Tax notification: National Iranian Oil Company designated as foreign company, limited to receipt of income under the agreement. The Central Government has notified the National Iranian Oil Company as a foreign company and recognised the Memorandum of Understanding (as modified) as the agreement for purposes of clause (48) of section 10 read with section 295 of the Income-tax Act, subject to the condition that the company shall not engage in any activity in India other than receipt of income under that agreement, with the notification deemed effective from 16 August 2016.