Amendment of section 47.

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....ities as may be notified by the Central Government in this behalf,"; (B) in the long line, after the words "made by a non-resident", the words "or a specified fund" shall be inserted; (C) in the Explanation, after clause (c), the following clauses shall be inserted, namely:- (d) "securities" shall have the meaning assigned to it in clause (h) of section 2 of the Securities Contracts....

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....an Trusts Act, 1882 (2 of 1882) or under any other law for the time being in force; (g) "unit" means beneficial interest of an investor in the fund and shall include shares or partnership interests; (h) "convertible foreign exchange" means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Fore....

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....rted, namely:- (d) "securities" shall have the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (e) x x x x x x x x x  (f) x x x x x x x x x  (g) x x x x x x x x x    (h) x x x x x x x x x  - Clause 17 of the Bill seeks to amend section 47 of the Incometax Ac....

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....nd through a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in foreign currency, shall not be regarded as transfer. It is also proposed to provide that transfer, at a recognised stock exchange located in any International Financial Services Centre, of such other securities as may be notified by....