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REGISTERED No. D.221

The Gazette of India

EXTRAORDINARY

PART I—Section 1

PUBLISHED BY AUTHORITY

No. 149] NEW DELHI, THURSDAY, JUNE 19. 1971'ASADHA 8, 1894

Separate paging is given to this Part in order that it may bo filed as • separate compilation

MINISTRY OF FINANCE (Department of Economic Affairs)

NOTIFICATION New Delhi, the 29th June 1972

No. F5(5)-W&M/72.—Subscriptions for the issues of 4 per cent. Loan, 1979, 5 per cent. Loan, 1983 and 5³/⁴ per cent. Loan 2002 will be received from the 15th of July 1972, Subscriptions will be received in the form of cash or of securities of Government of India 4½ per cent Loan 1972 and 4 per cent Loan 1972 and the issues will be closed without notice as soon as it appears that the total subscriptions in cash and conversions amount approximately to Rs. 350 crores (Nominal) and in any case not later than the close of business on the 18th of July 1972. Government reserve the right to retain subscriptions received upto 10 per cent in excess of the sum of Rs. 350 crores.

2. If the total subscriptions to the aforesaid Loans exceed, the sum of Rs. 385 crores (Nominal) partial allotment will be made to the- subscribers In cash. If partial allotment is made in respect of subscriptions received In cash, a proportionate refund will be made as soon as possible after allotment. No interest will be paid on the amounts 90 refunded.

(1251)

5. Interest.—The Loan will bear interest ai: the rate of 4£ per cent per annum from 15th July 1972. Interest will be paid half-yearly on the 15th January and 15th July. The interest paid will, subject to the provisions of paragraphs 14 and 15 below, be liable to tax under the Income-tax Act, 1961.

5 PER CENT LOAN 1983 ISSUED AT RS. 99.50 PER CENT AND REDEEMABLE AT PAR ON THE 15TII JULY 1983,

6. Dale of repayment.—The Loan will be repaid at par on the 15th of July 1983.

7. Issue Price.—The issue price will bo Rs. 99.50 for every Rs. 100.00 (Nominal) of the Loan applied for.

8. Interest.—The Loan will bear interest at the rate of 5 per cent per annum from 15th July 1972. Interest will be paid half-yearly on the 15th January and 15th July. The interest paid will, subject to the provisions of paragraphs 14 and 15 below, be liable to tax under the Income-tax Act, 1961.

53 PER CENT LOAN 2002 ISSUED AT RS. 100.00 PER CENT AND REDEEMABLE AT PAR ON THE 15TH JULY 2002.

9. Date of repayment.—The Loan will be repaid at par on the 15th of July 2002-

10. Issue Price.—The issue price will be Rs. 100.00 for every Rs. 100.00 (Nominal) of the Loan applied for.

11. Interest.—The Loan will bear interest at the rate of 5J per cent per annum from 15th J,uly, 1972. Interest will be paid half-yearly on the 15th January and 15th July. The interest paid will, subject to the provi- sions of paragraphs 14 and 15 below, be liable to tax under the Income tax Act, 1961.

CONVERSION TERMS

12. Securities of the 4£ per cent Loan 1972 and 4 per cent Loan 1972 will be accepted for conversion into the new Loans at par. Interest at the rate of 4£- per cent per annum and. 4 per cent per annum on the secu- rities of 44 per cent Loan 1972 and 4 per cent Loan 1972 respectively, tendered for conversion will be paid upto and inclusive of 14th July 1972 at the time of Issue of new securities.

In the case of securities tendered for conversion into 5 per cent Loan 19B3, the tenderer will receive in cash at the time of issue of new securi- ties, the amount by which the value oi the securities tendered exceeds the nearest lower multiple of the issue price, where the cash value of the securities tendered for conversion into 5 per cent Loan 1983 is not an exatit multiple of issue price per cent oi' the new Loan applied for.

SUPPLEMENTARY PROVISIONS

13. Place of payment of interest.—Interest on the Loans will be paid at the Public Debt Offices of the Reserve Bank of India at Ahmedabad, Bangalore, Bombay, Calcutta, Hyderabad, Jaipur, Kanpur, Madras, Nagpur, New Delhi and Patna, at any treasury or sub-treasury elsewhere in India except the State of Jammu & Kashmir, and at the Central Government's Pay and Accounts Offices at Jammu and Srinagar.

