/22\/cbdt-exempts-cash-withdrawal-by-authorised-dealer-and-its-franchise-agent-and-sub-agent-and-full-fledged-money-changer-licensed-by-rbi\/","title":{"rendered":"CBDT exempts cash withdrawal by authorised dealer and its franchise agent and sub-agent, and Full-Fledged Money Changer licensed by RBI"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>S.O. 3719(E).\u2014<\/strong>In exercise of the powers conferred by clause (v) of proviso to Section 194 N of the Income-tax Act, 1961 (43 of 1961), the <strong>Central Government, after consultation with the Reserve Bank of India (RBI), hereby specifies,-<\/strong><\/p>\n<p style=\"text-align: justify;\">(a) the authorised dealer and its franchise agent and sub-agent; and<\/p>\n<p style=\"text-align: justify;\">(b) Full-Fledged Money Changer (FFMC) licensed by the Reserve Bank of India and its franchise agent;<\/p>\n<p style=\"text-align: justify;\">maintaining a separate bank account from which withdrawal is made only for the purposes of,-<\/p>\n<p style=\"text-align: justify;\">(i) purchase of foreign currency from foreign tourists or non-residents visiting India or from resident Indians on their return to India, in cash as per the directions or guidelines issued by Reserve Bank of India; or<\/p>\n<p style=\"text-align: justify;\">(ii) disbursement of inward remittances to the recipient beneficiaries in India in cash under Money Transfer Service Scheme (MTSS) of the Reserve Bank of India;<\/p>\n<p style=\"text-align: justify;\">and a certificate is furnished by the authorised dealers and their franchise agent and sub-agent, and the Full Fledged Money Changers (FFMC) and their franchise agent to the bank that withdrawal is only for the purposes specified above and the directions or guidelines issued by the Reserve Bank of India have been adhered to.<\/p>\n<p style=\"text-align: justify;\">Explanation &#8211; For the purposes of this notification, \u201cauthorised dealer\u201d means a person authorised as an authorised dealer under sub-section (1) of Section 10 of the Foreign Exchange Management Act, 1999 (42 of 1999).<\/p>\n<p style=\"text-align: justify;\">2. The notification shall be deemed to have come into force with effect from the 1st day of September, 2019.<\/p>\n<hr \/>\n<p><strong>Reserve Bank of India<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Notification dt. 15-10-2019]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.O. 3719(E).\u2014In exercise of the powers conferred by clause (v) of proviso to Section 194 N of the Income-tax Act, 1961 (43 <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[38014,38015,38013,38012,38017,38016],"class_list":["post-221388","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-notifications","tag-authorised-dealer","tag-franchise-agent","tag-full-fledged-money-changer","tag-section-194-n-of-income-tax-act","tag-separate-bank-account","tag-sub-agent"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CBDT exempts cash withdrawal by authorised dealer and its franchise agent and sub-agent, and Full-Fledged Money Changer licensed by RBI | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Profits and\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"CBDT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":226647,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/06\/rbi-notifies-foreign-exchange-management-foreign-exchange-derivative-contracts-first-amendment-regulations-2020\/","url_meta":{"origin":221388,"position":3},"title":"RBI Notifies &#8212; Foreign Exchange Management (Foreign Exchange Derivative Contracts) (First Amendment) Regulations, 2020","author":"Bhumika Indulia","date":"March 6, 2020","format":false,"excerpt":"The Foreign Exchange Management (Foreign Exchange Derivative Contracts) (First Amendment) Regulations, 2020. Reserve Bank of India notifies Foreign Exchange Management (Foreign Exchange Derivative Contracts) (First Amendment) Regulations, 2020. 2. Amendments i. In para 2 (Definitions) of the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 (Notification No. FEMA 25\/RB-2000\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":84672,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/09\/sbi-being-an-agent-of-rbi-is-not-liable-to-purchase-tax-for-replenishment-licences-or-exim-scrips-taken-as-a-participant-in-the-process-of-cancellation\/","url_meta":{"origin":221388,"position":4},"title":"SBI, being an agent of RBI, is not liable to purchase tax for replenishment licences or Exim scrips taken as a participant in the process of cancellation","author":"Prachi Bhardwaj","date":"November 9, 2016","format":false,"excerpt":"Supreme Court: Deciding the question as to whether the State Bank of India (SBI) and its branches, which are registered dealers under the Bengal Finance (Sales Tax) Act, 1941 would be liable to levy of purchase tax under Section 5(6a) of the Act for accepting the Exim Scrips (Export Import\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/DSC_5487.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/DSC_5487.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/DSC_5487.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/DSC_5487.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/DSC_5487.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/DSC_5487.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":83301,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/01\/the-prohibition-of-benami-property-transactions-rules-2016-notified\/","url_meta":{"origin":221388,"position":5},"title":"The Prohibition of Benami Property Transactions Rules, 2016, notified","author":"Saba","date":"November 1, 2016","format":false,"excerpt":"G.S.R. 1004(E).\u2014In exercise of the powers conferred by Section 68 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988), the Central Government hereby makes the following rules, namely:- 1. Short title and commencement.\u2014\u00a0(1) These rules may be called the Prohibition of Benami Property Transactions Rules, 2016. 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