Wednesday, February 19, 2020

No case of abatment was sustainable as bank unintentionally credited VOSTRO account maintained by AD

FEMA, BANKING & INSURANCE : Where Canara Bank had cleared cheques issued by USSR bank for purpose of crediting VOSTRO account maintained by an authorized dealer in foreign exchange in India 'ANZ', however, Canara Bank did not know at that point of time that proceeds of those cheques would be remitted abroad, therefore no case of abatment was sustainable against Canara bank

from www.taxmann.com Latest Case Laws https://ift.tt/2SEJXKp
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