Section 12 of The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002
With effect from the appointed day, all fiscal and other concessions, licences, benefits, privileges and exemptions granted to the Trust in connection with the affairs and business of the specified undertaking of the Trust under any law for the time being in force shall be deemed to have been granted in relation to the specified undertaking.
Summary
- This rule protects any special perks or rights that the Unit Trust of India previously enjoyed.
- From the appointed day, all fiscal (tax or financial) and other concessions are saved.
- Any licences, benefits, privileges, and exemptions related to the specified undertaking's business continue to apply.
- The law treats these past benefits as if they were granted directly to the new specified undertaking.
Practical examples
FAQ
1. Do the old licences of the Unit Trust of India expire when the Administrator takes over?
No, all licences granted in connection with the specified undertaking are deemed to be granted directly to it and continue.
2. What types of benefits are protected by this rule?
Fiscal and other concessions, licences, benefits, privileges, and exemptions are all protected.
3. When does this transfer of privileges officially take effect?
These concessions and privileges are deemed granted with effect from the appointed day.
Test yourself
Q1.Under Section 12 of The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, what happens to fiscal concessions previously granted to the Trust for the specified undertaking?
Q2.Under Section 12 of The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, when do these concessions and privileges officially carry over?
Q3.Under Section 12 of The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, which of the following is NOT explicitly mentioned as carrying over?
Q4.Under Section 12 of The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, these carried over benefits apply to affairs and business related to what?
Q5.Under Section 10 and Section 12 of The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, if the Administrator engages in foreign exchange dealings under Section 10, what happens if the old Trust had an exemption for this?