The Central Board of Direct Taxes (CBDT) has notified the Income-tax (Third Amendment) Rules, 2025.
The Board has inserted Rule 2F in the Income-tax Rules, 1962 which relates to Infrastructure Debt Fund.
The Rule states that the Infrastructure Debt Fund shall be set up as a Non-Banking Financial Company conforming to and satisfying the conditions laid down in the regulatory framework provided by the Reserve Bank of India.
The funds of the Infrastructure Debt Fund shall be invested only in, post commencement operation date infrastructure projects which have completed at least one year of satisfactory commercial operations; or toll-operate-transfer projects as the direct lender.
The Infrastructure Debt Fund shall, issue rupee denominated bonds or foreign currency bonds in accordance with the directions of Reserve Bank of India and the relevant regulations under the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, as amended from time to time; issue zero coupon bonds in accordance with rule 8B; or raise funds through loan route under external commercial borrowings.
In case of external commercial borrowings by the Infrastructure Debt Fund, the tenor shall not be less than a period of five years and such borrowings shall not be sourced from foreign branches of Indian banks.
“No investment shall be made by the Infrastructure Debt Fund in any project where its specified shareholder or the associated enterprise or the group of such specified shareholder has a substantial interest,” the notification read.
Notification Details
Notification No. 13/2025
Date: 7th February, 2025
