Finance Act 2015 amended S. 195(6) w.e.f. 01-06-2015 to provide that person responsible for making payment to non resident shall funsih information as per prescribed rules whether or not tax is chargeable under the Act . However Rule 37BB was not amended at the same time and required that furnishing of information in 28 categories was not required because most of these comprised cases where income can not be said to be chargeable to tax in India like investment in equity abroad , personal; gifs, donations, travel for education including fee, hostel expenses etc. Also penal provisions providing that penalty for Rs. One lakh shall be levied for non furnishing or inaccurate information. Since then persons making remittance for import of goods were furnishing declarations even though no income is chargeable to tax in India. However now the CBDT has amended rule 37BB vide notification dated 16-12-2015 w.e.f. 01-04-2016. Important features of Rule 37BB are 1) No Information required to be filed where no income is chargeable to tax and remittance falls under Liberlased Remittance Scheme. 2) No information required to be filed where information apart from old 28 categories relates to advance/settlement payment against imports and three other categories. 3) Where however no tax is chargeable in India in respect of remittances and also it does not relate to Liberalised remittance system, Part D of 15CA without CA certificate in 15CB is sufficient 4) Limit of filing F. 15CA in summary manner (Part A) without obtaining CA certificate which was earlier Rs. 50000 for single payment and Rs. 250000 for aggregate of payments during financial year has been raised to Rs. 5 lacs albeit for remittances against sums chargeable to tax in India. 5) Now only where aggregate of remittances shall exceed Rs. 5 lacs and also remittance is chargeable to tax in India, the requirement of F. 15CB i..e CA certificate shall arise along with F. 15CA (PartC) shall arise. 6) In cases of lower/ no deduction AO certificate and Part B of F.15CA to be furnished. Again CA Certificate not required. 7) Further as per amended Rule 37BB(6) CA Certificate in F. 15CB shall also now be furnished and verified electronically. Earlier CA Certificate in 15CB was furnished manually. 8) Also in case of digitally signed 15CAs signed hard copies shall not be required to be provided by banks to income tax authorities. 9) Banks shall file digitally signed quarterly statement with in fifteen days from the end of the quarter to department in F. 15CC.