Examine the correctness of the following statements in the context of provisions contained in the Income-tax Act, 1961 relevant for the previous year 2018-19: Income received by certain foreign companies in Indian curren

The statement is correct Exemption under section 10(48): Section 10(48) of the Income Tax Act, 1961, provides exemption in the national interest relating to income of a foreign company received in India in Indian currency on account of sale of crude oil, any other goods or rendering of services, as may be notified by the Central Government in this behalf, to any person in India on fulfilling of the following conditions: The money has been received under an agreement entered into or approved by the Central Government. The foreign company is notified by the Central Government having regard to the national interest. The foreign company is not engaged in any other activity in India except receipt of income in India under such arrangement or agreement.