Foreign source classification clarified: compliant foreign investment within exchange control limits will not render a company a foreign source. Clause 217 substitutes the commencement date in section 236 of the Finance Act, 2016 to align the proviso to sub clause (vi) of clause (j) of s.2(1) of the Foreign Contribution (Regulation) Act with the earlier Act's commencement, so that a company whose nominal share capital exceeds the specified threshold is not deemed a foreign source if the foreign investment complies with limits under the Foreign Exchange Management framework.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Foreign source classification clarified: compliant foreign investment within exchange control limits will not render a company a foreign source.
Clause 217 substitutes the commencement date in section 236 of the Finance Act, 2016 to align the proviso to sub clause (vi) of clause (j) of s.2(1) of the Foreign Contribution (Regulation) Act with the earlier Act's commencement, so that a company whose nominal share capital exceeds the specified threshold is not deemed a foreign source if the foreign investment complies with limits under the Foreign Exchange Management framework.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
