Page 11 - Banking Finance December 2022

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I-T dept attaches proper- The development comes against the download of data or software, if ag-
backdrop of the mechanism to settle gregate payments from such transac-
ties worth Rs. 18,400 crore
international trade transactions in the tions exceed a prescribed amount, or
under Benami Act rupee which was unveiled by the Re- if a multinational's interaction is with
The Income Tax Department has at- serve Bank of India (RBI) in July. Given a prescribed number of users.
the government's push towards the
tached assets worth over Rs. 18,400
internationalisation of the rupee,
crore till July 21, 2022, under Benami Centre aims to finish
these policy amendments shall help
Transaction Prohibition Act. However, it Rs.5trillion stalled projects
does not have segregated data for ease international trade transactions in
Even as new infrastructure projects
transaction made before and after Oc- the domestic currency.
keep getting announced, the Centre
tober 24, 2016, when the amendment
has turned the spotlight on projects
Act came into force and the cut-off Common ITR form with
falling behind for decades and ensure
date set by the Supreme Court for a bar
focus on crypto likely their completion by the end of this fis-
on criminal/confiscation proceedings.
The Central Board of Direct Taxes cal year. The Centre's think tank NITI
The information was in response to an Aayog has shortlisted 494 projects
(CBDT) has proposed a new common
RTI, to elicit details about action un- worth Rs. 5.66 trillion for completion
income-tax return (ITR), with greater
der the Act and also on details regard-
focus on disclosing income from virtual by March 2023, has learnt.
ing offences prior to October 26, 2016
digital assets or crypto assets and for-
and later.
eign equity and debt instruments held UPI payments up 8% at
by resident Indians.
Centre allows export in- 730crore
For non-resident Indians, the draft ITR UPI transactions in India surged 7.7
centives for those settling
seeks exhaustive details ranging from per cent to 730 crore and the total
trade in rupee nature of business, permanent estab- value stood at more than Rs 12.11 lakh
The Centre amended the foreign trade lishment (PE), business connection, crore in October from 678 crore worth
policy (FTP) to enable traders to claim whether the entity has significant eco- Rs 11.16 lakh crore in September.
export benefits even if payment is nomic presence (SEP) in India, along
The number of instant interbank fund
settled in the rupee. So far, export in- with the number of users in India. transfer through IMPS (Immediate
centives were available only when the
The ITR protocol for NRIs could widen Payment Service) in October stood at
trade was settled in a foreign currency. the scope of the SEP principle that was 48.25 crore and the value was at Rs
The amendments by the Directorate introduced in the Finance Bill 2018-19, 4.66 lakh crore. In terms of transac-
General of Foreign Trade (DGFT) came and the explicitly defined 'business tions, it was higher by 4.3 per cent
into force with immediate effect. connection' to include provision of compared to September, reported PTI

BANKING FINANCE | DECEMBER | 2022 | 11