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    <title>Amendment of section 47.</title>
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    <description>Transfers by a non-resident of specified capital assets - bonds or Global Depository Receipts covered by the referenced provision, rupee denominated bonds of Indian companies, and derivatives - effected on a recognised stock exchange located in an International Financial Services Centre, where consideration is paid or payable in foreign currency, shall not be regarded as a transfer; the amendment defines the terms International Financial Services Centre, recognised stock exchange and derivative by reference to existing statutes.</description>
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      <description>Transfers by a non-resident of specified capital assets - bonds or Global Depository Receipts covered by the referenced provision, rupee denominated bonds of Indian companies, and derivatives - effected on a recognised stock exchange located in an International Financial Services Centre, where consideration is paid or payable in foreign currency, shall not be regarded as a transfer; the amendment defines the terms International Financial Services Centre, recognised stock exchange and derivative by reference to existing statutes.</description>
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