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of <h1>Korean sovereign wealth fund granted income tax exemption under section 10(23FE) until March 2030 with compliance conditions</h1> The Central Government designated the Republic of Korea's Ministry of Economy and Finance as a specified sovereign wealth fund eligible for income tax exemption under section 10(23FE) of the Income-tax Act, 1961. The notification applies to investments made in India from the publication date until March 31, 2030. The fund must comply with ten conditions including filing annual returns, maintaining audited accounts, submitting quarterly statements, maintaining segmented accounts, remaining under Korean government control, and not participating in day-to-day operations of investee companies. The fund cannot have loans or borrowings for Indian investments and must ensure earnings are credited to the Korean government. Violation of any condition renders the fund ineligible for tax exemption. The notification includes detailed audit report requirements and investment disclosure formats.
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