REGISTERED No. D 221
The Gazette of India
EXTRAORDINARY
PART I—Section 1
PUBLISHED BY AUTHORITY
No. 57] NEW DELHI, THUSDAY, APRIL 2, 1970/CHAITRA 12, 1892
Separate paging is given to this Part in order that it may be filed as a separate compilation
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 2nd April 1970
No. F. 4(5)-W&M/78.—In pursuance of the provisions of Section 6 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), the Government of India hereby notifies the issues of the 4½ per cent. Banks (Acquisition and Transfer) Compensation Bonds, 1979 and the 5½ per cent Banks (Acquisition and Transfer) Compensation Bonds, 1999 for payment of compensation to the existing banks as set out in the Second Schedule to the said Act.
2. Amount of Issue.—The total amount of the issue of each of the two loans mentioned above will be determined by the Government of India on the basis of the options exercised or deemed to have been exercised by the existing banks in terms of sub-section (4) sub-section (5) or sub-section (6) of Section 6 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and after taking into account, the adjustments, if any, to be made in terms of sub- sectlon (8) or sub-section (9) of Section 6 of that Act.
(397)
29b 1H£ GAZEIIJi OF INDIA EXIRAORDiNARY [PART 1-^.UC. r,4iper cent Banks (Acquisition and Tranafer)Compen3ation Bonds, 1979: Issued at Us. 1U0.OO per cent and Redeemable at par oft the 19th July, 197U
3. Date o;f Issue.—The loan will be issued retrospectively from the 19th July, 1969.
4. Date of Repayment.—The loan will be repaid" at par on the 19th July, 1979.
5. Issue Price.—Issue price will be Be: JJQO.00 .[or every Rs. 100 (Nominal),
6. Interest.—The loan will bear interest at the rate of 44 per cent per annum with retrospective eilect liom the iy\iVXu^.s"f0Bt>- The first payment ot interest will be maae on the 10th Juiy, 1970. Interest will be paid thereafter nail-yearly on the 10th of January and 19th of July and will be liable to tax under the Income-tax—Act, 1961.
5J per cent Banks (Acquisitkm and Transfer) Compensation Boads, 1999: Issued at Ha. 100.00 per cent and Hed"ematHe at Par on the 19th Julv, 1999
7. Date of Issue.—The loan will be issued retrospectively from the I9lh July, 1969.
8. Date o/ Repayment—The loan will be repaid at par on the 19th July, mat).
9. Issue Price.—Issue price will be Us. 100.00 ior every Rs. 100 (Nominal).
10. Interest,—The loan will bear Interest at the rate of 54 per cent per annum with retrospective efiect from the 19th July, 1969. The first payment of interest will be made on the 19th Juiy, 1970. Interest will be paid thereafter half-yearly on the 19th of January and 19th of July and will be liable to tax under the Income-tax Act, 1961.
11. Refund of tax deducted at source or non-deduction of too;.—Refunds ot tax deducted at the time of payment of interest (at rates prescribed by the annual Finance Acts) will be obtainable by holders of the loans, who &}& not liable to tax or who are liable to tax at a rate lower than the rate at which tax was deducted. A holder who is not liable to tax or who is liable to tax at a rate lower than the prescribed rate, can Qbtain, on application , a certificate irom the income- tax officer of the dlsijjbct, authorising BWHgHtvPt interest to him without deduction of tax or with deductiort-^tft HaV £(t -Buclp 3dmr%RiB as may be applicable to the holder.
12. Place o/ payment; of interest.—Interest on the loans will be paid at the Public Debt Offices o£ the Reserve Bank of India at Bangalore, Bombay, Calcutta, Hyderabad, Jaipur, Kanpur, JVIadras, Nagpur, New Delhi and Patna, at any treasury or sub-treasury elsewhere In India, except in the State of Jammu and Kashmir, , and at the Central Government's Pay and Accounts Offices at Jammu and Srinagar
13. Form of the securities in which loans are to he issued.—In the absence < - any. option or. preference by an existing bank in. favour of promissory notes, tt<. iflaatt^jfcllUfaa- iswiftd-ln tii" flww a J rta>l>^OTttfl ales payable to that Bank. B*, fivhere any such option or preference has been it timated in writing to the Reserve JBank of India, the loans will be issued to the < xtent of the option or preference un the forrn of promissory notes.
j fl)iyiAM# further information or details may b< obtained from the Reserve Bank > lol India, Department of Accounts and Expendituie, Central Debt Section, Bombay.
i * ••<-' ^. _ |\ w •) J iy Order of the President.
D i t3 tf Transfer _(
TAF11—SHC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 299 3OO THE GAZETTE OF I N DU EXTRAORDINARY [PVULT I—SEC. ('- - Jt- B e c^ ↩