196D. Income of Foreign Institutional Investors from securities. — . (1) Where any income in respect of securities referred to in clause (a) of sub-section (1) of section 115AD, not being income by way of interest referred to in section 194LD, is payable to a Foreign Institutional Investor, the person responsible for making the payment shall, at the time of credit of such income to the account of the payee or at the time of payment thereof ⁷⁸[by any mode], whichever is earlier, deduct income-tax thereon at the rate of twenty per cent.