Tax on long-term capital gains increased for transfers on or after the specified date, altering offshore fund tax treatment. Substituted clause (ii) of section 115AB(1) provides a date-based tax rule for long-term capital gains on transfer of units purchased in foreign currency by an Offshore Fund: a lower rate for transfers before the specified cut-off date and a higher rate for transfers on or after that date; the substitution is retrospective to that cut-off date.