Income Tax Act 2007 section 839

Issue departments of the Reserve Bank of India and the State Bank of Pakistan

Section 839 exempts from income tax the income of the issue departments of the central banks of India and Pakistan.

• The issue departments of two specific central banks are granted a complete exemption from UK income tax on their income.
• The Reserve Bank of India, established under the Reserve Bank of India Act 1934, is one of the two qualifying banks.
• The State Bank of Pakistan, constituted under orders made under section 9 of the Indian Independence Act 1947, is the other qualifying bank.
• The exemption applies only to the issue department of each bank, not to the bank as a whole or any other department within it.