Submission of PAN Made Mandatory For LRS
The Reserve Bank of India (“RBI”) via a circular dated June 19, 2018 has held that the furnishing of Permanent Account Number (PAN), which hitherto was not to be insisted upon while putting through permissible current account transactions of up to USD 25,000, shall now be mandatory for making all remittances under the Liberalised Remittance Scheme (“LRS”). Further, in the context of remittances allowed under LRS for maintenance of close relatives, it has been decided to align the definition of ‘relative’ with the definition given in Companies Act, 2013 instead of now defunct Companies Act, 1956.
NSDC to Collaborate With World Bank For Skills Platform
The Ministry of Skill Development and Entrepreneurship, under the Skill India campaign launched by Prime Minister Narendra Modi in 2015, formed the National Skill Development Corporation (“NSDC”). NSDC will now collaborate with the World Bank to make a National Skills Data platform (“Platform”) in order to create a common database of all skilling data across sectors, gender, social, and geographic landscape on this Platform.