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Date: 07-Feb-2025 Category: Extra Ordinary State: Union Government Country: India

Amendment of Rule 2F

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • The notification introduces the Income-tax (Third Amendment) Rules, 2025, which further amend the Income-tax Rules, 1962, specifically concerning Infrastructure Debt Funds (IDFs).

Key Changes

  • Sub-rules (1), (2), (3), and (4) of Rule 2F of the Income-tax Rules, 1962, are substituted with new sub-rules that define the operational and investment parameters for Infrastructure Debt Funds.
  • Infrastructure Debt Funds must be set up as Non-Banking Financial Companies (NBFCs) adhering to the Reserve Bank of India (RBI) regulatory framework.
  • IDFs can only invest in post-commencement operation date infrastructure projects with at least one year of satisfactory commercial operation or in toll-operate-transfer projects as direct lenders.
  • IDFs can raise funds by issuing rupee-denominated bonds, foreign currency bonds (as per RBI regulations), zero-coupon bonds (as per Rule 8B), or through external commercial borrowings.
  • A new sub-rule (5A) is inserted, stipulating that external commercial borrowings by IDFs must have a tenor of at least five years and cannot be sourced from foreign branches of Indian banks.
  • Sub-rule (7) is substituted to prevent IDFs from investing in projects where a specified shareholder, associated enterprise, or a group of such shareholders has a substantial interest.
  • The definition of 'associate' in the Explanation is corrected to 'associated'.
  • The definition of 'specified shareholder' is revised to mean a non-banking financial company, a bank, or any other person holding, directly or indirectly, shares carrying not less than thirty percent of the voting power in an Infrastructure Debt Fund.

Impact Analysis

Infrastructure Debt Funds (IDFs)

  • Action Item: Review existing investment strategies and update them to align with the new regulations. Engage with RBI to clarify any ambiguities in the interpretation of the rules.

Non-Banking Financial Companies (NBFCs)

  • Action Item: Assess the impact of the new regulations on potential IDF investments and adjust investment strategies accordingly.

Reserve Bank of India (RBI)

  • Action Item: Continue to monitor and update regulations related to IDFs, foreign exchange, and external commercial borrowings as needed.

Infrastructure Projects

  • Action Item: Ensure projects meet the eligibility criteria for IDF funding and provide necessary documentation.

Investors in IDFs

  • Action Item: Review investment portfolios and assess potential impacts of the new regulations on returns and risk profiles.

