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Government of India notifies the issue of 7.75% Savings (Taxable) Bonds, 2018 (“the Bonds”) from January 10, 2018

Indian Laws - F. No.F.4(28)-B(W&M)/2017 - S.O. 44 (E) - Dated:- 3-1-2018 - MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 3rd January, 2018 7.75% Savings (Taxable) Bonds 2018 S.O.44 (E).- The Government of India, hereby notifies the issue of 7.75% Savings (Taxable) Bonds, 2018 ( the Bonds ) from January 10, 2018 until further notice. The terms and condition of the issue of the Bonds, shall be as follows: 2. Eligibility for Investment: The Bonds may be held by - .....

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ant tax status of the Bond holders. (ii) The Bonds will be exempt from wealth-tax under the Wealth Tax Act, 1957. 5. Issue Price: (i) The Bond will be issued at par i.e. at Rs. 100.00. (ii) The Bonds will be issued for a minimum amount of Rs. 1,000 (face value) and in multiples thereof. Accordingly, the issue price will be Rs. 1,000 for every ₹ 1,000 (Nominal) face value. 6. Subscription (i) Subscription to the Bonds will be in the form of Cash/ Drafts/ Cheques or any electronic mode accep .....

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n an account called Bonds Ledger Account (BLA), opened with the receiving bank. (ii) The Bonds issued to the credit of BLA of an investors will be held by any number of branches of the banks and SHCIL, as authorised by Reserve Bank of India, as specified in paragraph 10 below. (iii) A Certificate of Holding as specified in form Annexure 1 will be issued to the holder/s of Bonds held to the credit in BLA (in Form TBX or Form TBY as applicable). 9. Application: (i) Applications for the Bonds, eith .....

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ion to that effect in the application (in Form A) and submit a true copy of the certificate obtained from Income Tax Authorities. 10. Receiving Offices Applications for the Bonds will be received at: (a) Any number of branches of State Bank of India, Nationalised Banks, three private sector banks and SCHIL, as specified in the Annexure 3. (b) Branches of any other bank as specified by the Reserve Bank of India in this behalf from time to time. 11. Nomination: (i) A sole holder or all the joint h .....

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d either or any of them dies before such payment becomes due, the title to the Bonds shall vest in the surviving nominee or nominees and the amount being due thereon shall be paid accordingly. (iii) In the event of the nominee or nominees predeceasing the holder, the holder may make a fresh nomination. (iv) The investor(s) can make separate nomination for each investment. (v) No nomination shall be made in respect of the Bonds issued in the name of a minor. (vi) A nomination made by a holder of .....

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unt due in the event of his / her / their death during the period the nominee is a minor. 12. Transferability: The Bonds held to the credit of Bonds Ledger Account of an investor shall not be transferable. 13. Interest: (i) The Bonds will be issued in Cumulative or Non-cumulative form, at the option of investor and will bear interest at the rate of 7.75% per annum. (ii) Interest on non-cumulative Bonds will be payable at half-yearly intervals from the date of issue in terms of paragraph 7 above .....

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uly and 31st January on 1st August and 1st February. (v) Interest on Bonds held to the credit of Bonds Ledger Account of an investor will be paid, electronically by credit to bank account of the holder as per the option exercised by the investor/ holder. 14. Tax Deduction at Source (i) Tax will be deducted at source while making payment of interest on the Non-Cumulative Bonds from time to time and credited to Government Account. (ii) Tax on the interest portion of the maturity value will be dedu .....

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nces/ Tradability against Bonds The Bonds shall not be tradable in the secondary market and shall not be eligible as collateral for availing loans from banks, financial Institutions and Non-Banking Financial Companies. 16. Repayment (i) The Bonds shall be repayable on the expiration of 7 years from the date of issue. (ii) Premature encashment in respect of the Bonds shall be allowed for individual investors in the age group of 60 years and above, subject to submission of document relating to dat .....

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