Other conditions to be satisfied by the pension fund

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....by any of its political constituents being a province, state or local body, by whatever name called, under which it is created or established, as the case may be; (ii) it is responsible for administering or investing the assets for meeting the statutory obligations and defined contributions of one or more funds or plans established for providing retirement, social security, employment, disabilit....

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....funds or plans referred to in clause (ii) and no portion of the earnings or assets of the pension fund inures any benefit to any other private person; 2[Provided that the provisions of clause (iii) shall not apply to any payment made to creditors or depositors for loan taken or borrowing for the purposes other than for making investment in India;] 6[Provided further that the provisions of clau....

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....t as defined in the Explanation below sub-section (2) of section 288.] 4[Explanation: For the purposes of this rule, "loan and borrowing" shall have the same meaning as assigned to it in sub-clause (b) of clause (ii) of Explanation 2 to clause (23FE) of section 10.] ************* NOTES:- 1. Inserted vide NOTIFICATION NO. 67/2020 dated 17-08-2020 2. Inserted vide NOTIFICATION NO. 32/....