Securities listed on a recognised stock exchange located in any International Financial Services Centre notified. - 16/2020 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 16/2020 New Delhi, the 5th March, 2020 INCOME-TAX S.O. 986(E).- In exercise of the powers conferred by sub-clause (d) of clause (viiab) of section 47 of the Income-tax Act, 1961 (43 of 1961) , the Central Government hereby notifies the following securities for the purposes of the said sub-clause, namely:- (i) foreign currency denominated bond; (ii) unit of a Mutual Fund; (iii) unit of a business trust; (iv) foreign currency denominated equity share of a company; (v) unit of Alternative Investment Fund, 1 [ (vi) Bullion Depository Receipt with underlying bullion, ] 3 [ (vii) unit of investment trust; (viii) unit of a scheme; (ix) unit of a Exchange Traded Fund launched under International Financial Services Centres Authority (Fund Management) Regulations, 2022, ] which are listed on a recognised stock exchange located in any International Financial Services Centre in accordance with the regulations made by the Securities and Exchange Board of India under the Securities and Exchange Board of India Act 1992 (15 of 1992) or the International Financial Services Centres Authority under the International Financial Services Centres Authority Act 2019 (50 of 2019), as the case may be. Explanation .- For the purposes of this notification,─ (a) Mutual Fund means a Mutual Fund specified under clause (23D) of section 10 of the Income-tax Act, 1961. (b) Alternative Investment Fund shall have the meaning assigned to it in clause (b) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 . 2 [ (c) Bullion Depository Receipt with underlying bullion shall have the same meaning as assigned to it in clause (iii) of Explanation by the Department of Economic Affairs, Ministry of Finance vide its notification number S.O. 2957 (E), published in Gazette of India, Extraordinary, vide number, F.No.3/7/2020-EM dated the 31st August, 2020. ] 4 [ (d) Investment Trust shall have the meaning assigned to it in clause (d) of sub-regulation (1) of regulation 83 of the International Financial Services Centres Authority (Fund Management) Regulations, 2022. (e) Scheme shall have the meaning assigned to it in clause (ii) of sub-regulation (1) of regulation 2 of the International Financial Services Centres Authority (Fund Management) Regulations, 2022. ] 2. This notification shall come into force with effect from 1st April 2020. [F.No.370142/22/2019-TPL] GUDRUN NEHAR, Director (Tax Policy Legislation) ************* NOTES:- 1. Inserted vide NOTIFICATION NO. 89/2022 dated 03-08-2022 2. Inserted vide NOTIFICATION NO. 89/2022 dated 03-08-2022 3. Inserted vide NOTIFICATION NO. 71/2023 dated 12-09-2023 4. Inserted vide NOTIFICATION NO. 71/2023 dated 12-09-2023