Vide its Circular no. RBI/2011-12/626 A.P. (DIR Series) Circular No. 137 dated June 28, 2012, the Reserve Bank has notified changes in the FDI policy to allow FIIs to invest up to 23 percent in commodity exchanges without seeking its prior approval.
These changes were approved by the Department of Industrial policy and Promotion (DIPP) on April 10, 2012.
In order to streamline the procedures to boost foreign investment into the country, the DIPP comes out with a consolidated FDI circular every year. The next circular would be released on 29 March, 2013.
RBI had made certain other procedural changes in the circular and incorporated announcements made with regard to 100 percent FDI in single brand and relaxation of guidelines for pharmaceutical sector.
Refund is an integral part of Goods and Service Tax law since it is the government reimbursement of taxes to a taxpayer. Thus, the taxpayer as well as the refund authorities have to be fully acquai More
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