Exemption from deduction of tax at source in respect of interest payable under the New Development Bank (NDB) Maharajah INR Bond Programme.
The Gazette of India
CG-DL-E-19102026-277283
EXTRAORDINARY
PART II—Section 3—Sub-section (ii)
PUBLISHED BY AUTHORITY
No. 5477] NEW DELHI, MONDAY, OCTOBER 19, 2026/ASVINA 27, 1948
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 19th October, 2026
INCOME-TAX
S.O. 5694(E).— In exercise of the powers conferred by sub-section (1) of section 400 of the Income-tax Act, 2025 (30 of 2025) (hereinafter referred to as the said Act), the Central Government hereby specifies that no deduction of tax shall be made under section 393(1) [Table: Sl.No. 5] or section 393(2) [Table: Sl.No. 17] of the said Act, as the case may be, on payment in the nature of interest, made by the New Development Bank to such person being holder of the Maharajah INR Bonds issued by the New Development Bank during the tax year 2026-27 and subsequent tax years
2. For the purposes of this notification, the expression ‘holder of Maharajah INR Bonds’ shall mean — (i) a resident; or (ii) a Foreign Institutional Investor, as referred to in section 210(6) of the said Act.
3. The New Development Bank shall furnish information as required under Schedule VII (Table: Sl.No. 49) to the said Act and the provisions of the Income-tax Rules, 2026.
4. This notification shall come into force on the date of its publication in the Official Gazette.
[Notification No. 136/2026/F. No. 400/01/2026-IT(B)]
RAJENDRA KUMAR MEENA, Under Secy.
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