Exchange regulation Bill to cover foreign banks

August 28, 2023 04:25 am | Updated 04:25 am IST

Ne Delhi, Aug. 27: The Finance Minister, Mr. Y.B. Chavan, said in the Lok Sabha to-day that the Foreign Exchange Regulation Bill would be “applicable to the foreign banks also, not in the same way as other foreign companies but so far as foreign exchange operations are concerned.” Replying to the debate on the Foreign Exchange Regulation Bill, which was later passed by the House, Mr. Chavan said that nationalised banks were doing only 30 per cent of the foreign exchange business. He said evasion of income-tax by foreign companies was taken care of by the Reserve Bank of India and the Department of Income-tax. The Bill aims at consolidating the law regulating certain payments, dealings in foreign exchange and securities, transactions indirectly affecting foreign exchange and the import and export of currency and bullion for the conservation of the foreign exchange resources and the proper utilisation thereof in the interests of the economic development of the country. The House accepted seven official amendments in Clause 28 of the Bill restricting permission of any trade mark to be used by any person or company for any direct or indirect consideration, without the permission of the Reserve Bank. All other Opposition and Congress amendments were either withdrawn or rejected by the House.

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