AGREEMENT BETWEEN THE GOVERNMENT OF THE RUSSIAN FEDERATION AND GOVERNMENT OF THE REPUBLIC OF INDIA

of March 25, 1997

About avoidance of double taxation concerning taxes on the income

The government of the Russian Federation and the Government of the Republic of India, wishing to sign the Agreement on avoidance of double taxation concerning taxes on the income and aiming to encourage economic cooperation between two countries,

agreed as follows:

Article 1. Persons to whom the Agreement is applied

This agreement is applied to persons who are residents of one or both Contracting States.

Article 2. Taxes to which the Agreement extends

1. This agreement is applied to the taxes on the income levied in each Contracting State.

2. Taxes to which this agreement is applied, in particular, are:

a) in relation to the Russian Federation:

(i) income taxes (income) of the companies and organizations; and

(ii) the income tax from physical persons

(further referred to as "the Russian tax");

b) in relation to India:

the income tax, including any allowance levied in addition to the income tax

(further the referred to as "Indian tax").

3. This agreement is applied also to any to similar or in essence to similar taxes on the income, collectable any Contracting State after signature date of this agreement in amendment or instead of the taxes mentioned in Item 2. Competent authorities of Contracting States will notify each other on any essential changes in their relevant tax laws.

Article 3. General determinations

1. In this agreement if other does not follow from context:

a) the term "Russian Federation (Russia)" means the territory of the Russian Federation and includes its internal waters, the territorial sea and airspace over them, and also exclusive economic zone and the continental shelf where the Russian Federation has and performs the sovereign rights and jurisdiction according to its national legal system and rules of international law, including the Convention of the United Nations on maritime law of 1982 and where regulations of its tax legislation are applied;

b) the term "India" means the territory of India and includes its internal waters, the territorial sea and airspace over them, and also exclusive economic zone and the continental shelf where the Republic of India has and performs the sovereign rights and jurisdiction according to its national legal system and rules of international law, including the Convention of the United Nations on maritime law of 1982 and where regulations of its tax legislation are applied;

c) the terms "Contracting State" and "other Contracting State" mean the Russian Federation or India depending on context;

d) the term "person" includes any physical person, the company, the company and any other education which is considered as taxable unit according to the existing tax legislation of the Contracting State;

e) the term "company" means any corporate consolidation or any education which is considered as the company or corporate consolidation according to the tax legislation of the Contracting State;

f) the terms "company of one Contracting State" and "company of other Contracting State" mean respectively the company managed by resident of one Contracting State and the company managed by resident of other Contracting State;

g) the term "national person" means:

(i) in relation to the Russian Federation, any physical person having citizenship of the Russian Federation and in relation to India, any physical person having nationality of India;

(ii) any person, partnership and association who received such status according to the current legislation of the Contracting State;

h) the term "international delivery" means any transportation sea or the aircraft operated by the company of one Contracting State except cases when sea or the aircraft is operated only between Items in other Contracting State;

i) the term "tax" means the Russian tax or the Indian tax depending on context, but does not include any penalties or percent levied according to the legislation of any Contracting State concerning taxes to which this agreement extends;

j) the term "tax year" means:

(i) in relation to the Russian Federation - the financial year beginning on January 1;

(ii) in relation to India - the financial year beginning on April 1;

k) the term means "competent authority":

(i) in relation to the Russian Federation - the Ministry of Finance or its authorized representative;

(ii) in relation to India - the Central Administration in the Ministry of Finance (Department of the income) or their authorized representative.

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