Monday 30 November 2015

LAUNCH OF TAX OF INDIA

Dear Patrons,




Today I am  bringing the income tax knowledge sharing in more professional platform under the




brand of   TAX OF INDIA.




The link of the website is given below.


https://taxofindia.wordpress.com/




Regards,




Taxbymanish






ONLINE CA/CPT COURSES VIDEO

One of my friend has created this wonderful simple course for CA CPT. You can share this with your someone who is in class 11 or 12 or doing CPT.

Below are Video links for CPT Video course.

Subscribe to our YouTube Channel 

Accounts by Sheela Madam

Law by Bharat Sir 

Micro by Bharat Sir  

Macro by Bharat Sir 

Maths by Anand Sir


Notes are available at www.meraskill.com 
Happy Learning ! Share with your Friends who are appearing for CPT Exam.

Monday 23 November 2015

RBI issues notifications permitting foreign investments in Indian investment vehicles

In furtherance of the Government’s intent to attract foreign investments in India, the Reserve Bank of India (RBI) has issued a notification allowing foreign investments in investment vehicles regulated, inter alia, by the Securities and Exchange Board of India including Real Estate Investment Trusts, Infrastructure Investment Trusts and Alternative Investment Funds (Investment Vehicles).

The notification paves the way for foreign investors to invest in the Investment Vehicles under the automatic route and be treated as domestic investments subject to meeting stipulated conditions.

Three Imp Verdicts On Binding Nature Of CBDT Circulars + Transfer Pricing Law + Taxability Of Shares Gains As STCG vs. Biz Profits


Spentex Industries Ltd vs. CCE (Supreme Court)


CBDT & Govt are bound by their own interpretation of a statutory provision. Principle of "contemporanea expositio" explained. The word "or" can be interpreted as "and" if the former leads to unintelligible and absurd results

It is to be borne in mind that it is the Central Government which has framed the Rules as well as issued the notifications. If the Central Government itself is of the opinion that the rebate is to be allowed on both the forms of excise duties the government is bound thereby and the rule in-question has to interpreted in accord with this understanding of the rule maker itself. Law in this respect is well settled and, therefore, it is not necessary to burden this judgment by quoting from various decisions

 

Knorr-Bremse India Pvt. Ltd vs. ACIT (P&H High Court)


Rule 10A(d): Law on when multiple transactions can be regarded as a single composite transaction for determining arm’s length price explained. Fact that a transaction results in a profit or a loss has no bearing on whether it is at arm’s length price

The answer to the issue whether a transaction is at an arm’s length price or not is not dependent on whether the transaction results in an increase in the assessee’s profit. A view to the contrary would cause considerable

RELATED PARTY TRANSACTIONS

The Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations 2015 was notified on 2nd September 2015 and will come into force from 1st December 2015. However, Regulation 31A of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 came into force on 2nd September 2015 on publication of these regulations along with sub – regulation (4) of Regulation 23. In last post here, we discussed Regulation 31A and in this post we will discuss Regulation 23.

Whether if assessee makes cheque payment to one 'M' who in turn pays in cash to buy land in his name, it warrants protective addition for investment in land from undisclosed income - NO: ITAT

THE issue is - Whether if assessee makes cheque payment to one 'M' who in turn pays in cash to buy land in his name, it warrants protective addition for investment in land from undisclosed income. NO is the answer.
Facts of the case
A) The assessee was partner of ‘M' developers, where search proceedings was carried out in

Sunday 22 November 2015

E Book on Understanding Special provisions of Income tax.

NEW BOOK ON INCOME TAX LAUNCED.  BOOK YOUR E COPY AT taxbymanish@yahoo.com




The Contents of the books is given below.