Key Entities Referenced

Central Board of Direct Taxes (CBDT): The issuing authority of the notification, responsible for making rules to amend the Income-tax Rules, 1962. Infrastructure Debt Fund (IDF): A type of Non-Banking Financial Company (NBFC) that invests in infrastructure projects. The notification provides specific rules and guidelines for their operation. Reserve Bank of India (RBI): The regulatory authority whose framework governs the operation of Infrastructure Debt Funds, particularly concerning foreign exchange management and external commercial borrowings. Income-tax Act, 1961: The principal act under which the rules are being amended. Section 10(47) and Section 295 are specifically mentioned as the source of authority for the amendments. Income-tax Rules, 1962: The set of rules being amended by this notification, specifically Rule 2F concerning Infrastructure Debt Funds.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-07022025-260812 CG-DxLx-xEG-I0D7H0x2x2x0 25-260812 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 88] नई दिल्ली, िुक्रिार, फरिरी 7, 2025/माघ 18, 1946 No. 88] NEW DELHI, FRIDAY, FEBRUARY 7, 2025/MAGHA 18, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 7 फरिरी, 2025 आय-कर सख्ं या 13/2025 सा.का.जन. 121(अ).—केंद्रीय प्रत्यक्ष कर बोडड, आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खडं (47) के साथ पठित धारा 295 द्वारा प्रित्त िजियों का प्रयोग करत े हुए, आय-कर जनयम 1962 का और संिोधन करने के जलए जनम्नजलजखत जनयम बनाता ह,ै अथाडत ् :- 1. (1) इन जनयमों का संजक्षप्त नाम आय-कर (तीसरा संिोधन) जनयम 2025 ह ै। (2) य ेरािपत्र म ें प्रकािन की तारीख को प्रिृत्त होंग े । 2. आयकर जनयम, 1962 के जनयम 2च म,ें-- (क) उपजनयम (1), उपजनयम (2), उपजनयम (3) और उपजनयम (4) के स्ट्थान पर जनम्नजलजखत उपजनयम रखे िाएगं े, अथाडत ् :- “(1) अिसंरचना ऋण जनजध, भारतीय ठरििड बैंक द्वारा उपबंजधत जिजनयामक ढांच े म ें अजधकजथत ितों के अनुरूप और उनका समाधान करत े हुए गैर-बैंककारी जित्तीय कंपनी के रूप म ेंगठित की िाएगी । 936 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (2) अिसंरचना ऋण जनजधयों का जिजनधान केिल जनम्नजलजखत म ें दकया िाएगा,-- (क) पश्च-प्रारंभ प्रचालन तारीख अिसंरचना पठरयोिनाएं, जिनके कम स े कम एक िर् ड के समाधानप्रि िाजणजययक प्रचालन पूणड हो चुके ह ैं; या (ख) प्रत्यक्ष उधारिाता के रूप म ेंटोल-प्रचालन-अंतरण पठरयोिनाएं । (3) अिसंरचना ऋण जनजध,-- (i) भारतीय ठरििड बैंक के जनिेिों तथा समय-समय पर यथासंिोजधत, जििेिी मुद्रा प्रबंधन (भारत के बाहर जनिासी दकसी व्यजि द्वारा प्रजतभूजत का अतं रण या िारी करना) जिजनयम, 2000 के अनुसार रुपया अंदकत मल्ू य बंधपत्र या जििेिी मुद्रा बंधपत्र िारी करेगी ; (ii) जनयम 8ख के अनुसार िून्य कूपन बंधपत्र िारी करेगी ; या (iii) बाह्य िाजणजययक उधारों के अधीन उधार मागड के माध्यम स ेजनजधयां उगाहगे ी । (4) जनबंधन और ितें,--¬ (क) अिसंरचना ऋण जनजध द्वारा िारी दकसी बंधपत्र के जलए,-- (i) उपजनयम (3) के खंड (i) के अधीन, भारतीय ठरििड बैंक के जनििे ों तथा उि खंड में जनर्िष्टड जिजनयमों के अनुसार होंगे ; (ii) उपजनयम (3) के खंड (ii) के अधीन, जनयम 8ख के अनुसार होंगे ; या (ख) उपजनयम (3) के खंड (iii) के अधीन अिसंरचना ऋण जनजध द्वारा बाह्य िाजणजययक उधार, भारतीय ठरिि ड बैंक के जिििे ी जिजनमय जिभाग के जनिेिों के अनुसार होंगे ।”; (ख) उपजनयम (5) के पश्चात ् जनम्नजलजखत उपजनयम अंत:स्ट्थाजपत दकया िाएगा, अथाडत् :-- “(5क) अिसंरचना ऋण जनजध द्वारा बाह्य िाजणजययक उधारों के मामल े म ें समयािजध पांच िर्ड की अिजध स े कम नहीं होगी तथा ऐसे उधार भारतीय बैंकों की जििेिी िाखाओं स े उद्गजमत नहीं दकए िाएगं े ।”; (ग) उपजनयम (7) के स्ट्थान पर जनम्नजलजखत उपजनयम रखा िाएगा, अथातड ् :-- “(7) अिसंरचना ऋण जनजध द्वारा दकसी पठरयोिना म ें जिजनधान नहीं दकया िाएगा िहा ं इसके जिजनर्िडष्ट िेयरधारक या सहबद्ध उपक्रम या ऐसे जिजनर्िडष्ट िेयरधारकों का समूह सारिान जहत रखता ह ै।”; (घ) स्ट्पष्टीकरण म,ें-- (I) खंड (i) म ें“सहयोग” िब्ि के स्ट्थान पर, “सहबद्ध” िब्ि रखा िाएगा ; (II) खंड (viii) के स्ट्थान पर जनम्नजलजखत रखा िाएगा, अथाडत ् :-- “(viii) “जिजनर्िडष्ट िेयरधारक” स े कोई गैर-बैंककारी जित्तीय कंपनी या बैंक या कोई अन्य व्यजि अजभप्रेत ह,ै िो प्रत्यक्ष या अप्रत्यक्ष रूप स ेअिसंरचना ऋण जनजध की मतिान िजि का कम स े कम तीस प्रजतित िाले िेयर रखता ह ै।” [फा.