VittSphere ONE Calculators Blog CA Prabhakar Kumar · FCA · ICAI 560762
Calculators Blog Handle my notice
Case law › Notifications › 2019 › Notification No. 80/2019 [F.No. 370142/12/2019-TPL (Part 2)] / SO 3719(E)
Notification 15 October 2019

Notification No. 80/2019 [F.No. 370142/12/2019-TPL (Part 2)] / SO 3719(E)

Ministry of Finance

What this is

Notification No. 80/2019 [F.No. 370142/12/2019-TPL (Part 2)] / SO 3719(E) was published on 15 October 2019. Its subject is Ministry of Finance.

This notifies a named person, body, fund or instrument for the purpose of a provision. Nothing in it changes the provision itself.

The provisions it speaks to

Left, the provision of the Income-tax Act, 1961 as the instrument itself names it. Right, the section of the Income-tax Act, 2025 that the department’s own concordance maps it to — which is where the same ground is now covered.
Under the 1961 ActNow
s.10s.11, s.19
s.194Ns.393, s.400

The instrument, as the Board published it

The department publishes this one only as a PDF, so the words below were read out of that PDF by machine. That reading can carry its own mistakes — a misread number, a broken line. Check the signed document before you rely on a figure in it.

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 FullFledged 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.

On the same provision

Other instruments in this library that name the same provision of the 1961 Act. They are not necessarily still operative, and a later one may have replaced an earlier one without saying so.

← Notification No. 83/2019 [F.No.178/16/2016-ITA-I] / SO 3771(E)  ·  Notification No. 79/2019 [F.No. 285/21/2019-IT(Inv.V) CBDT] / SO 3676(E) →

What a notification is. A notification is made under a power the Act itself gives, and within that power it is law — unlike a circular, which only binds the department. Its reach is the reach of the enabling provision and no wider, and the date it carries decides from when it works.

Source: the Income Tax Department’s own published text — its page for this instrument.