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Foreign Currency

Interest on Foreign Currency Loan to AE at Rate Higher Than Internal CUP is at Arm’s Length: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), NewDelhi, held that interest on foreign currency loan to Associated Enterprises(AE) at a rate higher than...

Prior Testimony Inadmissible Without Proving Witness Unavailability: Delhi HC Upholds Acquittal in...

RBI Issues Draft Circular on Unique Transaction Identifier for OTC Derivative Transactions in India

RBI Amends FEMA Regulations to allow Exporters to Hold Foreign Currency Accounts in IFSCs [Read...

RBI Enables Retail Access to FX-Retail Platform via Bharat Connect: Pilot Launched with Axis, SBI,...

Foreign Currency Derivative Losses Allowed as Business Expenditure: ITAT quashes Revisionary Income Tax Order [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad, has quashed a revisionary order passed under Section 263 of the Income Tax Act, 1961, by the Principal Commissioner of Income Tax. The Tribunal...

RBI Permits Standalone Primary Dealers to Participate in Non-Deliverable Rupee Derivative Markets [Read Circular]

The Reserve Bank of India (RBI) issued notification dated September 22, 2025. In this notification, the central bank announced a significant policy change permitting Standalone Primary Dealers ...

NFRA Issues Notices to IndusInd Bank Auditors Over Suspected Accounting Irregularities

The National Financial Reporting Authority (NFRA) has issued notices to both current and former auditors of IndusInd Bank. This action comes amid ongoing concerns over suspected accounting...

Know Your Currency: In-Depth Look at the ₹50 Note

August 2017, the Reserve Bank of India (RBI) unveiled the new ₹50 banknote as part of the Mahatma Gandhi (New) Series. Vibrant in its fluorescent blue hue and featuring intricate security and...

Service Tax under RCM not Leviable on Bank Charges Paid to Foreign Banks: CESTAT [Read Order]

The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that bank charges paid to foreign banks are not liable to service tax under the reverse charge...

Finance Ministry Revises Customs Tariff Values for Palm Oil, Soya Bean Oil, Gold and Silver, and Areca Nuts [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) under the Ministry of Finance issued Notification No. 13/2025-Customs (N.T.), dated March 13, 2025, updating the tariff values for imported...

Finance Ministry - Revised Customs Tariff Values - Customs Tariff Values for Palm Oil - TAXSCAN

ITAT Directs TPO to apply LIBOR Rate for Interest on Foreign Currency Receivables [Read Order]

In a recent ruling, the Bengaluru bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Transfer Pricing Officer ( TPO ) to apply the LIBOR rate for calculating interest on foreign...