SN
CONTENTS
1
Special tax benefits available under section 35
2
Understanding section 41
3
Understanding Section  42
4
Taxation of Forex profit and loss under section 43A
5
Issues arising on deemed taxation u/s 43CA.
6
Understanding Tax audit
7
Advance Learning on Section 44AD
8
Clubbing of Income
9
Undisclosed income u/s 68 & 69.
10
FAQ on tax from Income from Share Market.
11
Taxation of Bonus & Dividend Stripping u/s 94.
12
Taxation under MAT
13
Taxation of Non Resident Indian
14
Understanding Buyback of Shares
15
Foreign tax Credit.
16
Place of Effective Management (POEM)
17
Understanding Bright line test AMP
18
Taxation of E Commerce Company
19
Introduction of FATCA in India.
20
Understanding Taxation of Political parties.
21
Taxation of Real Estate Transactions
22
Taxability of Reimbursement








Saturday 21 November 2015

Government releases proposed roadmap to phase-out deductions under Income-tax Act




In his Budget Speech this year, the Finance Minister had indicated that the rate of corporate tax will be reduced from 30% to 25% over the next four years along with corresponding phase-out of exemptions and deductions. This was a step to simplify the tax laws, making them clearer and more transparent. The Government proposes to implement its decision in the following manner –

  • Profit linked, investment linked and area based deductions would be phased out for both corporates and non-corporate taxpayers.
  • The provisions having a sunset clause would not be further modified to advance/ extend the sunset date.
  • For incentives that do not have a terminal date, a sunset date of 31 March 2017 would be provided either for commencement of activity or for claim of benefit depending on the structure of the provision in the Income-tax Act, 1961.
  • No weighted deduction with effect from 1 April 2017.

RBI issues notifications permitting foreign investments in Indian investment vehicles


 




In furtherance of the Government’s intent to attract foreign investments in India, the Reserve Bank of India (RBI) has issued a notification allowing foreign investments in investment vehicles regulated, inter alia, by the Securities and Exchange Board of India including Real Estate Investment Trusts, Infrastructure Investment Trusts and Alternative Investment Funds (Investment Vehicles).

 
The notification paves the way for foreign investors to invest in the Investment Vehicles under the automatic route and be treated as domestic investments subject to meeting stipulated conditions

Diploma in IFRS



Friday 20 November 2015

SHORT NOTE ON SURVEY

Survey in a wider sense means to scrutinize or to inspect. The power of survey under the Income tax Act has been provided U/S 133A and 133B. The provisions contained in section 133A are independent and to the exclusion of the other provisons of the act since the wording of the section starts with ‘Notwithstanding anything contained in any other provisions of the act ‘ The power of survey can be exercised by the following U/A 133A: 1. A Commissioner 2. A Joint Commissioner 3. A Director 4. A Joint Director 5. An Assistant Joint Director 6. A Deputy Director 7. An Assessing officer 8. A Tax Recovery officer 9. An Inspector of Income Tax An Income Tax authority is empowered under section 133A to: enter any place within the limits assigned to him or the place occupied by any person in respect of which he exercises jurisdiction or the place in respect of which he is authorized by such an income tax authority, who is assigned the area in which such place is situated or who exercises the jurisdiction in respect of any person occupying such place. Survey u/s 133A can be conducted only at the business premises of the person concerned. No survey can be conducted at the residential premises unless the residential premises are shown to as the business premises by the assessee concerned. Moreover if the assessee has stated that any stock or books of accounts or cash related to business is kept at his residential premises survey proceedings can also be extended to such residential place. Its not necessary that the survey is only conducted at the principal place of business, it can be conducted simultaneously to all branches of business premises concerned. Since the power of Survey is limited to the business premises only therefore the survey can be conducted only during business hours i.e after sunrise and before sunset. However the survey proceedings started before sunset can be continued till after sunset. Survey proceedings can not be initiated on holidays festive days when the business premises are closed. The question arises wheather the premises of a Tax advocate or Chartered accountant can be inspected for the purpose of survey proceedings of the assessee. It is submitted that the Tax professionals stands in a fiduciary relationship with their clients. In view of explanation to section 133A(1) if the assessee states that his books of accounts or any part of cash, stock or valuable articles are kept at any other place then the income tax authority can survey that place but that too only for limited purpose for obtaining information related to the assessee.. Thus if the assessee states that his books of accounts are kept at the tax professional premises then the premises of the tax professional can also be inspected but only for the limited purpose for obtaining information regarding the assessee concerned. The Income Tax authority can verify stock, cash, other valuable articles, books of accounts and documents lying in the business premises of the assessee. The income Tax authority can also place marks of identification on books of accounts or other documents and can take copies therefrom. However no seizure of cash stock or valuable articles can be made during the cource of survey. But the income tax authority can impound books of accounts after recording the reasons for the same. The impounded books of accounts can be kept only for 10 days after which he has to get approval of the chief commissioner.The statements of the persons working in the business premises can also be recorded during the cource of survey. It is generally seen that the survey party always try to record a confessional statement of the assessee so that income can be made surrunderred. But such a statement recorded under pressure can be retracted and the assessee can file a declaration to that effect afterwards. Since the statement recorded U/S 133A(3)(iii) is not recorded on oath it doesnot have evidentiary value. Certain following things should be kept in mind before making any confessional statement: Whether any evidence has been found or will be found at a later stage regarding concealment of income The provisions of section 40-A(3), 269SS, 269T etc should be kept in mind before making any confession. If the income surrendered relates to current year then it would be liable to interest only as no concealment of current year’s income can be established since no return is being filed for the current year. But if the income surrundered is declared as the income of previous years regarding which the return has already been filed it may attract penalty proceedings since it would amount to concealment of income. If there is any difference between the value of stock recorded by the income tax authority and the value of stock recorded in books of accounts and wheather such difference is explanable The last and most important thing is that one should not panic when survey party enters the business premises. One thing should be kept in mind that the income tax authorities donot have any personal grudges against the assesses. The authorities do their work and they should be cooperated. The presense of a tax professional can be of great help to both the assessee and the authorities Non cooperation with the survey party may result in adverse. Whereas the cooperation with the authorities might result in wining leneant behaviour from the taxman

