Tax on income from units purchased in foreign currency or capital gains arising from their transfer.

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..... overseas financial organisation (herein referred to as Offshore Fund), which includes income specified in column B of the Table below, shall be the aggregate of the amount specified in column C thereof. Table Sl. No. Income Income-tax payable A B C 1. Income received in respect of units purchased in foreign currency. 10 % 2. Long-term capital gains arising from the transfer of units pu .....

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..... any fund, institution, association or body, whether incorporated or not, established under the laws of a country outside India,-- (i) which has entered into an arrangement for investment in India with any public sector bank or public financial institution or a mutual fund specified in Schedule VII (Table: Sl. No. 20 or 21); and (ii) such arrangement is approved by the Securities and Exchange .....

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