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TP - If BAPA fixes arm's length operating margin for IT and ITES transactions with covered US-based AEs, and transaction with uncovered non-US AE is undisputedly identical on FAR analysis, same BAPA margin can be adopted for uncovered AE as well: ITAT (See Breaking News)

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Exchange facility to foreign citizens By TII Jan 13, 2017 , New Delhi
A P (DIR Series) CIRCULAR NO 24/RBI., Dated: January 3, 2017 Exchange facility to foreign citizens Attention of Authorized Persons is invited to the A.P. (DIR Series) Circular No. 20 dated November 25, 2016 permitting foreign citizens to exchange foreign exchange for Indian currency notes up to a limit of Rs 5000/- per week till December 15, 2016 and extended up to December 31, 2016 vide A.P. (DIR Series) Circular No. 22 dated December 16, 2016. 2. On a review it has been decided that the instructions contained in the A.P. (DIR Series) Circular No. 20 dated November 25, 2016 shall continue to be in force till January 31, 2017. 3. Authorised Persons may follow the above instructions and bring the contents of this circular to the notice of their constituents. 4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law. RBI/2016-17/208 (Shekhar Bhatnagar) Chief General Manager-In-Charge

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