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Case law › Notifications › 1999 › S.O. 138(E)
Notification 3 March 1999

S.O. 138(E)

Indbank Invesco (Offshore) Fund specified under section 10

What this is

S.O. 138(E) was published on 3 March 1999. Its subject is Indbank Invesco (Offshore) Fund specified under section 10.

This notifies a named person, body, fund or instrument for the purpose of a provision. Nothing in it changes the provision itself.

The provisions it speaks to

Left, the provision of the Income-tax Act, 1961 as the instrument itself names it. Right, the section of the Income-tax Act, 2025 that the department’s own concordance maps it to — which is where the same ground is now covered.
Under the 1961 ActNow
s.10s.11, s.19

The instrument, as the Board published it

The words below are the department’s own, reproduced from its published text. Where the department’s copy carried a publisher’s notes after the instrument, those are not reproduced.

In exercise of the powers conferred by sub-clause (ii) of clause (23D) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies Indbank Invesco (Offshore) Fund, set up under trust deed dated July 31, 1996, by Indian Bank and approved by the Securities and Exchange Board of India as an Offshore Mutual Fund for the purpose of the said sub-clause.

The notification shall be subject to the following conditions:

(i) the notification will be valid till the time, the Indian Bank continues to be the "trustee". In the event of Indian Bank seeking retirement or its removal by Invesco India Growth Fund Limited as trustee, the notification will become null and void;

(ii) the notification will be subject to the fulfilment of the conditions imposed by Indbank Invesco (Offshore) Fund or which may be imposed by the Reserve Bank of India or the Securities and Exchange Board of India ;

(iii) the amount to be invested in the units of the mutual fund shall be remitted to India through normal banking channels for bank certificate(s) showing the funds receipts from abroad for investment in the units under the scheme may be submitted to the Reserve Bank of India ; and

(iv) trustee fees, custodian fees, and other such fees payable to Indbank Merchant Banking Services Limited, a subsidiary of Indian Bank and administrator to the mutual fund shall be repatriated to India through normal banking channels.

[Notification No. 10810/F. No. 194/8/96-ITA-I]

On the same provision

Other instruments in this library that name the same provision of the 1961 Act. They are not necessarily still operative, and a later one may have replaced an earlier one without saying so.

← S.O. 149(E)  ·  S.O. 589 →

What a notification is. A notification is made under a power the Act itself gives, and within that power it is law — unlike a circular, which only binds the department. Its reach is the reach of the enabling provision and no wider, and the date it carries decides from when it works.

Source: the Income Tax Department’s own published text — its page for this instrument.