(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 year subsequent 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 months from 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 the annual 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 be exempt 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.