Conditions for the purpose of clause (4E) of section 10

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....ments or over-the-counter derivatives; or (b) distribution of income on offshore derivative instruments ^7[or over-the-counter derivatives], under clause (4E) of section 10 of the Act, shall be exempted subject to fulfilment of the following conditions, namely:- (i) the non-deliverable forward contract or offshore derivative instrument or over-the-counter derivative is entered....

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...."derivative" shall have the same meaning as assigned to it in clause (ac) of section 2 of the Securities Contracts (Regulation) Act, 1956(42 of 1956); (ii) "a non-deliverable forward contract" shall mean a contract for the difference between an exchange rate agreed before and the actual spot rate at maturity, with the spot rate being taken as the domestic rate or a market determined rate ....

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....2[(vii), "Foreign Portfolio Investor" means a person registered under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992).]       ************** NOTES:- 1. Inserted vide Notification No. 136/2021 dated 10-12-2021 2. I....

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....a foreign currency; and (iii) "offshore banking unit" means a banking branch Unit located in an International Financial Services Centre, as referred to in sub-section (1A) of section 80LA of the Act." 6. Substituted vide Notification No. 50/2023 dated 17-07-2023 before it was read as,  "(1) The income accrued or arisen to, or received by, a non-resident as a resul....