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The Central Government notifies Indian Commodity Exchange Limited as a recognised association for commodity derivatives trading under Section 43 of the Income-tax Act. The recognition takes effect on 01.11.2018. The exchange must fulfill specific conditions. These conditions include obtaining regulatory approval, recording client particulars, maintaining a complete audit trail for seven years, and preventing the erasure of transactions. The exchange must also submit a monthly statement in Form No. 3BC for modified transactions. The notification remains in force until the approval expires, any condition is violated, or until 31.10.2021, whichever event occurs first.
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[TO BE UBLISHED IN THE GAZETIE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)l Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes NOTIFICATION f\ New Delhi, the 3' of October, 2018
In exercise of ~ owers conferred under clause (iii) of Explanation to clause (e) of the proviso to sub-section (5) of Section 43 of the I come-tax Act, 1961 (43 of 1961) read with sub-rule (4) of Rule 6000 of the Income-tax Rules, 1962, the Central Government hereby notifies Indian commodity Exchange Limited(PAN:AABCI9479D) as a 'recognised association' for the pu pose of said clause with effect from 01.11.2018 subject to fulfilment of following conditions in respect of trading in co modity derivatives, namely;
This notificution IShall remain in force-
whic ever is earlier.
(Rajarajeswari R.) Under Secretary (ITA-II), CBDT
Notification No.ii' /2~ 18 (F. No. 225/261/2018 ITA-II)
To The Manager, Governmert of India Press, Mayapuri, Ne Delhi
Copy forwarded to: -
(Raj'a1ajescJt 'R . -,
Under Secretary (ITA-II), CBOT
