Tax exemption for IFSC-based mutual fund distributions where consideration is in convertible foreign exchange, removing additional income-tax. The amendment provides that no additional income-tax shall be chargeable on distributions made on or after 1 September 2019 by a specified Mutual Fund from income arising from transactions on a recognised stock exchange located in an International Financial Services Centre where consideration is paid or payable in convertible foreign exchange. The Explanation adds definitions for convertible foreign exchange, International Financial Services Centre, recognised stock exchange, specified Mutual Fund (located in an IFSC with all units held by non-residents), and unit.