approved loan "approved loan" means - (a) any loan or credit made to the Government, State Government (including any loan or credit made to a person other than the Government or state Government where the loan or credit is guaranteed by the Government or State Government), local authority or statutory body; or (b) any loan or credit other than a loan or credit of the kind specified in paragraph (a) , made to a person pursuant to an application received prior to 25 October 1996 where the amount of such loan or credit exceeds two hundred and fifty million ringgit; [Am. Act 557] by a person not resident in Malaysia: Provided that- (i) the loan or credit has been approved by the Minister of Finance; and (ii) the loan or credit agreement was executed in Malaysia or where the loan or credit agreement with the prior approval of the Minister was executed outside Malaysia; ACT 53 - INCOME TAX ACT 1967 2. Interpretation.