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[Cites 0, Cited by 0] [Section 114F(5)] [Section 114F] [Entire Act]

Union of India - Subsection

Section 114F(5)(P) in Income Tax Rules, 1962

(P)"financial institution with only low-value accounts" means a financial institution satisfying the following requirements, namely:-
(i)the financial institution is not an investment entity;
(ii)no financial account maintained by the financial institution or any related entity has a balance or value in excess of an amount equivalent to fifty thousand U.S. dollars, applying the procedures prescribed in clause (c) of sub-rule (7) of rule 114H for account aggregation and currency translation; and
(iii)the financial institution does not have more than fifty million U.S. dollars in assets on its balance sheet, and the financial institution and any related entities, taken together, do not have more than fifty million U.S. dollars in total assets on their consolidated or combined balance sheets;