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Notification: 11461
Section(s) Referred: s. 90
Statute: INCOME TAX
Date of Issue: 16/8/2000
Notification No. 11461, dt. 16th Aug., 2000
Whereas the Convention between the Government of the Republic of India and the Government of Japan for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income has come into force on the 29th Dec., 1989 after the exchange of instruments of ratification as required by paragraph 1 of Article 28 of the said Convention and the said convention has been notified in G.S.R. 101(E) dt. 1st March, 1990 [published at (1990) 82 CTR (St) 305] ;
And whereas clause (a) of paragraph 4 of Article 11 provides the details regarding ‘Central Bank’ and ‘financial institution wholly owned by the Government’ in the case of Japan which will not be subject to tax in respect of interest arising to it in the other Contracting State ;
And whereas sub-clause (v) of clause (a) of said paragraph also provides that the ‘Central Bank’ and ‘financial institution wholly owned by the Government’ mean ‘such other financial institution the capital of which is wholly owned by the Government of Japan as may be agreed upon from time to time between the Government of the two Contracting States’;
And whereas both the Government of India and the Government of Japan have now agreed to omit, ‘the Export-Import Bank of Japan’ and the ‘Overseas Economic Co-operation Fund’ from sub-clauses (ii) and (iii) respectively of clause (a) of paragraph 4 of Article 11 and substitute ‘Japan Bank for International Co-operation’ instead;
Now, therefore, in exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby directs that the following amendments shall be made in the Convention notified vide
G.S.R. 101(E) dt. 1st March, 1990, namely —
1. In the said notification, in Article 11, in para 4, for clause (a), the following clause shall be substituted, namely —
“(a) in the case of Japan
(i) the Bank of Japan ;
(ii) Japan Bank for International Co-operation;
(iii) the Japan International Co-operation Agency ; and
(iv) such other financial institutions the capital of which is wholly owned by the Government of Japan as may be agreed upon from time to time between the Governments of the two Contracting States;”
2. This shall be deemed to have taken effect from 1st Oct., 1999. [F. No. 503/4/99-FTD]
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