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Voluntary Retention Route (VRR) for foreign portfolio investments (FPI) in debt securities

Global Tax Update : April 2019 / India

The Reserve Bank of India (RBI) has notified the VRR guidelines vide its circular dated 1 March 2019. The investment limits prescribed under VRR are in addition to the existing limits prescribed for FPI investments in debt securities. Further, the investments made under VRR will not be subject to the regulatory restrictions currently applicable to FPI investments in debt securities like residual maturity conditions, concentration limits or single / group investor-wise limits.

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This newsletter explains the following topics;

  1. Voluntary Retention Route (VRR) for foreign portfolio investments (FPI) in debt securities
  2. Review of investment by FPI in debt securities
  3. Royalty – Industry average rate as CUP
  4. False verification of return and false statement on oath in relation to foreign assets can lead to prosecution charges being framed
  5. Allowances are in nature of pay and need to be considered for PF purposes, rules Supreme Court

 

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* This Article is based on the relevant Japanese or specific country’s tax law and other authorities in effect on the date of this Article. This Article would not be guaranteed updating if there are any changes in Japanese tax law, any other law, or interpretations by the courts or tax authorities thereof after the date of this Article.

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