Section 144 — Other conditions required to be fulfilled by a specified fund as referred to in Schedule VI [Note 1(g)(i)] to Act

(1) For the purposes of Schedule VI [Note 1(g)(i)] to the Act, the "other conditions" required to be fulfilled by a specified fund shall be that —
(a) the unit holder of the specified fund, other than the sponsor or manager of such fund, who becomes a resident under section 6(2) to (7) in any tax yearsubsequent to the tax year in which such unit or units were issued, shall cease to be a unit holder of such specified fund within a period of three monthsfrom the end of the tax year in which he becomes a resident;(b) for the purposes of clause (a), the specified fund shall maintain the following documents in respect of its unit holders:—(i) name of the unit holder;(ii) tax identification number of the unit holder in the country of residence at the time the units were issued;(iii) permanent account number, if available;(iv) total number of units held;(v) total value of units held;(vi) whether unit holder is a sponsor or a manager;(vii) the tax year in which the unit holder became resident; and(viii) date of exit from specified fund.(2) The specified fund shall certify that it has fulfilled the conditions under sub-rule (1) and furnish information in respect of units held by residents in theannual statement of exempt income in Form No. 68.
(3) The income attributable to units held by a non-resident (not being the permanent establishment of a non-resident in India) in a specified fund shall not beexempt under section 11(1) read with Schedule VI [Table: Sl. Nos. 1 to 4] to the Act unless the specified fund complies with sub-rule (2).
(4) For the purposes of this rule, "specified fund" shall have the same meaning as assigned to it in Schedule VI [Note 1(g)] to the Act.