Four Imp Verdicts Of Supreme Court + ITAT On Concept of Interest, S. 271B/ 44AB Penalty And S. 147 Reopening


State Bank of Patiala vs. CIT (Supreme Court)


S. 2(7) Interest-tax Act: Right to charge overdue interest on discounted Bills of Exchange is not “interest” as it does not arise on account of delay in repayment of any loan or advance. The right arises on account of default in the payment of amounts due under a discounted bill of exchange

Section 2(7) itself makes a distinction between loans and advances made in India and discount on bills of exchange drawn or made in India. It is obvious that if discounted bills of exchange were also to be treated as

Whether passing of title in goods is critical determinative factor to decide question whether franchisee was acting as agent or working on principal to principal basis - YES: ITAT

THE issue is - Whether passing of title in the goods is important and determinative factor for the question whether franchisee was acting as agent or acting on a principal to principal basis of the Assessee. YES is the answer.
Facts of the case
The assessee is a company engaged in the business of production and sale of milk, icecream

Thursday 19 November 2015

FAQ ON SWACH BHARAT CESS.


 

 

A very careful reading to the aforesaid section make it crystal clear that the Swachh Bharat Cess is levied & collected as service tax and all the provisions as to levy and collection of service tax on taxable service is applicable to Swachh Bharat Cess.The Government, vide Notification No. 21/2015 – ST dated 06th November, 2015 notified the levy of SBC on all taxable services w.e.f 15th November, 2015. Besides vide issuance of Notification No 22/2015 granted an exemption in respect of Swachh Bharat Cess (hereinafter called SBC).

Refund - Notfn 41/2007 - Education cess paid on service tax by service providers is also to be refunded to appellants when export of goods is not in dispute - Appeals allowed with consequential relief: CESTAT

THE issue involved in all appeals is whether the appellants are eligible for the refund of education cess paid on the service tax in respect of port related services, technical testing and analyzing services.
The Commissioner (A) held that appellants are eligible for refund of service tax paid by the service providers but are not eligible for the education cess paid on the service tax by the

Impact of Amendments in Ch IV Rules by MCA on 6th Nov, 2015


We are aware that the MCA has on 6th November, 2015 notified the Companies (Share Capital and Debentures) Third Amendment Rules, 2015. The text of the said Rules may be viewed and downloaded using the following link
http://www.mca.gov.in/Ministry/pdf/Amendement_Rules_06112015.pdf

Wednesday 18 November 2015

Whether when assessee claims Sec 54F benefits for three plots of land, located at different places, such claim amounts to furnishing of inaccurate particulars, warranting penalty u/s 271(1)(c) - YES: ITAT

THE issue is - Whether when assessee claims Sec 54F benefits for three plots of land, located at different places, such a claim amounts to furnishing of inaccurate particulars, warranting penalty u/s 271(1)(c). YES is the answer.
Facts of the case
The assessee had shown capital gains of Rs. 12,71,000/- after getting benefit of indexation by

