Abu Dhabi's SWF becomes first notified fund to get 100% I-T exemption

News Network
November 3, 2020

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New Delhi, Nov 3: Abu Dhabi's Sovereign Wealth Fund (SWF) -- MIC Redwood 1 RSC Limited -- became the first foreign SWF to be notified and granted 100 per cent income tax exemption for long term investments to be made in specified priority sectors, the Union Finance Ministry said in a statement on Tuesday.

The MIC Redwood 1 RSC Limited of Abu Dhabi has been provided 100 per cent income-tax (I-T) exemption to income from interest, dividend and long-term capital gains for its investment in India's priority sector as per the Finance Act, 2020.

With the notification from Central Board of Direct Taxes (CBDT), MIC Redwood 1 RSC Limited of Abu Dhabi became the first notified SWF which will be availing this exemption.

"This 100 per cent income-tax exemption facility was well received by the SWFs and Pension Funds across the globe and a large number of SWFs and Pension Funds have shown interest in making an investment in India's infrastructure sector," the statement read.

CBDT had issued detailed guidelines to facilitate the process of SWF's notification.

Notified foreign pension funds were also granted similar exemption subject to fulfilment of certain prescribed conditions.

Speaking under conditions of anonymity, a senior level official said that to expedite foreign investment in India's priority areas during the Covid pandemic time, the process of notification of the MIC Redwood 1 RSC Limited was completed in a record time.

"On September 18, 2020, the MIC Redwood 1 RSC Limited made an application for seeking tax-exemption notification as per the CBDT guidelines. Amidst the challenges of Covid-19, all deliberations and meetings between applicant and tax authorities were held virtually through video conferencing and communications were made only through emails. The MIC Redwood 1 RSC Limited submitted its final replies on October 20, 2020 and after that the process of notification including consultation with Ministry of Law and Justice for legal vetting of the notification, etc. has been completed in less than two weeks," he said.

The official further added that with the completion of all legal and other formalities the notification granting 100 per cent tax-exemption was issued on November 2, 2020.

The Government of India in order to incentivise long-term investment by the SWFs of the foreign governments in the priority sectors, had granted through the Finance Act, 2020, a 100 per cent income-tax exemption to income of a notified SWF in respect of its investment made in the specified infrastructure sectors.

The Government of India had issued a notification on July 6, 2020 to broaden the scope of this exemption and made all sub-sectors of Harmonised Master List of the infrastructure eligible for this income-tax exemption.

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Khursheed alam
 - 
Saturday, 7 Nov 2020

Sir please green singnal

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News Network
November 28,2025

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Mangaluru, Nov 28: Karnataka Health Minister and Dakshina Kannada district in-charge minister Dinesh Gundu Rao on Friday handed over Chief Minister Siddaramaiah’s letter to Prime Minister Narendra Modi, highlighting the severe distress faced by farmers due to crashing crop prices.

PM Modi arrived at the Mangaluru International Airport en route to Udupi, where Gundu Rao welcomed him and submitted the letter. The chief minister’s message stressed that farmers are suffering heavy losses because maize and green gram are being bought far below the Minimum Support Price (MSP). The state urged the Centre to immediately begin procurement at MSP.

According to the letter, Karnataka has a bumper harvest this year—over 54.74 lakh metric tons of maize and 1.98 lakh metric tons of green gram—yet farmers are unable to secure fair prices. Against the MSP of ₹2,400/MT for maize and ₹8,768/MT for green gram, market rates have plunged to ₹1,600–₹1,800 and ₹5,400 respectively.

The chief minister has requested the Centre to:

• Direct NAFED, FCI and NCCF to start MSP procurement immediately.
• Ensure ethanol units purchase maize directly from farmers or FPOs.
• Increase Karnataka’s ethanol allocation, citing high production capacity.
• Stop maize imports, which have depressed domestic prices.
• Relax quality norms for green gram, allowing up to 10% discoloration due to rains.

The letter stresses that MSP is crucial for farmer dignity and income stability and calls for swift central intervention to prevent a deepening crisis.

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News Network
November 26,2025

Mangaluru, Nov 26: Mangaluru East police have registered a case following a sophisticated online fraud where a 57-year-old local resident was allegedly cheated out of ₹13.4 lakh after being targeted on Facebook.

The scam began in February when the complainant, while browsing Facebook reels, was contacted by a woman identifying herself as "Lillian Mary George" from London. After establishing a chat relationship, the woman claimed she would visit India in November and bring a significant sum of money.

The trap was sprung on November 15, when the victim received a call from a woman named "Sonali Gupta," who claimed Lillian had arrived at Mumbai International Airport but was detained by customs. The fraudsters convinced the man that Lillian was carrying £25,000 (about ₹26 lakh) in traveller’s cheques and 1 kg of gold (valued at around ₹30 lakh).

Under the pretense of clearing these items, the victim was asked to make numerous online transfers between November 15 and 18 for various bogus charges, including:

•    "Pounds exchange registration"
•    "Customs declaration issues"
•    "Discount charges"
•    "Money-laundering charges"

Believing the fictitious story, the complainant transferred the cumulative sum of ₹13.4 lakh to various bank accounts provided by the fraudsters. He realised he was cheated when the culprits later promised a refund within two days but stopped answering his calls. The Mangaluru East police are now investigating the case, which highlights the continuing threat of transnational cyber fraud using social engineering and promises of fictitious wealth.

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News Network
November 30,2025

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Mangaluru, Nov 30: A 22-year-old college student succumbed to her injuries at a private hospital in Mangaluru today, days after she was hit by a goods tempo while crossing a road in Padubidri.

The deceased has been identified as Preksha, a resident of Nadsalu Billitota in Padubidri. The fatal incident occurred as Preksha, who was returning home after completing her examination, attempted to cross the service road towards Mangaluru. She was struck by a goods tempo approaching from the Udupi side, causing her to fall and sustain a severe head injury.

Prompt action from local residents ensured she received immediate first aid before being rushed to a hospital in Mangaluru for specialised treatment. Despite medical efforts, she passed away while undergoing care.

Preksha was a student at Karavali College, Vamanjoor on the outskirts of Mangaluru city. The tragedy is compounded by the fact that she belonged to a financially vulnerable family, having previously lost her father. She is survived by her mother and brother.

A case related to the accident has been registered at the Padubidri police station, and an investigation is underway to determine the exact circumstances that led to the collision. The incident highlights the growing concerns over road safety, particularly on busy service roads, and serves as a tragic reminder of the human cost of traffic accidents.

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