# The Finance Act, 1986, Section 32: Amendment of section 204

- Act: The Finance Act, 1986 (Act 23 of 1986)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1986/section/32/

## Text

Amendment of section 204. 32. In section 204 of the Income-tax Act, with effect from the 1st day of June, 1986,—- (a) after clause  (ii), the following clause shall be inserted, namely: — "(iia) in the ease of any sum payable to a non-resident Indian, being any sum representing consideration for the transfer by him of any foreign exchange asset, which is not a short-term capital asset, the authorised dealer responsible for remitting such sum to the non-resident Indian or for crediting such sum to his Non-resident (External) Account maintained in accordance with the Foreign Exchange Regulation Act, 1973 (46 of 1973.) and any rules made thereunder; "; (b) the following Explanation shall be added at the end, namely:— Explanation.—  For the purposes of this section,— (a) "non-resident Indian" and foreign exchange asset" shall have the meanings assigned to them in Chapter XII-A; (b) "authorised dealer" shall have the meaning assigned to it in clause (b) of section 2 of the Foreign Exchange Regulation Act, 1973 (46 of 1973).'. [Finance Act, 1986] © Copyright. Taxmann Publications Pvt. Ltd.

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