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Home Bare Acts Phrase: currencyIncome Tax Act, 1961 Section 43A
Title: Special Provisions Consequential to Changes in Rate of Exchange of Currency
State: Central
Year: 1961
.....cost of the asset as defined in clause (1) of section 43; or (ii) the amount of expenditure of a capital nature referred to in clause (iv) of sub-section (1) of section 35; or (iii) the amount of expenditure of a capital nature referred to in section 35A; or (iv) the amount of expenditure of a capital nature referred to in clause (ix) of sub-section (1) of section 36; or (v) the cost of acquisition of a capital asset (not being a capital asset referred to in section 50) for the purposes of section 48, and the amount arrived at after such addition or deduction shall be taken to be the actual cost of the asset or the amount of expenditure of a capital nature or, as the case may be, the cost of acquisition of the capital asset as aforesaid: Provided that where an addition to or deduction from the actual cost or expenditure or cost of acquisition has been made under this section, as it stood immediately before its substitution by the Finance Act, 2002, on account of an increase or reduction in the liability as aforesaid, the amount to be added to, or, as the case may be, deducted under this section from, the actual cost or expenditure or cost of acquisition at the time.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115AC
Title: Tax on Income from Bonds or Global Depository Receipts Purchased in Foreign Currency or Capital Gains Arising from their Transfer
State: Central
Year: 1961
.....asset, being bonds or shares referred to in clause (b) of sub-section (1). (4) It shall not be necessary for a non-resident to furnish under sub-section(1) of section 139 a return of his income if (a) his total income in respect of which he is assessable under this Act during the previous year consisted only of income referred to in clause (a) of sub-section (1) ; and (b) the tax deductible at source under the provisions of Chapter XVIIB has been deducted from such income. (5) Where the assessee acquired shares or bonds in an amalgamated or resulting company by virtue of his holding shares or bonds in the amalgamating or demerged company, as the case may be, in accordance with the provisions of sub-section (1), the provisions of the said sub-section shall apply to such shares or bonds. 2. Substituted for dividends by the Finance Act, 2003, with effect from 1st April, 2004. Earlier, the expression other than dividends referred to in section 115-O was omitted by the Finance Act, 2002, with effect from 1st April, 2003. 3. Substituted for re-issued by the Finance Act, 2002, with effect from 1st April, 2002. 4. Omitted by the Finance Act, 2002, with effect from 1st.....
View Complete Act List Judgments citing this sectionIndustrial Reconstruction Bank of India Act, 1984 Section 23
Title: Loans in Foreign Currency
State: Central
Year: 1984
.....in India at the time of repayment of such loan or advance. (4) Any loss or profit in connection with any borrowing of foreign currency under sub-section (1), for the purpose of granting loans and advances under this Act, or with its repayment to the concerned foreign lending agency, on account of any fluctuations in the rate of exchange accruing -- (a) during the period within which the loan or advance is repayable by the industrial concern or the period of actual repayment thereof by the concern, whichever is longer, shall be reimbursed by, or paid to, as the case may be, the recipients of such loans and advances; (b) after the expiry of the period specified in clause (a),-- (i) shall be borne by the Reconstruction Bank in respect of normal market fluctuations in foreign exchange; (ii) shall be reimbursed by, or paid to, as the case may be, the Central Government in respect of fluctuations other than the normal market fluctuations in foreign exchange. Explanation.-- If any question arises as to whether any fluctuation as aforesaid is a normal fluctuation or not, the same shall be decided by the Central Government whose decision thereon shall be final.
View Complete Act List Judgments citing this sectionSmall Industries Developement Bank of India Act, 1989 Section 19
Title: Loans in Foreign Currency
State: Central
Year: 1989
..... (4) Unless otherwise provided by the Central Government, any loss or profit in connection with any borrowing of foreign currency under sub-section (1) for the purpose of granting loans and advances under this Act, or with its repayment to the concerned foreign lending agency, on account of any fluctuations in the exchange accruing-- (a) during the period within which the loan or advance is repayable by the industrial concern in the small-scale sector or the period of actual repayment thereof by the concern, whichever is longer, shall be reimbursed by, or paid to, as the case may be, the recipient of such loans and advances; (b) after the expiry of the period specified in clause (a),-- (i) shall be borne by the Small Industries Bank in respect of normal market fluctuations in the rate of foreign exchange; (ii) shall be reimbursed by, or paid to, as the case may be, the Central Government in respect of fluctuations other than the normal market fluctuations in foreign exchange. Explanation.--If any question arises as to whether any fluctuation as aforesaid is a normal market fluctuation or not, the same shall be decided by the Central Government whose decision.....
View Complete Act List Judgments citing this sectionNational Bank for Agriculture and Rural Development Act, 1981 Section 20
Title: Borrowings in Foreign Currency
State: Central
Year: 1981
.....of the Central Government and in consultation with the Reserve Bank, foreign currency from any bank or financial institution in India or elsewhere, for granting loans and advances or for utilising such currency for any other purpose specified under the provisions of this Act.] ________________________ 1. Substituted by National Bank For Agriculture And Rural Development (Amendment) Act, 2000 (55 of 2000). Prior to substitution it read as under: "20 . Borrowings in foreign currency. -- (1) Notwithstanding anything contained in the Foreign Exchange Regulation Act, 1973, or in any other law for the time being in force relating to foreign exchange the National Bank may borrow with the previous approval of the Central Government and in consultation with the Reserve Bank, foreign currency from any bank or financial institution in India or elsewhere. (2) The Central Government may guarantee loans taken by the National Bank under sub-section (1) as to the repayment of principal and the payment of interest thereon and other incidental charges."