Dept Acts On High Court Directives + ESOP Expenditure Allowable + ITAT Takes Contra View On S. 115JB


CIT vs. Lemon Tree Hotels Ltd (Delhi High Court)


S. 37(1): Cost of Employees Stock Option (ESOP) debited to P&L A/c is allowable business expenditure

The question sought to be projected by the Revenue is whether the ITAT erred in deleting the addition of Rs. 1,28,19,169/- made by the Assessing Officer (‘AO’) by way of disallowance of the expenses debited as cost of Employees Stock Option (‘ESOP’) in profit and loss account?

 

Tuesday 17 November 2015

Is P/L Cr Bal part of NW, Free Reserves under CA2013


Most companies have been following the practice of retaining their excess profit under the Profit & Loss Account under the Companies Act, 1956.Suchprofit was usually not transferred to any reserve becausepayingdividendbyutilisingsuchfreereserveswouldentailcertaincomplianceascompared todirectlydistributingitbyutilisingthecreditbalancelyingintheprofitandlossaccount.

Transfer Pricing: Mechanical Reference To TPO Is Void


DCIT vs. Tata Consultancy Services Ltd (ITAT Mumbai)

Transfer Pricing: (i) If the AO & CIT make a mechanical reference to the TPO without applying mind to the TP report & other data filed by the assessee, the reference is invalid, (ii) A transfer pricing adjustment cannot be made if the assessee's income is exempt u/s 10A or 80HHE or (iii) if the AE is assessed at a rate of tax higher that tax rate in India
(c) The AO erred in not himself examining the issue of Transfer Pricing and with the approval of the CIT, made a reference to the TPO u/s 92CA(1) of the Act; that the AO as well as the CIT failed to apply their mind to the TP Report filed by the assessee, or to any other material or information or document furnished. The TPO made an adjustment which was incorporated by the AO in the assessment order. Thereby, the AO as well as the CIT did not discharge necessary respective judicial functions conferred on them under sections 92C and 92CA of the Act;
(d) Further, the assessee is also correct in contending that no TP adjustment can be made in a case like the present one, where the assessee enjoys u/s 10A or 80HHE of the Act, or where the tax rate in the country of the Associated Enterprises is higher than the rate of tax in India and where the establishment of tax avoidance or manipulation of prices or establishment of shifting of profits is not possible

Broadcasting and Film Production - Review of FDI Policy


In an attempt to further promote ease of doing business and increase investment India, the Government of India has issued a draft press note for liberalising the Foreign Direct Investment (FDI) policy in 15 major sectors of the economy, including the media and entertainment sector (more specifically the broadcasting sector). Changes to be introduced in the policy include increase in sectoral caps, bringing more activities under automatic route and easing of conditionalities for foreign investment.
We set out below a summary of proposed changes, including the potential benefits to the broadcasting and film production segment.

Capital receipt credited to P&L account is part of book profit for MAT purposes



Recently, the Bangalore Income Tax Appellate Tribunal held that where an item of income or expenditure was correctly disclosed in the P&L account as per the Companies Act, any disclosure in the Notes to Accounts in this regard could not be a basis for adjusting book profits for the purpose of Section 115JB of the Income-tax Act. The profit in the P&L account was not open to tinkering by the assessing officer or the assessee while computing book profit under Section 115JB.

Class of shareholders

The Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations 2015 was notified on 2nd September 2015 and will come into force from 1st December 2015. However, Regulation 31A of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 came into force on 2nd September 2015 on publication of these regulations along with sub – regulation (4) of Regulation 23. Regulation 31A deals with Disclosure of Class of shareholders and Conditions for Reclassification.

Whether exemption u/s 10(23C)(vi) can be denied to a Society running only educational institution on mere pretext that it is making profit - NO: HC

THE issue is - Whether exemption u/s 10(23C)(vi) can be denied to a Society running only educational institution on mere pretext that it is making profit. NO is the answer.
Facts of the case
The Assessee is a Society registered under the Societies Registration Act. One of its objects is to establish an educational institution. In the year 2001-02, the Assessee established an educational institution. Prior to the assessment year 2007-08, the total receipts were below the monetary limit of Rs. 10 crores. Assessee society was declared non-taxable. For the assessment year 2007-08, Assessing Officer found that the income of the Assessee was above Rs.10 crores and, accordingly, disallowed the exemption claimed by the Assessee under Section 10 (23C)(iiiad) on the ground that the registration was required to be obtained under Section 10(23C)(vi). The order of the Assessing Officer was confirmed by the Income Tax Appellate Tribunal.

