REGISTERED No. D-(D)-72 The Gazette of India EXTRAORDINARY
PART II—Section 1 PUBLISHED BY AUTHORITY No. 73] NEW DELHI, FRIDAY, OCTOBER 31,1975/KARTIKA 9,1897 Separate paging la given to this Part in order that it may be filed as a separate compilation MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS (Legislative Department) New Delhi, the 31st October, 1975 /Kartika 9, 1897 (Saka) THE UNIT TRUST OF INDIA (AMENDMENT) ORDINANCE, 1975 No. 18 OF 1975 Promulgated by the President in the Twenty-sixth Year of the Republic of India. An Ordinance to amend the Unit Trust of India Act, 1963. WHEREAS Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action; Now, THEREFORE, in exercise of the powers conferred by clause (1) of article 123 of the Constitution, the President is pleased to promulgate the following Ordinance: —
1. (1) This Ordinance may be called the Unit Trust of India (Amendment) Ordinance, 1975. Short title and commencement.
(2) It shall come into force at once.
(693) 6 o 4 THE GAZETTE OF INDIA EXTRAORDINARY TPART II—
2. In section 32 of the Unit Trust of India Act, 1963,—Amend, ment of section 32. 52 of 1963, (A) in sub-section (1),—
(i) after clause (a), the following clause shall be inserted, namely: — '(aa) in the case of an assessee who is not resident in India, being,—
(i) an individual who is an Indian or a person of Indian origin, or
(n) a Hindu undivided iamuy, there shall not be included in the total income of such assessee, for the purposes of the Income-tax Act, 1961, any income received by such assessee in the previous year in respect of units acquired by such assessee from the Trust, out of funds in a Non-resident (External) Account maintained with any bank in India or by the remittance of funds in foreign exchange, in accordance, in either case, with the provisions of the Foreign Exchange Regulation Act, 1973, or any rules or orders made thereunder;'; 43 of 1961. 46'of 1973.
(ii) the Explanation to clause (b) shall be omitted;
(in) in clause (b<i), after the words "assets in the form of units", the brackets and words "[not being assets referred to dn clause (bb)]" shall be inserted;
(iv) the Explanation to clause (ba) shall be omitted;
(v) after clause (ba) the following clause shall be inserted, namely: — •(00) m the case of an assessee who is not resident in India, being, an individual who Is an Indian or a person of Indian origin, or a Hindu undivided family, wealth-tax shall not be payable by the assessee in respect of, and there shall not be included in, the net wealth of the assessee computed under the Wealth-tax Act, 195T, the value of the assets in the form of units acquired from the Trust, out of funds in a Non-resident (External) Account maintained with any bank in India or by the remittance of funds in foreign exchange, In accordance, in either case, with the provisions of the Foreign Exchange Regulation Act, 1973, or any rules or orders made thereunder;"; 27 Of 1957, 46 of 1973.
(wi) after clause (c), the following Explanations shall be inserted, namely: — 'Explanation I.—In this sub-section,—
(a) in clauses (aa) and (b), the expressions "previous year" and "total income" shall have the meanings, respectively, assigned to them dn the Income-tax Act, 1961; 43 of 1961. SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 695
(b) in clauses (ba) and (bb), the expressions "assessee" and "net wealth" shall have the meanings, respectively, assigned to them in the Wealth-tax Act,
1957.27 of 1857.
Explanation U—For the purposes of sub-sections (1) and (2) — 43 of 1961.
(b) a person shall be deemed to be a person of Indian origin if he or either of his parents or any of his grand parents howsoever high in degree of ascent, whether on the paternal side or on the maternal side, was born in India, as denned in the Government of India Act, 1935, as originally enacted-'; (B) in sub-section (2), to clause (c), the following proviso shall be added, namely: — "Provided that no deduction of income-tax shall be made by the Trust, where the units in respect of which income is distributed to—
(i) an individual who is an Indian or a person of Indian origin, or
(ii) a Hindu undivided family, not resident in India, have been acquired from the Trust, out of funds in a Non-resident (External) Account maintained with any bank in India or by the remittance of funds in foreign exchange, in accordance, in either case, with the provisions of the Foreign Exchange Regulation Act, 1973, or any rules or orders made thereunder.". FAKHRUDDIN ALI AHMED, President, 40 of 1973. K. K. SUNDARAM, Secy, to the Govt. of India.