Remittances of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act :

Remittances of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act,1991

Act No : 41

Section : Foreign Exchange Bonds not to be taken into account in certain cases.

7. Foreign Exchange Bonds not to be taken into account in certain cases. Without prejudice to the generality of the provisions of section 6,-- (a) the provisions of the Income-tax Act, 1961 (43 of 1961.) shall not apply to any interest accruing in relation to the Foreign Exchange Bonds; (b) the provisions of the Wealth-tax Act, 1957 (27 of 1957.) shall not apply in relation to the Foreign Exchange Bonds; (c) the provisions of the Gift-tax Act, 1958 (18 of 1958.) shall not apply where any non-resident Indian becomes a resident in India and makes a gift of the Foreign Exchange Bonds. V. S. RAMA DEVI, Secy. to the Govt. of India.