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of <h1>India-China Protocol on Double Taxation: Tax Excludes Penalties, Defines Central Banks, Clarifies Article 8 and 11 Provisions</h1> The Protocol between the governments of India and China, as part of their Double Taxation Avoidance Agreement, clarifies certain provisions. It specifies that the term 'tax' excludes penalties for non-compliance with tax laws. Article 8 exemptions include China's business tax and any similar future Indian tax. Article 11 defines 'Central Bank' and lists financial institutions wholly owned by each government, such as the People's Bank of China and the Reserve Bank of India. The Protocol, signed in New Delhi in 1994, is equally authentic in Hindi, Chinese, and English, with the English text prevailing in case of discrepancies.
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