Imp Verdicts On ITAT Members, 50C, 14A/ Rule 8D, S. 292C Presumption, TDS On Non-Cash Deals Etc


ITO vs. LGW Limited (ITAT Kolkata)

S. 50C should not be invoked if difference between stamp value and declared consideration is nominal, S. 14A/ Rule 8D does not apply to share application money, Pure foreign exchange hedging transactions cannot be treated as speculative transactions
Though section 50C of the Act does not speak of any such variation in terms of percentage between value adopted for the purpose of stamp duty and the registration and the actual consideration received on transfer, keeping in view of the decision of the Hon’ble ITAT, Hyderabad Bench and keeping in view of the fact that the difference between the valuation for the stamp duty and the actual consideration received by the assessee is less than 2% we are of the view that addition sustained by CIT(A) should be deleted
 

Am I Eligible For Relief For Tax Paid Abroad?


I came in for employment purpose and working here. Now after completing my 3 years tenure I am expected to come back India finally by 31.07.2007. What would be the Tax liability on me in India as I would not be a NRI for the Financial year 2007-08 under the following income structure and tax paid in Fiji.

Monday 16 November 2015

CBEC formulates a scheme for speedy disbursal of pending refund claims of exporters of service under Rule 5 of the CENVAT Credit Rules, 2004





 

This Tax Alert summarizes Circular no. 187/6/2015-Service Tax dated 10 November 2015 issued by the Central Board of Excise and Customs (CBEC).

 

Vide this Circular the CBEC has formulated a scheme for speedy disbursal of pending refund claims of exporters of services under Rule 5 of the CENVAT Credit Rules, 2004. Key features of the scheme are as follows: 

 

CBEC formulates a scheme for speedy disbursal of pending refund claims of exporters of service under Rule 5 of the CENVAT Credit Rules, 2004





 

This Tax Alert summarizes Circular no. 187/6/2015-Service Tax dated 10 November 2015 issued by the Central Board of Excise and Customs (CBEC).

 

Vide this Circular the CBEC has formulated a scheme for speedy disbursal of pending refund claims of exporters of services under Rule 5 of the CENVAT Credit Rules, 2004. Key features of the scheme are as follows: 

 

Whether sum paid to acquire unexpired portion of service agreements which will generate revenue for assessee, is to be treated as revenue expenditure - YES: ITAT

THE issue is - Whether consideration paid to acquire unexpired portion of service agreements which will generate revenue for the assessee, is required to be treated as revenue expenditure. YES is the answer.
Facts of the case
A) The assessee is an Indian multinational information technology service, consulting and business solutions company. During the concerned year, it had paid Rs. 85,00,000/- to Citi Corp Information Technology Industries Ltd (CITIL) for purchase of their processing division. This amount was amortized over the period of 25 months being balance unexpired period of contract. The assessee thereafter duly filed the copy of assignment agreement effective from 1st August 1998 with the AO. The AO however held that no where it was mentioned in the contract that the

Five Imp Verdicts Of Supreme Court And High Court On Core Issues


Andaman Timber Industries vs. CCE (Supreme Court)


Failure to give the assessee the right to cross-examine witnesses whose statements are relied up results in breach of principles of natural justice. It is a serious flaw which renders the order a nullity

Not allowing the assessee to cross-examine the witnesses by the Adjudicating Authority though the statements of those witnesses were made the basis of the impugned order is a serious flaw which makes the order nullity inasmuch as it amounted to violation of principles of natural justice because of which the assessee was adversely affected

 

Friday 13 November 2015

RELATED PARTY

The Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations 2015 was notified on 2nd September 2015 and will come into force from 1st December 2015. In this post we will discussion definition of Holding, Subsidiary, Associates, Relative, Related Party, and Related Party Transactions.

