Specified scheme under Section 115AC: tax treatment for Issue of Foreign Currency Exchangeable Bonds applies from assessment year 2008-09. The Central Government, under Section 115AC of the Income-tax Act, specifies the Issue of Foreign Currency Exchangeable Bonds Scheme, 2008 as a Scheme for tax purposes, applying the specification to assessment year 2008-2009 and subsequent assessment years and thereby bringing issuance of such bonds within the tax framework prescribed by the section.