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
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Saturday, 7 Nov 2020

Sir please green singnal

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News Network
November 24,2025

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Israeli forces have pushed over the Syrian frontier, erecting a checkpoint and stopping vehicles in the southwestern city of Quneitra, in yet another breach of the Arab country’s sovereignty.

The violation took place on Sunday, when the troops made their way across the border, setting up the outpost near the Ain al-Bayda junction in northern Quneitra, Syrian outlets reported.

According to the al-Ikhbariya paper, an Israeli detachment positioned itself at the junction, halting cars and conducting searches.

The Syrian Arab News Agency (SANA) reported that three Israeli military vehicles then moved further into the northern countryside, deploying between the town of Jubata al-Khashab and the villages of Ofaniya and Ain al-Bayda. The agency added that a separate Israeli unit mounted a new incursion in the central region, approaching the villages of Umm Batina and al-Ajraf.

Residents said such activities have surged in recent months, pointing to Israeli advances onto farmland, leveling of extensive forested areas, arrests, and spread of mobile checkpoints.

The Israeli regime began markedly increasing its military aggression against Syria last year.

The escalation coincided with increasingly ferocious onslaughts throughout the country by the so-called Hay'at Tahrir al-Sham (HTS) Takfiri terrorist group, which the government of President Bashar al-Assad had confined to northwestern Syria. The HTS, however, managed to overthrow the government as the Israeli attacks would pummel the country’s civilian and defensive infrastructure.

Various reports have shown that, during the escalation, the regime conducted more than 1,000 airstrikes on the Syrian territory and over 400 ground raids into the south.

Following the collapse of the Assad government, Tel Aviv also widened its grip over the occupied Golan Heights by taking control of a demilitarized buffer zone, in defiance of a 1974 Disengagement Agreement. Earlier this month, senior Israeli officials, including Prime Minister Benjamin Netanyahu, visited the buffer zone, prompting expressions of alarm on the part of the United Nations.

The United States, the regime’s biggest ally, has, meanwhile, been fraternizing the HTS head Abu Mohammed al-Jolani amid the widely reported prospect of rapprochement with Tel Aviv.

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News Network
December 5,2025

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New Delhi, Dec 5: IndiGo CEO Pieter Elbers issued a public apology this evening after more than a thousand flights were cancelled today, making it the "most severely impacted day" in terms of cancellations. The biggest airline of the country cancelled "more than half" of its daily number of flights on Friday, said Elbers. He also said that even though the crisis will persist on Saturday, the airline anticipates fewer than 1,000 flight cancellations.

"Full normalisation is expected between December 10 and 15, though IndiGo cautions that recovery will take time due to the scale of operations," the IndiGo CEO said. 

IndiGo operates around 2,300 domestic and international flights daily.

Pieter Elbers, while apologising for the major inconvenience due to delays and cancellations, said the situation is a result of various causes.

The crisis at IndiGo stems from new regulations that boost pilots' weekly rest requirements by 12 hours to 48 and allow only two night-time landings per week, down from six. IndiGo has attributed the mass cancellations to "misjudgment and planning gaps".

Elbers also listed three lines of action that the airline will adopt to address the issue.

"Firstly, customer communication and addressing your needs, for this, messages have been sent on social media. And just now, a more detailed communication with information, refunds, cancellations and other customer support measures was sent," he said.

The airline has also stepped up its call centre capacity.

"Secondly, due to yesterday's situation, we had customers stranded mostly at the nation's largest airports. Our focus was for all of them to be able to travel today itself, which will be achieved. For this, we also ask customers whose flights are cancelled not to come to the airports as notifications are sent," the CEO said.

"Thirdly, cancellations were made for today to align our crew and planes to be where they need to start tomorrow morning afresh. Earlier measures of the last few days, regrettable, have proven not to be enough, but we have decided today to reboot all our systems and schedules, resulting in the highest numbers of cancellations so far, but imperative for progressive improvements starting from tomorrow," he added.

As airports witnessed chaotic scenes, the Directorate General of Civil Aviation (DGCA) stepped in to grant IndiGo a temporary exemption from stricter night duty rules for pilots. It also allowed substitution of leaves with a weekly rest period. 

Civil Aviation Minister Ram Mohan Naidu has said a high-level inquiry will be ordered and accountability will be fixed.

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News Network
November 27,2025

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Bengaluru: The Vokkaligara Sangha on Thursday issued a stern warning to the Congress, saying the party could face serious electoral repercussions if Deputy Chief Minister D.K. Shivakumar is not appointed as Chief Minister.

The warning follows the public backing of Shivakumar’s chief ministerial ambition by top Vokkaliga pontiff Nirmalanandanatha Swami, who urged the Congress high command to honor his claim.

“The community supported Congress in the 2023 Assembly elections only because Shivakumar had a real chance to become CM. If he is cheated, we’ll teach the party a big lesson,” said newly elected Sangha president L. Srinivas. He added that Vokkaligas would organize protests under the guidance of community leaders.

General Secretary C.G. Gangadhar pointed out that Congress won more seats in the Vokkaliga-dominated Old Mysuru region due to Shivakumar’s influence, adding, “If Congress wants to retain power, Shivakumar should be made the CM.”

Outgoing president Kenchappa Gowda emphasized Shivakumar’s contribution to Congress’ victory. “Our community voted for Congress thinking he would become CM. Siddaramaiah has also served the party well, but Shivakumar should now be given a chance,” he said.

Former general-secretary Konappa Reddy appealed to Sonia and Rahul Gandhi to recognize Shivakumar’s loyalty and service, saying, “Congress is known to keep its promises. We hope it won’t break the promise made to him.”

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