Amendment of section 47.

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..... rated or registered outside India, which collects funds from its members for investing it for their benefit and fulfils the following conditions, namely: (i) the fund is not a person resident in India; (ii) the fund is a resident of a country or a specified territory with which an agreement referred to in sub-section (1) of section 90 or sub-section (1) of section 90A has been entered into; .....

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..... is behalf subject to such conditions as may be specified;'; (ii) in clause (b), for the figures 2023 , the figures 2025 shall be substituted; (iii) in clause (c), in sub-clause (i), after the words and figures Securities and Exchange Board of India Act, 1992 (15 of 1992.) or , the words, brackets and figures regulated under the International Financial Services Centres Authority (Fun .....

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..... clause shall be inserted, namely: '(xx) any transfer of a capital asset, being an interest in a joint venture, held by a public sector company, in exchange of shares of a company incorporated outside India by the Government of a foreign State, in accordance with the laws of that foreign State. Explanation. For the purposes of this clause, joint venture shall mean a business entity, .....

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