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of <h1>Amendment to Finance Act 2016: Section 236 date change clarifies foreign source definition for corporate compliance.</h1> Clause 217 of the Finance Bill, 2018 proposes an amendment to the Finance Act, 2016, specifically section 236. It seeks to replace the date '26th September, 2010' with '5th August, 1976' in the context of the Foreign Contribution (Regulation) Act, 2010. This amendment clarifies that a company will not be considered a foreign source if its foreign investment complies with limits under the Foreign Exchange Management Act, 1999, despite its nominal share capital exceeding one-half percent. The amendment is intended to be effective from the commencement date of the Foreign Contribution (Regulation) Act, 1976.
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