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of <h1>Banque Francaise du Commerce Exterieur gets tax exemption for interest on loans under Section 10(15)(iv) of Income-tax Act.</h1> The Central Government has granted approval to Banque Francaise du Commerce Exterieur, Paris, for tax exemption under section 10(15)(iv) of the Income-tax Act, 1961. This exemption applies to interest payable by any industrial undertaking in India on loans borrowed from this foreign financial institution. The approval is formalized under Notification No. S.O.3673, dated October 5, 1964, utilizing the powers conferred by the specified section of the Income-tax Act.
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