14. Refunds of tax deducted at the time of payment of interest (at rates prescribed by the annual Finance Acts) will be obtainable by hold- ers of the Loans who are not liable to tax or who are liable to tax at rates lower than the rate at which tax was deducted.

A holder who is not liable to tnx or who is 'iable to tax at a rate lower than the prescribed irate, can obtain on application, a certificate from the Income-tax Officer o'.' the district, r.iitViori&ing payment of interest to him without deduction of tax or with deduction of tax at such lower rate as may be applicable io the holder.

15. Interest on nil f.iie Luans uo\v "issued together with interest on other previous Government securit'es and income from other approved investments will be exempt from income-tax subject to a limit of Rs. 3,000 per annum andi subject to the other provisions of Section 80L of the Income-tax Act, 1961.

16. The value of investments in the Loans now issued together with the value of other previous investments in Government securities and the other investments specified in Section 5 of the Wealth Tax Act will also be exempt from the Wealth Tax up to Rs. 1,50,000.

17. The securities 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.

18. Applications for the Loans.—Applications for the Loans must be for Rs. 100 or a multiple of that sum.

19. Applications will be received at:—

(a) Offices of the Reserve Bank of India at Ahmedabad, Bangalore, Bombay (Fort and Byculla), Calcutta, Hyderabad, Kanpur, Madras, Nagpur, New Delhi and Patna;

(b) branches of the subsidiary banks of the State Bank of India conducting Government treasury work except at Hydera- bad; and

(c) branches of the State Bank of India at other places in India.

20. 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 office at which he desires the interest to bo paid.

21. Applications should be accompanied by the necessary payment in the form of cash or cheque or securities of loans which are acceptable for conversion. Cheques tendered at the office of the Reserve Bank of India, the State Bank of India or its subsidiary banks should be drawn in favour of the Bank concerned.

The securities tendered for conversion must be transferred by the holder to the 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 cgsp of Promissory Notes, by endorsing them in the man-

ner indicated below:—

"Pay to the President of India"

22. Brokerage will he paid at the rsf<- of 6 psise per Rs. 100 (nominal) to recognised⁷ banks and brokers on allotments made in respect of appli-a- 'ftotlg fbV-the Loans- tendered by them and bearing their stamp,

FORM OF APPIJCATION

I/We

herewith tender *Cash

(Full name(s) in Block letters)

Rs "Cheque for Rs •Securities of Government

of India 4£ per cent Loan 1972*/4 per cent Loan 1972* of the nominal value of Rs and request that securities of 45 per cent Loan 1979*/5 per cent Loan 1983*/53 per cent Loan 2002* of the nominal value of Rs may be issued to me/us in the form of Promissory Note(s)£

Stock Certificate

interest to be payable at

Signature

Name in full

(Block letters)

Address.

Dated the July 1972.

NOTE: (1) Securities tendered for conversion should be endorsed with tha words "Pay to the President of India" over the signature of the applicant, if they are in the form of Promissory N^tes, and the transfer deed on the back should be signed by him before a witness, if they are In the form of Stock Certificates-

(2) Separate application should be made for each Loan, each form at subs- cription and for each form of scrip (Stock Certificate or Promissory Note) of the new Loan required-

(3) If the applicant's signature is by thumb mark it should be witnessed by two persons- The full names, occupatlcns and addresses of the witnesses should be appended to their signature.

(4) If the application is made in the name of a registered body, the under- noted documents, if not already registered at the Public Debt Office, should be enclosed with the investment application: —

(I) Certificate of Registration/Incorporation.

(ii) Memorandum and Articles of Association or a certified copy of the Rules and Regulations/Bye-Jaws of the body/company-

fiii) Certified copy of resolution in favour of the person authorised to deal In Government securities on behalf of the body/company-

*Delete what is not required,

£ Promissory Notes will be issued in dennmlnptions of Rs. 100, Rs. 200 Its B00. Rs. 1,000/ Rs. 5,000, Rs. 10,000, Rs. 2S.000- Rs. 50,000 and Rs. 1,00,000. State here the particular denominations re?iulred.

By Order of the President, B. MAITH5$YAN, Jt- Stay¹.