757
REGISTERED HO, L. 8
The Gazette of India
EXTRAORDINARY
PUBLISHED BY AUTHORITY
NEW DELHI , MONDAY , NOVEMBER 3 , 1947
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
NOTIFICATION
New Delhi , the 3rd November 1047
No. D/9386 - B / 47 .---Subscriptions for an issue of 24 per cent . Loan , 1962 , will be received on the 15th November 1947. Subscriptions may be in the form of cash or of 3 per cent . Loan , 1947-50 . The loan will be closed with- out notice as soon as it appears that the total subscriptions in cash and in 84 per cent . Loan 1947-50 , amount approximately to Rs . 40 crores (Nominal ) and in any case not later than the close of business on the 15th November 1947. If the total subscriptions exceed Rs . 40 crores (Nominal) partial allot- ment will be made to subscribers in cash . If partial allotment is made in respect of subscriptions received in cash , a proportionate refund will be made at the time of issue of the new securities . No interest will be paid on the amounts so refunded .
24 per cent . Loan , 1962- Issued at Rs . 100 per cent , and redeemableat par on the 15th November 1962.
2. Date of repayment . The loan will be repaid at par on the 15th Novem ber , 1962 .
3. Issue Price . The issue price will be Rs . 100 for every Rs . 100 of the loan applied for .
4. Interest . The loan will bear interest at the rate of 24 per cent . per annum from the 15th November , 1947. Interest will be payable half - yearly on the 15th May and the 15th November and will be liable to income - tax.
Refunds of income - tax will be obtainable by holders of the loan who are not liable to income - tax or who are liable to income - tax at a lower rate .
An individual holder can also obtain on application a certificate from the Income- tax Officer of the district authorising deduction of income- tax at the rate applicable in his case when tax will be deducted at that rate instead of at the maximum rate .
5. Place of payment of interest . Interest on the loan will be paid at any treasury or sub - treasury in India and at the Public Debt Offices at Bombay , Calcutta , Delhi and Madras .
( 1231 ) 1232 THE GAZETTE OF INDIA EXTRAORDINARY , NOV . 3 , 1947
CONVERSION TERMS .
6. 31 per cent . Loan , 1947-50, will be accepted in subscription to the 24 per cent , Loan , 1962 , as the equivalent of cash at Rs . 100 per Rs . 100 ( Nominal ) of the loan tendered .
Interest for the half- year ending 14th November 1947 , on the securities of the 3 per cent . Loan , 1947-50 in the form of promissory notes accepted for conversion will be paid in cash at the time of issue of new secur ties . Warrants for the said half- yearly interest in respect of Stock Certificates will be forwarded by the Public Debt Office direct to the holders on the due date in the usual way .
SUPPLEMENTARY PROVISIONS .
7. The loan will be issued in the form of
(i) Stock, the applicants for which will be given Stock Certificates , or
(ii ) Promissory Notes .
If no preference is stated by the applicants , the securities will be issued in the form of Promissory Notes .
8. Applications for the loan . Applications for the loan must be for Rs . 100 or a multiple of that sum .
9. Applications will be received at the offices of the Reserve Bank of India , Bombay , Calcutta , Delhi and Madras and at branches of the Imperial Bank of India at other places in India .
10. Applications may be in the form attached hereto or in any other form which states clearly the amount and description of the securities required , the full name and address of the applicant , and the treasury or sub - treasury at which he desires that interest shall be paid .
11. Applications should be accompanied by the necessary payment in any of the forms mentioned below : -
(a) Cash or Cheques . Cheques tendered at offices of the Reserve Bank of India or the Imperial Bank of India should be drawn in favour of the Bank concerned.
(b) 84 per cent . Loan , 1947-50 .-Applicants who tender securities in pay- ment must transfer such securities to Government
(i) in the case of Stock Certificates , by signing the form of transfer deed on the reverse of the Certificate before a witness ;
'ii) in the case of Promissory Notes , by endorsing them in the manner indicated below : -
" Pay to the Governor - General of India " .
12. Brokerage will be paid at the rate of 1/16 per cent , to recognised bankers and brokers on allotments made in respect of applications for the loan bearing their stamp .
By order of the Governor - General of India , V. NARAHARI RAO ,
Secretary to the Government of India .
THE GAZETTE OF INDIA EXTRAORDINARY , NOV . 3 , 1947 1233
FORM OF APPLICATION
1/ We ..
Cash Rs .
of the nominal value of Rs .
Rs .. .herewith tender Cheque for 34 per cent . Loan , 1047-50 , and request that securities of the 24 per cent . Loan , 1962 , of the nominal value ofRs. may be issued to in the form of me 118
Promissory Note ( a) * , interest to be payable at ... Stock Certiflonte ertificate ( s ) '
Signature .
Name ( in full ) .
Address .
Dated the 15th November , 1947 .
No 1. Securities tendered for conversion should be endorsed with the words " Pay to the Governor - General of India" over the signature of the applicant , if they are in the form of Promissory Notes , and the transfer deed on the back should be signed by him before a witness , if they are in the form of Stock Certificates .
NOTE 2. Separate application should be made for each form of subscription , and for each form of scrip ( Stock Certificate or Promissory Note ) of the New Loan required .
*Promissory Notes will be issued in denominations of Bs . 100, Rs . 200, Rs . 500, Rs . 1,000, R.5 5,000 , Rs . 10,000 , Rs . 25,000 , Rs . 50,000 and Rs 1,00,000 . State here particular deno- minations required.
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