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 22,2025

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The Israeli regime’s forces have killed two Palestinian children in the Gaza Strip every day since the ceasefire began in early October, UNICEF has warned.

The UN children’s agency said on Friday that Israeli forces continue to attack Palestinians in Gaza even though the agreement was meant to stop the killing.

“Since 11 October, while the ceasefire has been in effect, at least 67 children have been killed in conflict-related incidents in the Gaza Strip. Dozens more have been injured. That is an average of almost two children killed every day since the ceasefire took effect,” UNICEF spokesperson Ricardo Pires said in Geneva, reminding that each number in the statistics represents a child whose life had ended violently.

“These are not statistics,” he said. “Each child had a story, a family, and a future that was stolen from them.”

Data from Palestinian factions, human rights groups, and government bodies recorded since the US-brokered ceasefire deal went into effect on October 10 show that Israeli forces have carried out numerous attacks, each constituting a separate ceasefire violation.

UNICEF teams say they repeatedly continue to witness heart-wrenching scenes of fearful Palestinian children sleeping outdoors with amputated limbs, while others live as orphans in flooded, makeshift shelters.

“I saw this myself in August. There is no safe place for them. The world cannot normalize their suffering,” Pires said, lamenting that the UN could “do a lot more if the aid that is really needed was entering faster.”

The UNICEF spokesperson warned that with the advent of winter, the risks for hundreds of thousands of displaced children will increase.

He warned, “The stakes are incredibly high” for children as winter acts as a threat multiplier, where children have no heating, no insulation, and few blankets. He said respiratory infections rise.

“Too many children have already paid the highest price,” Pires said. “Too many are still paying it, even under a ceasefire. The world promised them it would stop and that we would protect them.”

“Now we must act like it,” the UNICEF spokesperson added.

Since the Israeli regime launched its genocidal war against Palestinians in Gaza in October 2023, it has killed nearly 70,000 people in the territory, most of them women and children, and injured over 170,000 more, while reducing most of the structures in the enclave to rubble.

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News Network
November 30,2025

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Udupi: The pontiffs of Sri Paryaya Puttige Mutt, the sacred seat of Jagadguru Shrimad Madhvacharya Moola Samsthanam, have submitted a proposal to the Prime Minister seeking comprehensive development for Udupi district. 

Proposal for International Airport

A key request is the establishment of an international airport. Highlighting that around 1,000 acres of land are available and suitable, the pontiffs noted that the existing Mangalore Airport provides limited international connectivity. They suggested the airport be developed under a Public-Private Partnership (PPP) or as a Greenfield Airport to boost trade, education, healthcare, and spiritual tourism.

Metro and Rapid Transit Connectivity

The proposal also calls for Metro Rail or Rapid Transit between Mangaluru and Udupi. The 55 km coastal stretch experiences heavy daily commuter traffic, causing congestion. The district administration is ready to prepare an initial project report for a Mass Rapid Transit corridor and requested inclusion under national urban mobility programmes to ensure safe, green, and time-efficient regional transport.

Port and Coastal Development

The pontiffs urged the development of an international-standard port with a cruise terminal along Udupi’s coast. They also requested fast-tracking of pending coastal tourism projects and revising Coastal Regulation Zone (CRZ) norms to encourage sustainable infrastructure and hospitality investment.

IT, AI and Technological Infrastructure

Support was sought for an IT and AI Innovation Park with incubation facilities under Digital India and Startup India initiatives. The proposal also emphasized the need for strengthened data security and cloud computing infrastructure to boost India’s technological independence.

Sports and Education Initiatives

The pontiffs requested national sports status for Kambala, along with financial and infrastructure support. They also sought the establishment of an AIIMS in Udupi, a new IIT campus, and approval for an IIM to promote higher education in the district.

Representation to the Prime Minister

Sri Sugunendra Tirtha Pontiff and Sri Sushrendra Tirtha Swamiji represented the pontiffs in submitting the comprehensive development proposal to the Prime Minister during his recent visit.

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coastaldigest.com news network
December 2,2025

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Udupi, Dec 2: A wave of regional pride is sweeping through Udupi district as Shagun S Verma Hegde, a talented Class 9 student from Christ King English Medium High School, Karkala, has been named the captain of the Indian National Team for the Under-15 Girls’ Volleyball Championship.

Shagun holds the unique distinction of being the sole player from Karnataka selected to represent the country in the prestigious international tournament. The championship, organized by the School Games Federation, is scheduled to take place in Shangluo, China, from December 3 to 13, where Shagun will lead the national squad.

A Remarkable Journey to the Top

Shagun’s selection is a testament to her dedication and exceptional skill on the court. Her journey included several rigorous rounds of selection:

•    She was the only player from Udupi district to qualify for the state-level selection camp.

•    Out of eight players from Karnataka who advanced to the national selection camp in Pune, Maharashtra, Shagun was the only one to secure a place in the final national squad.

•    The national camp saw participation from approximately 200 players, which was shortlisted to 23. Shagun not only made the final cut but was also ranked as the second-best player overall, solidifying her leadership role.

Shagun, who is the daughter of Sandesh Verma and Shruthiraj of Kallotte, Karkala, has trained under experienced coaches Santosh D’Souza, Jeevan D’Silva, Jairaj Poojary, and Ramesh. Her selection as the team captain has brought profound honour to her family, school, the Udupi district, and the entire state of Karnataka.

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