India - Income Tax Act 2010 - Saarc

S. 10(15) I.T. ACT, 1961 1.64section (6)† of section 6] on deposits in foreign currencywhere the acceptance of such deposits by the bank isapproved by the Reserve Bank of India.45[Explanation.—For the purposes of this item, the expression“scheduled bank” means the State Bank of India constitutedunder the State Bank of India Act, 1955 (23 of 1955), asubsidiary bank as defined in the State Bank of India (SubsidiaryBanks) Act, 1959 (38 of 1959), a corresponding newbank constituted under section 3 of the Banking Companies(Acquisition and Transfer of Undertakings) Act, 1970 (5 of1970), or under section 3 of the Banking Companies (Acquisitionand Transfer of Undertakings) Act, 1980 (40 of 1980), orany other bank being a bank included in the Second Scheduleto the Reserve Bank of India Act, 1934 (2 of 1934), but doesnot include a co-operative bank;]46[(g) by a public company formed and registered in India with themain object of carrying on the business of providing longtermfinance for construction or purchase of houses in Indiafor residential purposes, 47 [being a company eligible fordeduction under clause (viii) of sub-section (1) of section 36]on any moneys borrowed by it in foreign currency fromsources outside India under a loan agreement approved bythe Central Government 48 [before the 1st day of June, 2003],to the extent to which such interest does not exceed theamount of interest calculated at the rate approved by theCentral Government in this behalf, having regard to the termsof the loan and its repayment.]Explanation.—For the purposes of 49 [items (f) 50 [, (fa)] and(g)], the expression 51 “foreign currency” shall have themeaning assigned to it in the Foreign Exchange RegulationAct, 1973 (46 of 1973);]45. Substituted by the Finance Act, 2007, w.e.f. 1-4-2007. Prior to its substitution, the Explanationread as under :‘Explanation.—For the purposes of this item, the expression “scheduled bank” shall havethe meaning assigned to it in clause (ii) of the Explanation to clause (viia) of sub-section(1) of section 36;’46. Inserted by the Finance Act, 1983, w.e.f. 1-4-1983.47. Substituted for “being a company approved by the Central Government for the purposesof clause (viii) of sub-section (1) of section 36” by the Finance Act, 2000, w.e.f. 1-4-2000.48. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004.49. Substituted for “this item” by the Finance Act, 1983, w.e.f. 1-4-1983.50. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1991.51. Clause (g) of section 2 of the Foreign Exchange Regulation Act, 1973, defines “foreigncurrency” as follows:‘(g) “foreign currency” means any currency other than *Indian currency;’*“Indian currency” has been defined in clause (k), see footnote 32 on p. 1.437 post.For definitions of above terms under FEMA, 1999, see Appendix.†Should be read as ‘clause (6)’.