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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 13th March, 2020 S.O. 1057(E).In exercise of the powers conferred by clause (a) of the Explanation to section 115 AD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies that a nonresident being an Eligible Foreign Investor which operates in accordance with the Securities and Exchange Board of India, circular IMD/HO/FPIC/CIR/P/2017/003 dated 04th
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FAQ :
A non-resident Eligible Foreign Investor operating according to the SEBI circular IMD/HO/FPIC/CIR/P/2017/003 dated 4th January 2017 is deemed an FII.
This notification covers transactions in securities made on a recognised stock exchange located in any International Financial Services Centre (IFSC).
The consideration for such transactions must be paid or payable in foreign currency.
An IFSC has the meaning assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005.
'Securities' has the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956.
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Notification No : 17/2020Published in Income Tax
Source : https://www.incometaxindia.gov.in/communications/notification/notification_17_2020.pdf