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of <h1>Income-tax Amendment Allows Trustees to Invest in Non-Public Sector Bonds with Specific Credit Ratings, Effective April 1998.</h1> The Income-tax (6th Amendment) Rules, 1999, effective from April 1, 1998, amends the Income-tax Rules, 1962. It introduces a provision in Rule 67 allowing trustees to invest up to 10% of the 20% investible funds in bonds or securities of non-public sector companies with investment grades from at least two credit rating agencies. This amendment aligns with the investment pattern specified by the Department of Economic Affairs in a notification dated August 12, 1998. The retrospective application of this amendment is certified not to adversely affect the interests of taxpayers.
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