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[भागII—खण् ड 3(ii)]
भारत का रािपत्र : असाधारण
7
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 14th October, 2022
(INCOME-TAX)
S.O. 4893(E).—In exercise of powers conferred by sub-clause (vi) of clause (b) of the Explanation
1 to clause (23FE) of section 10 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the
“Act”), the Central Government hereby specifies the sovereign wealth fund, namely, Norges Bank On
Account Of The Government Pension Fund Global (PAN: AACCN1454E), (hereinafter referred to as “the
assessee”) as the specified person for the purposes of the said clause in respect of the investment made by it
in India on or after the date of publication of this notification in the Official Gazette but on or before the
31st day of March, 2024 (hereinafter referred to as “the said investments”) subject to the fulfilment of the
following conditions, namely:-
(i)
the assessee shall file return of income, for all the relevant previous years falling within the period
beginning from the date on which the said investment has been made and ending on the date on
which such investment is liquidated, on or before the due date specified for furnishing the return of
income under sub-section (1) of section 139 of the Act;
(ii)
the assessee shall get its books of account audited for the previous years referred to in clause (i) by
an accountant specified in the Explanation below sub-section (2) of section 288 of the Act and
furnish the Audit Report in the format annexed as Annexure to this notification herewith at least
one month prior to the due date specified for furnishing the return of income under sub-section (1)
of section 139 of the Act;
(iii)
the assessee shall furnish a quarterly statement within one month from the end of each quarter
electronically in Form II as annexed to Circular No 15 of 2020, dated the 22nd July, 2020 with F.
No. 370142/26/2020-TPL, issued by the Ministry of Finance, Department of Revenue, Central
Board of Direct Taxes (Tax Policy and Legislation Division), in respect of each investment made
by it during the said quarter;
(iv)
the assessee shall maintain a segmented account of income and expenditure in respect of such
investment which qualifies for exemption under clause (23FE) of section 10 of the Act;
(v)
the assessee shall continue to be owned and controlled, directly or indirectly, by the Government of
Norway, and at no point of time should any other person have any ownership or control, directly or
indirectly, in the assessee;
(vi)
the assessee shall continue to be regulated under the laws of the Government of Norway;
(vii)
the earnings of the assessee shall be credited either to the account of the Government of Norway or
to any other account designated by that Government so that no portion of the earnings inures any
benefit to any private person, barring any payment made to creditors or depositors for loan taken or
borrowing [as defined in sub-clause (a) of clause (ii) of Explanation 2 to clause (23FE) of section
10 of the Act] made for purposes other than for making investment in India;
(viii)
the assessee shall not have any loan or borrowing [as defined in sub-clause (a) of clause (ii) of
Explanation 2 to clause (23FE) of section 10 of the Act], directly or indirectly, for the purposes of
making investment in India;
(ix)
the asset of the assessee shall vest in the Government of Norway upon dissolution, barring any
payment made to creditors or depositors for loan taken or borrowing for purposes other than for
making investment in India; and
(x)
the assessee shall not participate in the day-to-day operations of investee (as defined in clause (i)
of Explanation 2 to clause (23FE) of section 10 of the Act), but any monitoring mechanism to
protect the investment with the investee, including the right to appoint directors or executive
director, shall not be considered as participation in the day-to-day operations of the investee.
8
THE GAZETTE OF INDIA : EXTRAORDINARY
[PART II—SEC. 3(ii)]
2. Violation of any of the conditions as stipulated in clause (23FE) of section 10 of the Act and this
notification shall render the assessee ineligible for the tax exemption.
3. This notification shall come into force from the date of its publication in the Official Gazette.
ANNEXURE
Audit Report to be filed by the Sovereign Wealth Fund claiming exemption under of
section 10 of the Income -tax Act, 1961
Part I
*I/we report that the statutory audit of M/s. ………...........…………………. (Name and address of the
assessee with Permanent Account Number or Aadhaar Number), the particulars of which are given in Part
II was conducted by *me/ us/ M/s. …………………………………………..………. as per the requirement
under the Notification No …../…… dated ……… published in the Official Gazette on ……....
