The Principal notification was published in the Gazette of India, Extraordinary, vide Notification No.36/2001 – Customs (N.T.), dated, the 3rd August, 2001 (S.O.748 (E), dated, the 3rd August, 2001) and was last amended vide Notification No.95/2006-Customs (N.T.), dated, the 2nd September, 2006 (S.O.1397 (E) dated 2nd September 2006).
This notification is applicable only to the recipients of income on behalf of the Institution and not to any other receipt or income of such recipients. Taxability or, otherwise of the income of the Institution would be separately considered as per the provisions of the Income-tax Act, 1961
The Reserve Bank of India in its Circular dated July 21, 2006 reviewed the guidelines governing the Innovative Perpetual Debt Instruments eligible for inclusion as Tier 1 Capital and Debt Capital.
