Relief to NRI holding Rupee Denominatio n Bonds :
| CLAUSE(S) OF FINANCE BILL, 2017 |
PARTICUL ARS OF AMENDME NTS | SECTION | AMENDMENT / NEWLY INSERTED |
APPLICABLE W.E.F. |
BRIEF OF AMENDMENT |
| 24 | Relief to NRI holding Rupee Denominatio n Bonds |
Fifth proviso to section 48 |
Amendment | 1/4/2018 | RBI has permitted Indian companies to issue rupee denomination bonds in overseas market. Any gains arising on account of appreciation of Rupee against foreign currency was ignored while calculation of Capital gains to Subscribers. On various representation from stakeholders regarding providing relief to secondry market buyer, Finance bill has proposed to amend word subscriber with held. Accordingly relief is also passed on to secondry market buyer.
Further any transfer by NRI to NRI of such bonds is not regarded as Transfer as per section 47. |