View Complete Act List Judgments citing this sectionAgricultural Refinance and Development Corporation Act 1963 Section 21
Title: Loans in Foreign Currency
State: Central
Year: 1963
(1) Notwithstanding, anything contained in the Foreign Exchange Regulation Act, 1947 (7 of 1947), or in any other law for the time being in force relating to foreign exchange, the Corporation may, for the purpose of granting loans and advances to eligible institutions, borrow, with the previous consent of the Central Government, foreign currency from any bank or financial institution in India or elsewhere. (2) The Central Government may guarantee loans taken by the Corporation under sub-section (1) as to the repayment of principal and the payment of interest thereon and other incidental charges. (3) All loans and advances made to eligible institutions out of foreign currency borrowed under sub-section (1) shall be granted in Indian currency and shall be repayable by such institutions in Indian currency. (4) Any loss occurring or profit accruing in connection with any borrowing of foreign currency under sub-section (1) for the purpose of granting loans or advances to any eligible institution or its repayment, on account of any fluctuations in the rates of exchange shall be reimbursed by, or paid to, the eligible institution.
View Complete Act List Judgments citing this sectionReserve Bank of India Act, 1934 (2 of 1934) Section 39
Title: Obligation to Supply Different Forms of Currency
State: Central
Year: 1934
(1) The Bank shall issue rupee coin on demand in exchange for bank notes and currency notes of the Government of India and shall issue currency notes or bank notes on demand in exchange for coin which is legal tender under the Indian Coinage Act, 1906 (3 of 1906). (2) The Bank shall, in exchange for currency notes or bank notes of 1 [two] rupees or upwards, supply currency notes or bank notes of lower value or other coins which are legal tender under the Indian Coinage Act, 1906 (3 of 1906), in such quantities as may, in the opinion of the Bank, be required for circulation; and the 2 [Central Government] shall supply such coins to the Bank on demand. If the 2 [Central Government] at any time fails to supply such coins, the Bank shall be released from its obligations to supply them to the public. ________________________ 1. Substituted by Act 62 of 1948, section 7 and Schedule, for "five" (w.e.f. 1-1-1949). 2. Substituted by the India and Burma (Burma Monetary Arrangements) Order, 1937, for "Governor-General in Council".
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115ACA
Title: Tax on Income from Global Depository Receipts Purchased in Foreign Currency or Capital Gains Arising from their Transfer
State: Central
Year: 1961
.....realising value addition ; (c) information technology software means any representation of instructions, data, sound or image, including source code and object code, recorded in a machine readable form and capable of being manipulated or providing inter-activity to a user, by means of an automatic data processing machine falling under heading information technology products but does not include non-information technology products ; (d) Overseas Depository Bank means a bank authorised by the issuing company to issue Global Depository Receipts against issue of Foreign Currency Convertible Bonds or ordinary shares of the issuing company.] __________________________ 1. Inserted by the Finance Act, 1999, with effect from 1st April, 2000. 2. Substituted by the Finance Act, 2001, with effect from 1st April, 2001. Prior to substitution, sub-section (1) stood as under : (1) Where the total income of an assessee, being an individual, who is a resident and an employee of an Indian company engaged in information technology software and information technology services (hereafter in this section referred to as the resident employee), includes (a) income by way of dividends,.....
View Complete Act List Judgments citing this sectionIndian Stamp Act, 1899 Section 20
Title: Conversion of Amount Expressed in Foreign Currencies
State: Central
Year: 1899
(1) Where an instrument is chargeable with ad valorem duty in respect of any money expressed in any currency other than that of1[India] such duty shall be calculated on the value of such money in the currency of1[India] according to the current rate of exchange on the day of the date of the instrument. (2) The Central Government may, from time to time by notification in the Official Gazette, prescribe a rate of exchange for the conversion of British or any foreign currency into the currency of1[India] for the purposes of calculating stamp-duty, and such rate shall be deemed to be the current rate for the purposes of sub-section (1). _____________________ 1. Substituted by Act 43 of 1955, Section 2, for "the States" w. e. f. 1-4-1956.
View Complete Act List Judgments citing this sectionForeign Contribution (Regulation) Act, 1976 Section 12
Title: Power to Prohibit Payment of Currency Received in Contravention of the Act
State: Central
Year: 1976
Where the Central Government is satisfied, after making such inquiry as it may deem fit, that any person has in his custody or control any article or currency, whether Indian or foreign, which has been accepted by such person in contravention of any of the provisions of this Act, it may, by order in writing, prohibit such person from paying, delivering, transferring or otherwise dealing with, in any manner whatsoever, such article or currency save in accordance with the written orders of the Central Government and a copy of such order shall be served upon the person so prohibited in the prescribed manner, and there upon the provisions of sub-sections (2), (3), (4) and (5) of section 7 of the Unlawful Activities (Prevention) Act, 1967 (17 of 1967) shall, so far as may be, apply to, or in relation to, such article or currency and references in the said sub-sections to moneys, securities or credits shall be construed as references to such article or currency.
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