IFSC exchange transactions excluded from clause b of section 111A when consideration is paid in foreign currency The amendment excludes clause (b) of section 111A from applying to transactions on a recognised stock exchange located in an International Financial Services Centre when the consideration is paid or payable in foreign currency. It substitutes the Explanation to define 'equity oriented fund' by reference to the Explanation to clause (38) of section 10, 'International Financial Services Centre' by reference to the Special Economic Zones Act, and 'recognised stock exchange' by reference to the Explanation to sub section (5) of section 43.
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IFSC exchange transactions excluded from clause b of section 111A when consideration is paid in foreign currency
The amendment excludes clause (b) of section 111A from applying to transactions on a recognised stock exchange located in an International Financial Services Centre when the consideration is paid or payable in foreign currency. It substitutes the Explanation to define "equity oriented fund" by reference to the Explanation to clause (38) of section 10, "International Financial Services Centre" by reference to the Special Economic Zones Act, and "recognised stock exchange" by reference to the Explanation to sub section (5) of section 43.
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