Notification: S. O. 138(E)
Section(s) Referred: s. 10(23D)
Statute: INCOME TAX
Date of Issue: 3/3/1999
In exercise of the powers conferred by sub-clause (ii) of clause (23D) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies Indbank Invesco (Offshore) Fund, set up under trust deed dated July 31, 1996, by Indian Bank and approved by the Securities and Exchange Board of India as an Offshore Mutual Fund for the purpose of the said sub-clause.
The notification shall be subject to the following conditions:
(i) the notification will be valid till the time, the Indian Bank continues to be the “trustee”. In the event of Indian Bank seeking retirement or its removal by Invesco India Growth Fund Limited as trustee, the notification will become null and void;
(ii) the notification will be subject to the fulfilment of the conditions imposed by Indbank Invesco (Offshore) Fund or which may be imposed by the Reserve Bank of India or the Securities and Exchange Board of India ;
(iii) the amount to be invested in the units of the mutual fund shall be remitted to India through normal banking channels for bank certificate(s) showing the funds receipts from abroad for investment in the units under the scheme may be submitted to the Reserve Bank of India ; and
(iv) trustee fees, custodian fees, and other such fees payable to Indbank Merchant Banking Services Limited, a subsidiary of Indian Bank and administrator to the mutual fund shall be repatriated to India through normal banking channels.
[Notification No. 10810/F. No. 194/8/96-ITA-I]
Kindly Refer to
Privacy Policy &
Complete Terms of Use and Disclaimer.