Whether provisions of section 41(1) cannot be applied where assessee is simply acting on behalf of customers and earns consultancy fee for services rendered - YES: ITAT

THE issue is - Whether provisions of section 41(1) cannot be applied where assessee is simply acting on behalf of its customers and getting consultancy fee from the client on account of services rendered. YES is the answer.
Facts of the case
The assessee is a Public Sector Undertaking engaged in providing conceptual studies and management consultancy, healthcare facility, design, project management and logistic installation. It filed return for relevant AY. During assessment procees, AO observed that there

Clarifications issued with regard to levy of Swachh Bharat Cess effective from 15 November 2015





Vide Notification nos. 21/2015-ST and 22/2015-ST dated 6 November 2015, the Ministry of Finance notified that Swachh Bharat Cess shall be levied at the rate of 0.5% on the value of taxable services with effect from 15 November 2015 for the purpose of financing and promoting Swachh Bharat initiatives or for any other purpose relating thereto. Subsequent Notification nos. 23/2015, 24/2015, 25/2015 – ST dated 12 November 2015 have been issued clarifying levy of Swachh Bharat Cess as follows:

Major Reforms in Foreign Direct Investment Policy


With a view to boost the ease of doing business in India and to further promote 'Make in India' and 'Startup India' initiatives, the Government published a Press Note on 10 November 2015, outlining significant reforms in the foreign direct investment (FDI) Policy.  The reforms are aimed at attracting more foreign investments through further easing, rationalising and simplifying the process of foreign investments in the country and putting more FDI proposals under automatic route.

The reforms have a multi-pronged effect:
  1. Sectoral reform including construction development, retail trading, wholesale cash and carry, defence, broadcasting, banking, and plantation sectors.
  1. Significant ease in establishing/ investing in Limited Liability Partnerships (LLPs) in India as well as downstream investment by such LLPs.
  1. Bringing investments by non-resident Indian (NRI)-owned and controlled entities outside India on par with NRI investments.
  1. Boosting e-commerce, including allowing e-commerce for manufacturing entities as well as for single brand retail trading entities.
  1. A slew of rationalisation measures, including allowing swap of shares without prior approval, enhancement of the limit for Foreign Investmtent Promotion Board from INR 30 billion to INR 50 billion.  

The Department of Industrial Policy and Promotion has been advised to consolidate all FDI-related instructions contained in various notifications and press notes and prepare a consolidated booklet for easy reference by investors.

Monday 9 November 2015

Whether allowance of expenses on proportionate basis in relation to commercial production at one of units can be said to be perverse if such allowance is based on finding of facts by CIT(A) as well as ITAT - NO: HC

THE issue is - Whether allowance of expenses on proportionate basis in relation to commercial production at one of units can be said to be perverse if such allowance is based on finding of facts by CIT(A) as well as ITAT. NO is the answer.
Facts of the case
The assessee had filed its return declaring loss of Rs. 12,58,75,530/- which was later revised to Rs. 12,54,22,870/-. The assessee subsequently filed second revised return declaring loss of Rs.

No More Tears! NAMO Promises To Make Assessing Officers Accountable For Bogus Additions And Demands



It is common experience that Assessing Officers have the tendency to make huge additions and disallowances on frivolous grounds and raise huge tax demands. Coercive measures are adopted to recover the said demands. This causes immense hardship to honest taxpayers.
There are two reasons for the modus operandi of the Assessing Officers. The first is that the CBDT has/ had a policy of rewarding officers with plum postings and promotions based on the tax collected by them (see Collect Taxes; Get Promotion & Choice Posting: CBDT Chief). The second is that some unscrupulous officers get an excuse to demand bribes from the taxpayers

Transfer of unabsorbed losses

Transfer of unabsorbed losses permissible if amalgamating company in business for three or more years even if business units engaged for less than three years; Activities for setting up of  business also construed as “engaged in business”

The Karnataka High Court, while allowing set off of unabsorbed loss of the taxpayer  acquired on amalgamation, has held that unabsorbed losses pertained to the amalgamating company as a whole, and not to any division. It was the amalgamating company that should have been engaged in business for three or more years prior to amalgamation.


Understand CCD & CPS.

  Certificates of Deposit It is a fixed income financial tool that is governed by Reserve Bank of India and is issued in a dematerialized ...