explanation 1a person shall be deemed to be of indian origin if— i @® he, or either of his parents or any of his grand-parents, was a citizen of india by virtue of the constitution or the citizenship act, 1955; or, (i) he at any time, held an indian passport: provided that the nationals of pakistan or bangladesh shall not be deemed to be of indian origin explanation 2—a spouse, (not being a national of pakistan or bangladesh) of a person of indian origin shal] also be deemed to be 10 of indian origin; i (c) "overseas corporate body" means any institution, association or body, whether incorporated or not, established under the laws of @ country outside india wherein any non-resident indian has any interest; (4) all other words and expressions used in this chapter but not defined and defined in the foreign exchange regulation act, 1973, shall have the meanings tespectively assigned to them in that 46 of 1973 act | ( the scheme notified under 20 as soon as may be after it is noti- (2) 'the central govermnent shall cause clause (a) of sub-section (1) to be laid, fied, before each house of parliament immunities 6 (1) notwithstanding anything contained in the wealth-tax act, 97 of 1957, 1957, the gift-tax act, 1958, the income-tax act, 1961, the foreign 18 of 1958, exchange regulation act, 1973 and the foreign contribution (regula- 25 43 of 1961, tion) act, 1976— 46 of 1973, 49 of 1976 (a) no non-resident indian or overseas corporate body who or which owns the foreign exchange bonds or any person resident in india to whom a gift of such bonds has been made by such no) resident indian or overseas corporate body, shall be required to 30 disclose, for any purpose whatsoever, the nature and source of the investment in such bonds; (6) no inquiry or investigation shall be commenced against any of the persons referred to in clause (a) under any of the said acts on the ground that such person owns such bonds; 35 (c) the fact that any of the persons referred to in clause (a) owns such bonds shall not be taken into account und shall be inadmissible as evidence in any proceedings relating to any offence or the imposition of any penalty under any of the said acts, (2) nothing in sub-section (1) shall apply to foreign exchange which 40 is required to be brought into india under any of the provisions of— (i) the foreign exchange regulation act, 1973; or 46 of 1973 (ii) the income-tax act, 1961, read with the foreign exchange 43 of 1961, regulation act, 1973, | 46 of 1973any other authority, such extended period has not expired on the date of commencement of this act foreign 7 without prejudice to the generality of the provisions of section (a) the provisions of the income-tax act, 1961 shall not apply to any interest accruing in relation to the foreign exchange bonds: (b) the provisions of the wealth-tax act, 1957 shall not apply in relation to the foreign exchange bonds; bonds not to be taken into account, in certain cases,(c) the provisions of the gift-tax act, 1958 shall not apply where any non-resident indian becomes a_ resident in india and makes a gift of the foreign exchange bonds  statement of objects and reasonsthe present position relating to balance of payments has become difficult and it has become necessary to attract larger inflow of foreign exchange in order to encourage such inflow of foreign exchange, it is proposed to allow— (a) remittances of foreign exchange to persons resident in india; and  (0) the state bank of india to issue foreign exchange bonds to non-resident indians and overseas corporate bodies wherein nonresident indians have any interest, in accordance with the schemes to be notified by the reserve bank of india it is also proposed to provide immunities to persons receiving such temittances and to persons owning such bonds mainly from the foreign exchange regulation act, 1973 and the direct tax laws 2 the bill seeks to achieve the above objects new deum; manmohan singh the 28th august, 1991,  memorandum ?:"garding delegated legislationclause 3 of the bill provides that the reserve bank of india may specify a scheme for the purpose of laying down details of the manner in which the remittances of foreign exchange can be received by persons resident in india and other matters connected therewith 2 clause 5 of the bill provides that the reserve bank of india may specify a scheme setting out the details relating to sale of foreign exchange bonds by the state bank of india, including the persons who can purchase the bonds, the denomination of the bonds, the interest admissible thereon, the date of maturity of the bonds, etc 3 the matters in respect of which the schemes are to be specified are matters of administrative detail or procedure and it is not practicable to provide for them in the bill itself the delegation of jegislative power is, therefore, of a normal character,