2. In *my/ our opinion and to the best of *my/ our information and according to examination of books of
account including other relevant documents and explanations given to*me/us, it is certified that the
assessee *has/ has not complied with the conditions as laid down under clause (23FE) of section 10 of the
Income-tax Act, 1961 (hereinafter referred to as the “Act”) and those provided in the said notification
specifying the assessee being the Sovereign Wealth Fund as specified person for the purposes of claiming
exemption under the said clause (23FE) of the Act.
2.1 *The conditions not complied with by the assessee are as under:-
(a) …………………………….…………………………….………………………………
(b) …………………………….…………………………….………………………………
3. In *my/our opinion and to the best of *my/ our information and according to examination of books of
account including other relevant documents and explanations given to *me/us, the particulars given in the
Part II are true and correct subject to the following observations/qualifications, if any, namely:-
(a) …………………………….…………………………….………………………………
(b) …………………………….…………………………….………………………………
Part II
1. Name of the Assessee
:
2. PAN/AADHAAR
:
3. Previous Year :
4. Total Income of the Assessee during the previous year
:
5. Amount of income eligible for exemption under clause
(23FE) of section 10 of the Act
(as per details in column 11 of table at item no.6)
:
6.
The opening balance (i.e. the closing balance as on the last date of the preceding financial year) of
the investment made which is eligible for exemption under clause (23FE) of section 10 of the Act is
_____________(in rupees) and details of the investment by the Sovereign Wealth Fund (SWF) during the
period are as under:
[भागII—खण् ड 3(ii)]
भारत का रािपत्र : असाधारण
9
Sl.
No.
Date
of
investment
Amount of
investment
Nature of
investment
(Note 4)
Nature
of
income
(Note 5)
Amount of
income on
investment
during the
year
Details
of
the
entity
in
which
Investment made
Amount
of
income which
is eligible for
exemption
under clause
(23FE)
of
section 10 of
the
Act
(Attach
calculation
sheet as per
relevant rules)
Nature
of
entity
(Note
6)
Name
PAN
In
case
nature
of
entity code
is
3/4/5,
whether the
entity
has
made
minimum
investment
of 50 or75
or
90
percent
as
required in
item (c) or
(d) or (e) of
sub-clause
(iii)
of
clause
(23FE)
of
section
10
of the Act
(Attach
calculation
sheet as per
relevant
rules)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
1.
2.
Total
7.*the SWF has not sold any of the investments made for the purposes of exemption under clause
(23FE) of section 10 of the Act before the expiry of three years from the date on which the investment was
made in respect of the said exemption/the SWF has sold certain investments made for the purposes of
exemption under clause (23FE) of section 10 of the Act before the expiry of three years from the date on
which the investment was made in respect of the said exemption, the details of which are as under:
Sl. No.
Date of
investment
Nature of
investment
(Note 4)
Nature of
income
(Note 5)
Amount of
income on
investment
during the
year
Details of the entity in which
Investment made
Date of
sale
Nature of
entity (Note
6)
Name
PAN
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
1.
2.
Total
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THE GAZETTE OF INDIA : EXTRAORDINARY
[PART II—SEC. 3(ii)]
8. The SWF satisfies all the conditions required for the purposes of exemption under clause (23FE) of
section 10 of the Act, that is, -
(a)
Whether the Government of foreign country wholly owns and controls the SWF,
directly or indirectly
Yes/No
(b)
Mention the name of the Government of foreign country which owns and controls the
SWF, directly or indirectly
(c)
Whether the Government of foreign country owns and controls the SWF, directly or
indirectly
Directly/
Indirectly
(d)
If the Government of foreign country owns and controls the SWF indirectly, give
details of the chain of ownership
(e)
Name of the law(s) under which the SWF is set up and regulated
(f)
Whether the earnings of the said fund are credited either to the account of the
Government of that foreign country or to any other account designated by that
Government so that no portion of the earnings inures any benefit to any private person,
barring any payment made to creditors or depositors for loan taken or borrowing made
for purposes other than for making investment in India.
