The Reserve Bank of India on 13th October 2021 has published the Foreign Exchange Management (Debt Instruments) (First Amendment) Regulations, 2021 to further amend the Foreign Exchange Management (Debt Instruments) Regulations, 2019.
Through this amendment, The term “Infrastructure Investment Trust” or “InvIT”/REIT has been notified under the definition clause.
As per the definition, the “Infrastructure Investment Trust” or “InvIT/ “REIT” means a business trust as defined in sub-clause (i) of clause 13A of section 2 of the Income-tax Act, 1961.”
Section 2(13A) of the Income Tax Act, 1961,states that unless the context otherwise requires, the term ‘business trust’ means a trust registered as;
(i) an Infrastructure Investment Trust under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992); or
(ii) a Real Estate Investment Trust under the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992), and
the units of which are required to be listed on recognized stock exchange in accordance with the aforesaid regulations.
