Notification No. 33/2021 [F. No. 370142/6/2021-TPL] / SO 1661(E)

Last updated: 21 April 2021

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This notification specifies Norfund, the sovereign wealth fund of Norway, as a designated person eligible for tax exemption on its investments in India. This exemption applies to investments made between the notification date and 31st March 2024. To qualify, Norfund must meet several conditions, including filing income tax returns, getting accounts audited, and submitting quarterly investment statements.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 19th April 2021 (INCOME-TAX) S.O. 1661(E).In exercise of the powers conferred by sub-clause (vi) of clause (b) of the Explanation 1 toclause (23FE) of section 10 of the Income-tax Act, 196

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FAQ :

Norfund, the sovereign wealth fund of the Government of Norway, is specified as the person eligible for tax exemption.

Investments made on or after the notification date (19th April 2021) but on or before 31st March 2024 are eligible.

Key conditions include filing income tax returns on time, getting accounts audited and submitting a report, furnishing quarterly investment statements, maintaining segmented accounts, and remaining owned/controlled by the Government of Norway.

Yes, Norfund must furnish a quarterly statement electronically in Form II within one month of the end of each quarter for each investment made.

No, Norfund must continue to be owned and controlled by the Government of Norway, and no other person should have any ownership or control, directly or indirectly.

Yes, Norfund shall not have any loans or borrowings, directly or indirectly, for the purpose of making investments in India.