Notification No. 63/2021 [F. No. 370142/37/2020-TPL] / SO 1853(E)

Last updated: 15 May 2021

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This notification specifies the Ministry of Economy and Finance of the Republic of Korea as a sovereign wealth fund eligible for tax exemptions on its investments in India. These exemptions apply to investments made between the notification date and 31st March 2024, provided certain conditions are met. These conditions include filing income tax returns, auditing accounts, submitting quarterly investment statements, and maintaining Korean government ownership and control.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 13th May, 2021 (INCOME-TAX) S.O. 1853(E).In exercise of powers conferred by sub-clause (vi) of clause (b) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 (

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FAQ :

The Ministry of Economy and Finance of the Republic of Korea is specified as the assessee.

Investments made on or after the notification date (13th May 2021) but on or before 31st March 2024 are eligible.

Conditions include filing income tax returns, getting accounts audited, furnishing quarterly investment statements, maintaining segmented accounts for investments, and ensuring continued ownership and control by the Republic of Korea.

The Audit Report must be furnished at least one month prior to the due date for filing the income tax return.

Earnings must be credited to the account of the Republic of Korea or another account designated by the Government, ensuring no portion benefits private individuals, except for payments to creditors or depositors for specific loans.