Notification No. 89/2022 / SO 3652(E)

What it does

Under sub-clause (d) of clause (viiab) of section 47 of the Income-tax Act, 1961, the Central Government further amends its notification No. 16/2020 dated 5 March 2020 (S.O. 986(E)). In the first paragraph, after clause (v), a new clause (vi) is inserted reading "Bullion Depository Receipt with underlying bullion", so that a transfer of such a receipt joins the classes of securities covered by that notification. In the Explanation, after clause (b), a new clause (c) is inserted giving that expression the same meaning as is assigned to it in clause (iii) of the Explanation in the Department of Economic Affairs notification S.O. 2957(E), F. No. 3/7/2020-EM dated 31 August 2020.

Who it reaches

Non-residents transferring Bullion Depository Receipts on a recognised stock exchange in an International Financial Services Centre
Bullion exchanges, clearing corporations and depositories in an IFSC
Assessing Officers testing a claim that a transfer is not regarded as a transfer under section 47(viiab)
Advisers on capital gains from IFSC-traded instruments

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 Act	Now
s.3	s.3
s.47	s.2, s.70

The instrument, as the Board published it

The department publishes this one only as a PDF, so the words below were read out of that PDF by machine. That reading can carry its own mistakes — a misread number, a broken line. Check the signed document before you rely on a figure in it.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 3rd August, 2022
INCOME-TAX
S.O. 3652 (E).—In exercise of the powers conferred by sub-clause (d) of clause (viiab) of section 47 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance, (Department of Revenue), number 16/2020, dated the 5th March, 2020, published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), vide number S.O. 986(E), dated 5th March, 2020, namely:-
In the said notification, -
(i) in the first para, after clause (v), the following clause shall be inserted, namely: -
"(vi) Bullion Depository Receipt with underlying bullion,"
(ii) in the Explanation, after clause (b), the following clause shall be inserted, namely: -
"(c) "Bullion Depository Receipt with underlying bullion"shall have the same meaning as assigned to it in clause (iii) of Explanation by the Department of Economic Affairs, Ministry of Finance vide its notification number S.O. 2957 (E), published in Gazette of India, Extraordinary, vide number, F.No.3/7/2020-EM dated the 31st August, 2020."
2. This notification shall come into force with effect from the date of its publication in the Official Gazette.
[Notification No. 89/2022/F. No. 370142/26/2019-TPL-Part(1)]
UMME FARDINA ADIL, Under Secy. (TAX POLICY & LEGISLATION)
Note : The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (ii), vide number S.O. 986(E) dated 5th March, 2020
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.

From when

The date of publication in the Official Gazette.

What to watch

The notification comes into force with effect from the date of its publication in the Official Gazette.
The meaning of "Bullion Depository Receipt with underlying bullion" is borrowed from the Department of Economic Affairs notification dated 31 August 2020 and not defined afresh here.
The insertion is to the list in the first paragraph of the 2020 notification, so the conditions in that notification continue to apply.
Only clause (vi) and Explanation clause (c) are added; nothing existing is disturbed.

Where you meet it

In the capital gains computation of a non-resident transferring a Bullion Depository Receipt on an IFSC exchange, and in the exchange's records of such a transfer.

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.

Notification No. 94/2026 [F. No. 370142/24/2026-TPL] / G.S.R. 646(E) : Income-tax (Second Amendment) Rules, 2026 : Amendment of rule 157 of the Income tax Rules, 2026 to align the definition of the specified fund with rule 114AAB of the Income tax Rules, 1962 — Ministry of Finance 21 July 2026
Notification No. 64 — [भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 7 16 April 2026
Notification No. 63/2026 [F. No. 370142/13/2026-TPL]/ GSR 268(E) — 2 the Gazette of INDIA : Extraordinary [Part Ii—sec. 3(i)] 10 April 2026
Notification No. 62/2026 [F. No. 370142/10/2026-TPL]/ GSR 267(E) — Ministry of Finance 10 April 2026
Notification No. 61/2026 [F. No. 370142/9/2026-TPL] / GSR 266(E) — [भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3 10 April 2026
Notification No. 60/2026 [F. No. 370142/8/2026-TPL]/ GSR 265(E) — 2 the Gazette of INDIA : Extraordinary [Part Ii—sec. 3(i)] 10 April 2026

← Notification No. 93/2022 [F. No. 500/SWF3/S10(23FE)/FT&TR-II(Pt.3)] / SO 3707(E) · Notification No. 88/2022 [F. No. 300196/19/2017-ITA-I] / SO 3616(E) →

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.

Notification No. 89/2022 [F. No. 370142/26/2019-TPL-Part(1)] / SO 3652(E)

What this is