The Gazette of India
EXTRAORDINARY
PART I—Section 1
PUBLISHED BY AUTHORITY
No. 105] NEW DELHI, MONDAY, APRIL 22, 2002/VAISAKHA 2, 1924
2 THE GAZETTE OF INDIA: EXTRAORDINARY [PART I—SEC. 11MINISTRY OF FINANCE
(Department of Economic Affairs)
(BUDGET DIVISION)
NOTIFICATION
New Delhi, the 22nd April, 2002
8% RELIEF BONDS, 2002
F. No, 4(5)/W& M/7002.— The Government of India hereby notifies that the Scheme of 8% Relief Bonds, 2002 as specified in this Ministry's Notification F. No 4(5)/W&M/2002 dated 28th February. 2002 shall be subject to further amendments as follows:
Lmritofinvestmcnt
The maximum limit of Rs. 2 lakhs per annum per investor for Investment in the Bonds shall not apply to
1 (A) Investments made by retiring employees, including those retiring under Voluntary Retirement Schemes, of the Government, Public Sector, Banks. Local Bodies and Privn le Sector out of their retirement/ terminal benefits which include—
(a) Balance at the credit of employee in any of the Provident Funds,
(b) Retirement/Superannuation gratuity.
(c) Commuted value of pension,
(d) Cash equivalcntof leave, and
(c) Savings element of Government Insurance Scheme payable to the employee on retirement
(B) Investments may be made within 3 months from the date of receipt of the retirement benefits, where the retirement benefits have been disbursed on different dates, the period of 3 months may be counted from the date of full and final settlement
Provided that the above exemption from the limit of in vestment will be available subject to production of a certificate from the employer lhat the funds being invested by the retiring employee are retirement/terminal bcncGts received by him/her on retirement/under Voluntary Retirement Scheme.
n. Reinvestments to be made by already retired employees of the Government Public Sector. Banks, Local Bodies'and Private Sector of ftc maturity proceeds of the Relief Bonds initially purchased out of their retirement/terminal benefits/Voluntary Retirement Scheme Compensations.
Such reinvestments should be made within 3 months from the date of issue of this Notification or date of maturity/encashment of the bond, whichever is later:
Provided that the above exemption from the limit of investment will be available to emplyoces subject to production of an affidavit to ibe effect that the funds initially invested by him/her in the Relief Bonds were out of the retirement/terminal bcnefitsAfolunlary Retirement Scheme Compensations
2 The above entitlement for investmem of retirement/terminal benefits is in addition to the annual limit of Rs. 2 lakh per investor otherwise available fonnvestmenl/rcinvestinenf matured bonds.
3 This takes effect from the date of issue of this Notification
By Order of the President oflndia,
D. SWARUP. Addl. Secy. (Budget)