Yes/No
(g)
Whether the asset of the said fund vests in the Government of such foreign country
upon dissolution, barring any payment made to creditors or depositors for loan taken or
borrowing made for purposes other than for making investment in India.
Yes/No
(h)
If answer to (f) or (g) is No, then provide the following details:
i.
Name of such private person
ii.
Amount of benefit provided during the year
(i)
Whether it participates in the day to day operations of any of the investee, as defined in
clause (i) of Explanation 2 to clause (23FE) of section 10 of the Act, barring any
monitoring mechanism to protect the investment with the investee including the right
to appoint directors or executive director
Yes/No
(j)
If answer to (i) is yes, then provide the following details:
i.
Name of such investee
ii.
PAN of the investee
iii.
Amount of investment in such investee at the end of the year
(k)
Whether it has complied with the requirement of intimation of the details of investment
made by it in India in Form No II issued vide circular No 15/2020 dated 22.07.2020
Yes/No
(l)
Whether it has loans or borrowings, as defined in sub-clause(a) of clause (ii)
Explanation 2 to clause (23FE) of section 10 of the Act, directly or indirectly, for the
purposes of making investment in India
Yes/No
(m)
If answer to (l) is yes, then provide the following details:
(i) Name of the person from whom such loan or borrowing has been taken
(ii) Amount of loan or borrowing at the beginning of the year
(iii) Amount of loan or borrowing received during the year
(iv) Amount of loan or borrowing repaid during the year
(v) Amount of loan or borrowing at the end of the year
[भागII—खण् ड 3(ii)]
भारत का रािपत्र : असाधारण
11
(n)
Whether separate segmented account is maintained for income and investment in
respect of investment which qualifies for exemption under clause (23FE) of section 10
of the Act
Yes/No
Place: ……………
Date: ……………
**(Signature and stamp/ Seal of the signatory)
Name of the signatory …………………
Full address ……………………………
Membership No………………………
UDIN………………………………..
Note:
1. *Delete whichever is not applicable.
2.** This report is to be given by an accountant as defined in the Explanation below sub-section (2) of
section 288 of the Act.
3. An “investee” shall have the same meaning as in clause (i) to Explanation 2 to clause (23FE) of section
10 of the Act and “loan and borrowing” shall have the same meaning as in sub-clause (a) of clause (ii) of
Explanation 2 to clause (23FE) of section 10 of the Act.
4. One of the following codes is to be selected:
Nature of Investment
Code
Debt
1
Equity
2
Preference Shares
3
Others (Please specify)
4
5. One of the following codes is to be selected:
Nature of Income
Code
Interest
1
Dividend
2
Capital Gains
3
Others
4
6. One of the following codes is to be selected:
Nature of entity in which investment is made
Code
Business Trust referred to in item (a) of sub-clause (iii) of clause (23FE) of section 10 of
the Act
1
Company or enterprise or entity referred to in item (b) of sub-clause (iii) of clause (23FE)
of section 10 of the Act
2
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THE GAZETTE OF INDIA : EXTRAORDINARY
[PART II—SEC. 3(ii)]
Alternative Investment Fund referred to in item (c) of sub-clause (iii) of clause (23FE) of
section 10 of the Act
3
Domestic company referred to in item (d) of sub-clause (iii) of clause (23FE) of section 10
of the Act
4
Infrastructure Finance Company/Infrastructure Debt Fund-NBFC referred to in item (e) of
sub-clause (iii) of clause (23FE) of section 10 of the Act
5
[Notification No. 115/2022/F. No. 500/SWF5/S10(23FE)/FT&TR-II(Pt.2)]
APOORV TIWARI, Under Secy.
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.
