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Specified Bond u/s 2(48) - 213/2007 - Income TaxExtract Specified Bond u/s 2(48) NOTIFICATION NO. 213/2007, DATED 3-8-2007 In exercise of the powers conferred by clause 48 of section 2 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the bond with the following particulars as zero coupon bond for the purposes of the said clause, namely :- (a) name of the bond - fifteen years zero coupon bond of Power Finance Corporation (PFC); (b) period of life of the bond - fifteen years; (c) the time schedule of the issue of the bond - to be issued on or before the 31 st day of March, 2009; (d) the amount to be paid on maturity or redemption of the bond - ten lakh rupees for each bond; (e) the discount - to be decided by PFC at the time of issue of the bond; and (e) the number of bonds to be issued - ten thousand. 2. This notification is subject to the fulfilment of conditions referred to in clause (ii), clause (iii) and clause (v) of sub-rule (3) and sub-rule (6) of rule 8B of the Income-tax Rules, 1962.
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