Income-tax : CBDT specifies Infra Projects for investment by Infra Debt Funds — Income-tax (17th Amendment) Rules, 2015

Notification No. 84/2015/F.No. 133/43/2015-TPL dated the 20th October. 2015

In exercise of the powers conferred by section 295, read with clause (47) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

1. (1) These rules may be called the Income-tax (17th Amendment) Rules, 2015.

(2) They shall come into force from the 14th day of May. 2015.

2. In the Income-tax Rules, 1962. in rule 2F, for sub-rules (1) and (2), the following sub-rules shall be substituted, namely:-

“(1) The Infrastructure Debt Fund shall be set up as a Non-Banking Financial Company conforming to and satisfying the conditions provided by the Reserve Bank of India in the Infrastructure-Debt Fund – Non-Banking Financial Companies (Reserve Bank) Directions, 2011, vide Notification No. DNBS.233/CGM (US)-2011, dated the 21st November, 2011 as amended vide Notification No. DNBR.020/CGM (CDS) – 2015, dated the 14th May, 2015.

(2) The funds of the Infrastructure Debt Fund shall be invested only in Post Commencement Operation Date Infrastructure Projects which have completed at least one year of satisfactory commercial operations that are—

(i) Public Private Partnership Projects and are a party to tripartite agreement with the concessionaire and the project authority for ensuring compulsory buy out and termination payment;
(ii) Non-Public Private Partnership Projects and Public Private Partnership Projects without a project authority, in sectors where there is no project authority”.


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