Other conditions required to be fulfilled by a specified fund as referred to in Schedule VI [Note 1(g)(i)] to Act

Conditions (sub-rule 1).

• (a) A unit holder, other than the sponsor or manager, who becomes a resident under section 6(2) to (7) in a tax year after the year the units were issued, ceases to be a unit holder within three months from the end of the tax year in which he becomes resident.
• (b) The fund maintains, for its unit holders: name; tax identification number in the country of residence when the units were issued; permanent account number, if available; total number of units held; total value of units held; whether the holder is a sponsor or a manager; the tax year in which the holder became resident; and the date of exit from the fund.

Certification and consequence (sub-rules 2 and 3). The fund certifies compliance and gives information on units held by residents in the annual statement in Form No. 68. Income attributable to units held by a non-resident is not exempt under section 11(1) read with Schedule VI unless the fund complies with sub-rule (2).