स.ं 370142/9/2024-टीपीएल] सौरभ िैन, अिर सजचि ठटप्पण : मूल जनयम भारत के रािपत्र, साधारण, भाग-2, खडं 3, उपखडं (ii) म ें अजधसूचना संख्या का.आ. 969(अ) तारीख 26 माच,ड 1962 द्वारा प्रकाजित दकए गए थ े और अंजतम संिोधन अजधसूचना संख्या सा.का.जन. 76(अ) तारीख 27 िनिरी, 2025 द्वारा दकए गए ।[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 7th February, 2025 INCOME-TAX No. 13/2025 G.S.R. 121(E).— In exercise of the powers conferred by section 295 read with clause (47) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:___ 1. (1) These rules may be called the Income-tax (Third Amendment) Rules, 2025. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962, in rule 2F,– (a) for sub-rules (1), (2), (3) and (4), the following sub-rules shall be substituted, namely:– “(1) The Infrastructure Debt Fund shall be set up as a Non-Banking Financial Company conforming to and satisfying the conditions laid down in the regulatory framework provided by the Reserve Bank of India. (2) The funds of the Infrastructure Debt Fund shall be invested only in,– (a) post commencement operation date infrastructure projects which have completed at least one year of satisfactory commercial operations; or (b) toll-operate-transfer projects as the direct lender. (3) The Infrastructure Debt Fund shall,— (i) issue rupee denominated bonds or foreign currency bonds in accordance with the directions of Reserve Bank of India and the relevant regulations under the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, as amended from time to time; (ii) issue zero coupon bonds in accordance with rule 8B; or (iii) raise funds through loan route under external commercial borrowings. (4) The terms and conditions of, ─ (a) a bond issued by the Infrastructure Debt Fund,– (i) under clause (i) of sub-rule (3) shall be in accordance with the directions of the Reserve Bank of India and the regulations referred to in the said clause; (ii) under clause (ii) of sub-rule (3) shall be in accordance with rule 8B; or (b) external commercial borrowings by the Infrastructure Debt Fund, under clause (iii) of sub-rule (3) shall be in accordance with the directions of the Foreign Exchange Department of the Reserve Bank of India.”; (b) after sub-rule (5), the following sub-rule shall be inserted, namely:– “(5A) In case of external commercial borrowings by the Infrastructure Debt Fund, the tenor shall not be less than a period of five years and such borrowings shall not be sourced from foreign branches of Indian banks.”; (c) for sub-rule (7), the following shall be substituted, namely:– “(7) No investment shall be made by the Infrastructure Debt Fund in any project where its specified shareholder or the associated enterprise or the group of such specified shareholder has a substantial interest.”; (d) in the Explanation,–4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (I) in the clause (i), for the word “associate”, the word “associated” shall be substituted; (II) for clause (viii), the following shall be substituted, namely:– “(viii) “specified shareholder” means a non-banking financial company, or a bank, or any other person holding, directly or indirectly, shares carrying not less than thirty per cent of the voting power in Infrastructure Debt Fund.”. [F. No.370142/9/2024-TPL] SOURABH JAIN, Under Secy. Note: The principal rules were published in the Gazette of India, Extraordinary, Part-II, section 3, sub-section (ii) vide number S.O. 969(E), dated the 26th March, 1962 and were last amended vide notification number G.S.R. 76(E) dated the 27th January, 2025. 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.

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