REGISTERED No. D-28
The Gazette of India
EXTRAORDINARY
PUBLISHED BY AUTHORITY
NEW DELHI, SATURDAY, JUNE 25, 1949
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
NOTIFICATION
New Delhi, the 25th June 1949
No. D-4514-B11/49.—With effect from the 4th July 1949 to the 8th July 1949 (both days inclusive) the holders of the 3 per cent." Loan 1949-52 notified for repayment in terms of the Government Notification No... 5(11)-B/49, dated the 29th April 1949 will be given the option of converting their holdings into either:—>
(i) 2½ per cent Loan 1955 issued in terms of Gov- ernment of India, Ministry of Finance Noti- fication No. D-13412/B/48, dated the 23rd September 1948
OB,
(ii) 23/4 per cent. Loan 1962 issued in terms of Gov- ernment of India, Ministry of Finance Noti- fication No. D/9386-B/47, dated the 3rd November 1947..
2. Conversion Terms:—The. terms and conditions on
which conversions will be effected are as follows:—
(i) For the purpose of conversion the issue price of 2½ per cent. Loan 1955 and 2¾ per cent. Loan 1902 will be Rs. 99-12-0 and Rs. 99-8-0 res- pectively, for very Rs. 100 '.It Loan-applied for.
(ii) The 3 per cent. Loan 1949-52 will be accepted
for conversion at par,,
If the cash value of the securities tendered is not an exact multiple of the issue price per cent, of the 2½ per cent. Loan 1955 or the 2¾ per cent. Loan 1962 the tenderer will receive in cash at the time of the issue of the new securities the amount by which the value of the Loan tendered exceeds the nearest lower multiple of the issue price.
(iii) In addition, payment in respect, of interest accrued on the securities tendered tor conversion upto and including the 31st July 1949 at one rate of 3 per cent per annum will be made at the mean of issued of the new securities.
(iv) As securities of the new Loan to be issued,by conversion will bear interest from the last regular interest payment dates i.e, 1st April the tenderer will be required to pay the interest less income-tax on the new securities from the 1st April 1949 and the 15th May 1949 respectively to the date of conversion . the amount so recoverable will be set off against the interest payable under clause (iii) above and the balance will be added to the refund , if any due to the tenderer under clause (ii) above
(ii) Promissory Notes
4. Applications for conversion 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 the Dominion of India.
5. 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.
6. Applicants must transfer securities tendered Government—
(i) in the case of Stock Certificates, by signing be form of transfer deed on the reverse of the Certificate before a witness;
(ii) in the ease of Promissory Notes, by endorsing them in the manner indicated below.— "Pay to the Governor-General of India".
7. Brokerage will be paid at the rate of l/16th per cent, to recognised bankers and brokers on applications for conversion bearing their stamp.
FORM OF APPLICATION.
I/We
herewith, tender 3 per cent. Loan 1949-52 of the nominal
value of Rs.-------------- 2½ per cent. Loan 1955
and request that securities of
the
2¾ per cent. Loan 1962 of the nominal value of Rs.
may be issued to me/us in the form of Promissory Note (s)* Stock Certificate(s)
interest to be payable at-------------------(India) s i g n a t u r e . . . . .. Name (in full).
Address
verner-General of India,