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Notification No. 80/2019 Central Board Of Direct Taxes
October, 18th 2019
                                             MINISTRY OF FINANCE
                                              (Department of Revenue)
                                    (CENTRAL BOARD OF DIRECT TAXES)
                                                  NOTIFICATION
                                         New Delhi, the 15th October, 2019
                                                    INCOME-TAX
        S.O. 3719(E).--In exercise of the powers conferred by clause (v) of proviso to section 194N of the
Income-tax Act, 1961 (43 of 1961), the Central Government, after consultation with the Reserve Bank of
India (RBI), hereby specifies,-
        (a)   the authorised dealer andits franchise agent and sub-agent; and
        (b)   Full-Fledged Money Changer (FFMC) licensed by the Reserve Bank of Indiaand its franchise
              agent;
maintaining a separate bank account from which withdrawal is made only for the purposes of,-
        (i)   purchase of foreign currency from foreign tourists or non-residents visiting India or from
              resident Indians on their return to India, in cash as per the directions or guidelines issued by
              Reserve Bank of India; or





       
(ii) disbursement of inward remittances to the recipient beneficiaries in India in cash under Money Transfer Service Scheme (MTSS) of the Reserve Bank of India; and a certificate is furnished by the authorised dealers and their franchise agentand sub-agent, and the Full- Fledged Money Changers (FFMC) and their franchise agent to the bank that withdrawal is only for the purposes specified above and the directions or guidelines issued by the Reserve Bank of India have been adhered to. Explanation - For the purposes of this notification, "authorised dealer" means a person authorised as an authorised dealer under sub-section (1) of section 10 of the Foreign Exchange Management Act, 1999 (42 of 1999).
2. The notification shall be deemed to have come into force with effect from the 1st day of September, 2019. [Notification No. 80/2019/F. No. 370142/12/2019-TPL (Part 2)] SAURABH GUPTA, Under Secy. (Tax Policy & Legislation Division) Explanatory Memorandum : It is certified that no person is being adversely affected by giving retrospective effect to this notification. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.
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