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REGISTERED NO. D. 221

The Gazette of India

EXTRAORDINARY

PART I—Section 1

PUBLISHED BY AUTHORITY

No. 160] NEW DELHI, FRIDAY, NOVEMBER 24, 1972/AGRAHAYANA 3, 1894

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 24th November 1972

No. F. 5(12)-W&M/72.—Subscriptions for the issues of 5 per cent. Loan 1984 and 5½ per cent Loan, 1988 will be received from the 1st of December, 1972.

Subscriptions will be in the form of cash and the issues will be closed without notice, as soon as it appears that the total subscriptions to both the loans together amount approximately to Rs 100 crores (Nominal) and in any case not later than the close of business on the 4th of December 1972. Government reserve the right to retain subscriptions received upto 10 per cent in excess of the sum of Rs. 100 crores.

2. If the total subscriptions to the aforesaid loans exceed the sum of Rs. 110.00 crores (Nominal), partial allotment will be made in respect of the loans on a proportionate basis. If partial allotment is made the excess subscriptions

( 1897 )

will be refunded as soon as possible after allotment. No interest will be paid on the amounts so refunded.

5 PER CENT LOAN, 1984 ISSUED AT RS. 99.50 PER CENT AND REDEEMABLE AT PAR ON THE 1ST JUNE 1984

3. Date of repayment:—The Loan will be repaid at par on the 1st of June 1984.

4. Issue Price:—The issue price will be Rs. 99.50 for every Rs, 100 (Nominalj ol the Loan applied for.

5. Interest:—The Lo-an will bear interest at the rate of 5 per cent per annum from 1st December 1972. Interest will be paid half yearly on the 1st June ana lbt December. The. interest paid will, subject to the provisions of paragraphs 10 and 11 below, be liable to tax under the Income-tax Act, 1961.

5-1/4 PER CENT LOAN, 1988 ISSUED AT RS. 99.50 PER CENT AND REDEEMABLE AT PAR ON THE 1ST JUNE 1988

6. Date of repayment:—The Loan will be repaid at par on the 1st of June 1988.

7. Issue Price:—The issue price will be 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 the 1st December 1972. interest will be paid half yearly on the Ut June and 1st December, The interest paid will, subject to the provisions of para- graphs 10 and 11 below, be liable to tax under the Income-tax Act, 1961.

SUPPLEMENTARY PROVISIONS

9. 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, Bom- bay, Calcutta, Hyderabad, Jaipur, Kanpur, Madras, Nagpur, New Delhi and Patna, at any treasury or sub-treasury elsewhere in India, except for the State of Jammu & Kashmir, aud at the Central Government's Pay and Accounts Offices at Jammu and Srinagar.

10. Refunds of 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 are not liable to tax or who arc 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 obtain on application, a certificate from the Income-tax Officer of the district, authorising payment of interest to him without deduction of tax or with deduction of tax at such lower rate as may be applicable to the holder.

11. Interest on the Loans now issued together with interest on other previ- ous Government securities and income from other approved investments will be exempt from income-tax subject to a limit of Rs. 3,000 per annum and subject to other provisions of Section SOL of the Income-tax Act, 1961.

12. The value of investments in the Loans now issued to gether with trie value of other previous investments in Govcrnmenl securities and other invest- ments specified in Section 5 of the Wealth Tax Act wil] also be exempt from the Wealth Tax up to Rs. 1,50,000.

13. The securities will be issued in the form of:—

(i) Stock, Lhe 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.

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

J5, Applications will be received at:—

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

(b) branches of the subsidiary bapnks of the State Bank of India con- ducting Government treasury work except at Hyderabad; and

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

16. Applications may be in the farm 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 be paid.

1 7. Applications should be accompanied by the necessary payment in the form of cash or cheque. 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.

18. Brokerage will be paid at the rate of 6 paisa per Rs. 100 (Nominal) to recognised banks and brokers on allotments made in respect of applications for the Loans tendered by them and bearing their stamps.

The claim for payment of brokerage should be preferred at the Paying Offi- ces within six months from the date of floatation erf the loans.

By order of the President,

B. MAITHREYAN,

Joint Secretary to the Government of India.

FORM OF APPLICATION

I/We

(Full name(s) in Block letters)

herewith tender *Cash Rs.

**Cheque for Rs

.nd request that securities of 5 per cent Loan 1 9 8 4 * / 5| per cent Loan 1988* for the nominal value of Rs may be issued to me/us in the form or Promissory Note(s):|: interest to be payable at

Stock Certificate

Signature

Name in full

(Block letters)

Address

Dated the of December 1972.

N o i r: (1) Separate application should be mnde for each Loan and each form of scrip (Slock Certifliate or Promissory Note) of the Loan required.

(2) If the applicant's signature is hy thumb mark, it should be witnessed by two persons. The full names, occupations and ad'dresses of the witnesses should he appended to their siijn.itures.

C) If (he application is made in the name of a reeisercd body, the undernotcd documents, if not, already registered at the Public Debt Office, should be en- closed with the investment application:—

(i) Certificate of Resislration/lncorporation,

(ii) Memorandum and Articles of Association or a certified copy of the Rules and Rcgulations/Bve-laws of the body/company.

(in) Certified copy of resolution in favour of the person authorised to deal in Government securities on behalf of the body/company,

'M3:li;te wli.it is not require'd.

•Promissniv Notes will be issued in denominations of Rs. 100, Rs. 200. Rs 500, Rs 1.000, Rs. 5,000 Rs. 10,000 Rs, 25,000, Rs. 50,0000 and Rs. 1,00,000. State here the particu- lar denominations required.

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