Insertion of new section 194LC.

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....       '194LC. (1) Where any income by way of interest referred to in sub-section (2) is payable to a non-resident, not being a company or to a foreign company by a specified company, the person responsible for making the payment, shall at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or dra....

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....having regard to the terms of the loan and its repayment.                Explanation.-For the purpose of this section-       (a) "foreign currency" shall have the meaning assigned to it in clause (m) of section 2 of the Foreign Exchange Management Act, 1999; (42 of 1999.)    &nbsp....

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....     (vii) construction of dam; or            (viii) developing and building a housing project as referred to in sub-clause (vii) of clause (c) of sub-section (8) of section 35AD.'. - Clause 74 of the Bill seeks to insert a new section 194LC in the Income-tax Act, relating to income by way of interest from Indian comp....