Amendment of section 47.

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..... registered outside India, which collects funds from its members for investing it for their benefit and fulfils the following conditions, namely:-- (i) the fund is not a person resident in India; (ii) the fund is a resident of a country or a specified territory with which an agreement referred to in sub-section (1) of section 90 or sub-section (1) of section 90A has been entered into; or is es .....

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..... ject to such conditions as may be specified;'; (ii) in clause (b), for the figures "2023", the figures "2025" shall be substituted; (iii) in clause (c), in sub-clause (i), after the words and figures "Securities and Exchange Board of India Act, 1992 (15 of 1992.) or", the words, brackets and figures "regulated under the International Financial Services Ce .....

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..... quot;; (c) after clause (xix), the following clause shall be inserted, namely:-- '(xx) any transfer of a capital asset, being an interest in a joint venture, held by a public sector company, in exchange of shares of a company incorporated outside India by the Government of a foreign State, in accordance with the laws of that foreign State. Explanation.--For the purposes of this clause, & .....

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