Amendment in Foreign Contribution (Regulation) Amendment Rules, 2011 -Rule 15, insertion of rule 6A and substitution of rule 24: Vide Notification No. GSR 292(E), dated April 12, 2012, the Foreign Contribution (Regulation) Amendment Rules, 2012 have been brought into force. The Amendment Rules make the following amendments in the Foreign Contribution (Regulation) Rules, 2011:
1. Insertion of Rule 6A: This Rule provides that any article gifted to a person for his personal use whose market value in India on the date of such gift does not exceed rupees twenty-five thousand shall not be a foreign contribution.
2. In the Rule 15, in sub-rule (1), for the words "banking authority", the word "bank" shall be substituted.
3. A new Rule prescribing for the procedure for transferring foreign contribution to any unregistered person to substitute the original Rule 24.
Recently, in a landmark judgment by the Supreme Court in the case of Bank of Baroda v. Kotak Mahindra Bank, the Apex Court has determined over the limitation period applicable for executing a forei More
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