Notification No. 17/2020-Income Tax, Dated: 13.03.2020

Last updated: 16 March 2020

Notice Date : 13 March 2020

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION No. 17/2020-Income Tax

New Delhi, the 13th March, 2020

S.O. 1057(E).-In exercise of the powers conferred by clause (a) of the Explanation to section 115AD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies that a non-resident 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 04^th January, 2017, shall be deemed as Foreign Institutional Investor (FII) for the purposes of transactions in securities made on a recognised stock exchange located in any International Financial Services Centre (IFSC), where the consideration for such transaction is paid or payable in foreign currency.

Explanation. - for the purpose of this notification, -

(a) “International Financial Services Centre” shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005);

(b) “recognised stock exchange” shall have the same meaning as assigned to it in clause (ii) of Explanation 1 to clause (5) of section 43 of the Income-tax Act, 1961;

(c) the expression “securities” shall have the same meaning as assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956)

[Notification No. 17/2020/ F. No. 173/10/2014-ITA-I]

GULZAR AHMAD WANI, Under Secy.