Press release
Reserve Bank of India Reduces Validity Period for Checks, Pay Orders
Currently, bankers in India are allowed to make payment of checks and drafts within a period of six months from the date of the instrument.
The Reserve Bank of India in the interest of banking policy and public interest has ruled that banks will not honor checks, drafts, pay orders and banker's checks which are presented beyond a period of three months from the date of the instrument.
Indian High Court rules Goods Supplied to Exclusive Economics Zones (EEZ) are tax free
(Sunnyvale, CA) - The High Court of the western Indian state of Gujarat has ruled that the supply of goods to an offshore installation located in exclusive economic zone is not subject to sales tax, including central sales tax.
An EEZ, which is beyond 12 nautical miles to 200 nautical miles will not be subject to sales tax, including central sales tax, since the EEZ is not part of the territory of India and cannot be considered as an inter-state sale.
The Court issued this judgment in the case of Larsen & Toubro v. Union of India (Gujarat High Court) where the High Court examined the provisions in the Maritime Zones of India Act, 1976 (MZA) and observed that India had no control over the EEZ and hence the Gujarat VAT authorities could not demand tax under the CST (Central Sales Tax) Act.
Please call or email for more details.
About Nair & Co.
Nair & Co. provides you with your one touch outsourced finance, internal audit compliance, HR and legal department for your international operations. If you are expanding abroad for the first time, our turnkey solution will help you do so with minimal risk, stress and cost. We currently support more than 1000+ client operations in over 50 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at www.nair-co.com
Nandita Verma
Nair & Co.
nandita.verma@nair-co.com
408-515-9048
Nair & Co., 1250 Oakmead Parkway, Suite 210
Sunnyvale, CA 94085 United States
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