TMI BlogConditions for the purpose of clause (4E) of section 10X X X X Extracts X X X X X X X X Extracts X X X X ..... over-the-counter derivatives; or (b) distribution of income on offshore derivative instruments, under clause (4E) of section 10 of the Act, shall be exempted subject to fulfilment of the following conditions, namely: (i) the non-deliverable forward contract or offshore derivative instrument or over-the-counter derivative is entered into by the non-resident with an offshore banking unit o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll mean a contract for the difference between an exchange rate agreed before and the actual spot rate at maturity, with the spot rate being taken as the domestic rate or a market determined rate and such contract being settled with a single payment in a foreign currency; (iii) offshore banking unit means a banking branch Unit located in an International Financial Services Centre, as referred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nserted vide NOTIFICATION NO. 87/2022 dated 01-08-2022 5. Substituted vide NOTIFICATION NO. 87/2022 dated 01-08-2022 before it was read as, Explanation .- For the purpose of this rule, the expression,- (i) permanent establishment shall have the meaning assigned to it in clause (iiia) of section 92F; (ii) a non-deliverable forward contract shall mean a contract for the differ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fillment of the following conditions, namely:─ (i) the non-deliverable forward contract 3 [ or offshore derivative instrument or over-the-counter derivative ] is entered into by the non-resident with an offshore banking unit of an International Financial Services Centre which holds a valid certificate of registration granted under International Financial Services Centres Authority (Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X
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