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Authorised entities under Section 10(15)(iv)(h) of the Income Tax Act 1961 - To issue tax-free secured redeemable non-convertible bonds during the f.y. 2015-16.

Income Tax - 59/2015 - Dated:- 6-7-2015 - [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) Notification No. 59/2015 New Delhi, the 6th of July, 2015 S.O. 1827 (E) : In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby authorises the entities men .....

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Limited Liability Partnerships, co-operative banks, regional rural banks and other legal entities, subject to compliance with their respective Acts; and (iv) High Networth Individuals (HNIs). 2. Tenure of bonds - The tenure of the bonds shall be for ten or fifteen or twenty years. 3. Permanent Account Number - It shall be mandatory for the subscribers to furnish their Permanent Account Number to the issuer of the bonds. 4. Rate of interest - (i) There shall be a ceiling on the coupon rates base .....

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nt; (iii) the ceiling coupon rate for AAA rated issuers shall be the reference G-sec rate less fifty five basis points in case of RIIs and reference G-sec rate less eighty basis points in case of other investor segments referred to at (ii), (iii) & (iv) of paragraph 1 above; (iv) in case the rating of the issuer entity is AA+, the ceiling rate shall be ten basis points above the ceiling rate for AAA rated entities [as given in clause(iii) ]; (v) in case the rating of the issuer entity is AA .....

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kerage - (i) In the case of private placement, the total issue expense shall not exceed 0.25 per cent of the issue size and in case of public issue it shall not exceed0.65 per cent of the issue size; (ii) the issue expense would include all expenses relating to the issue like brokerage, advertisement, printing, registration etc. 4[6. Public issue.- (i) Seventy percent. of the aggregated amount of bonds issued by each entity in the TABLE shall be raised through public issue; (ii) Forty per cent. .....

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Regulations, 2008, wherein bids shall be sought on the coupon rate subject to a ceiling specified by the entity and the allotment shall be made at the price bid; (ii) the bonds shall be paid for and issued at a premium with a fixed coupon, to facilitate trading of the instrument under a single International Securities Identification Number (ISIN) and the yield shall be computed based on the price quoted and allotment shall be done for best price (lowest yield) thereof; (iii) the ceiling rate of .....

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cture Division, Department of Economic Affairs, Ministry of Finance, within three months of closure of the issue, duly supported by a resolution of the respective entity's Board of Directors. 9. Selection of merchant bankers - (i) Merchant bankers shall be selected through competitive bidding process with transparent pre-qualification criteria and the final selection shall be based on financial bids; (ii) the benefit under section 10 of the Income-tax Act, 1961 (43 of 1961) shall be admissib .....

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[1 National Highways Authority of India (NHAI) 19000] 5[2 Indian Railway Finance Corporation Limited (IRFC) (a) TRANCHE I 6000 (b) TRANCHE II 3500] 3 Housing and Urban Development Corporation (HUDCO) 5000 4 Indian Renewable Energy Development Agency (IREDA) 2000 5 Power Finance Corporation Limited (PFC) 1000 6 Rural Electrification Corporation Limited (REC) 1000 7 NTPC Limited 1000 3[8 National Bank for Agriculture and Rural Development (NABARD) 5000] Explanation: - For the purposes of this noti .....

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