TMI BlogAmendment of section 47.X X X X Extracts X X X X X X X X Extracts X X X X ..... ative; or (d) such other securities as may be notified by the Central Government in this behalf, ; (B) in the long line, after the words made by a non-resident , the words or a specified fund shall be inserted; (C) in the Explanation, after clause (c), the following clauses shall be inserted, namely:- (d) securities shall hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (iv) of which all the units are held by non-residents; (f) trust means a trust established under the Indian Trusts Act, 1882 (2 of 1882) or under any other law for the time being in force; (g) unit means beneficial interest of an investor in the fund and shall include shares or partnership interests; (h) convertible foreign exchange mean ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other securities as may be notified by the Central Government in this behalf, ; (B) x x x x x x x x x (C) in the Explanation, after clause (c), the following clauses shall be inserted, namely:- (d) securities shall have the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is proposed to amend the said section so as to provide that any transfer of a capital asset, being bonds or Global Depository Receipts referred to in sub-section ( 1 ) of section 115AC or rupee denominated bond of an Indian company or derivative, made by a specified fund through a recognised stock exchange located in any International Financial Services Centre and where the consideration for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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