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REGISTERED No. D-(D)-72

The Gazette of India

EXTRAORDINARY

PART I—Section 1

PUBLISHED BY AUTHORITY

No. 140] NEW DELHI, THURSDAY, JULY 17, 1975/ASADHA 26, 1897

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 17th July, 1975

No. F.4(2)-W&M/75.—Subscriptions for the issues of 5i per cent. Loan, 1932, 6 per cent. Loan 1993 and 61/2 per cent. Loan 2003 will be received from the 26th July, 1975, Subscriptions will be received in the form of cash or of Securities of Government of India 41/4 per cent. Loan 1975 and the issues will be closed without notice as soon as it appears that the total subscriptions in cash and conversion amount approximately to Rs. 400 crores (Nominal) and in any case not later than the close of business on the 29th July, 1975. Government reserve the right to retain subscriptions received up to 10 per cent, in excess of the sum of Rs. 400 crores.

2. If the total subscriptions to the aforesaid loans exceed the sum of Rs. 440.00 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 propor- tionate refund will be made as soon as possible after allotment. No interest will be paid on the amounts so refunded.

3.51/2per cent. Loan 1982 issued at Rs. 99.40 per cent, and redeemable at par on the 26th July, 1982.

(i) Date of repayment.—The Loan will be repaid at par on the 26th of July, 1982.

( 931 )

(ii) Issue Price.—The issue price will be Rs. 99.40 for every Rs. 100.00 (Nominal) of the Loan applied for.

(iii) Interest.—The Loan will bear interest at the rate of 5i per cent, per annum from 26th July, 1975. Interest will be paid half-yearly on the 25th January and 26th July. The interest paid will, subject to the provisions of para- graphs 8 and 9 below, be liable to tax under the Income-Tax Act, 1961.

4. 6 per cent. Loan 1993 issued at Rs. 98.50 per cent, and redeemable at par on the 2Gth July, 1993.

(i) Date of repayment.—The Loan will be repaid at par on the 26th of July, 1993.

(ii) Issue Price.—The issue price will be Rs. 98.50 for every Rs 100.00 (Nomi- nal) of the Loan applied for.

(iii) Interest.—The Loan will bear interest at the rate of 6 per cent, per annum from 26th July, 1975. Interest will be paid half-yearly on the 25th January and 26th July. The interest paid will, subject to t he provisions of paragraphs 8 and 9 below, be liable to tax under the Income-tax Act, 1961.

6. 61 per cent. Loan, 2003 issued at Rs, 100 per cent, and redeemable at par on the 26th July, 2003.

(i) Date of repayment.—The Loan will be repaid at par on the 26th July, 2003.

(ii) Issue Price.—The issue price will be R3. 100 for every RB. 100.00 (Nominal) of the Loan applied for.

(iii) Interest.—The Loan will bear interest at the rate of 6* per cent, per annum from 26th July, 1975. Interest will be paid hall-yearly on the 25th Janu- ary and 26th July. The interest paid will, subject to the provisions of paragraphs 8 and 9 below, be liable to tax under the Income-tax Act, 1961.

CONVERSION TERMS

6 Securities of the 4J per cent. Loan 1975 will be accepted for conversion into the new loans at par. Interest at the rate of 4J per cent, per annum on the securities of 4J per cent. Loan 1975 tendered for conversion will be paid upto and inclusive of 25th July, 1975 at the time of issue of new securities.

If the cash value of the securities tendered is not an exact multiple of the issue price per cent, of the new loans applied for, the tenderer will receive in cash at the time of issue of new securities, the amount by which the value of the securities tendered exceeds the nearest lower multiple of the issue price.

SUPPLEMENTARY PROVISIONS

7. 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 Jamreu and Kashmir, and at the Central Government's Pay and Accounts Offices at Jammu and Srinagax.

8. Refunds of tax deducted at the time of payment of Interest (at the rates prescribed by the annual Finance Acts) will be obtainable by holders of the loan 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 it. not liable to tax or who is liable to tax at a rate lower than the prescribed rale, 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.

9. Interest on all the loans now issued together with interest on other previous 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 the other provisions of Section 80L of the Income-tax Act, 1961.

10. The value of investments in the loans now issued together with the value of other previous investments in Government securities and the other Investments T a x ^ to Rfeit50I00S0Of t he W e a l th T ax A ct w lU a l ³° be exempt trom the Wealth

11. The securities will be issued in the form of—

(i) stock, the applicants for which will be given Stock Certificates, or

(il) Promissory Notes,

If no preference is stated by the applicants, the securities will be Issued In the form of Promissory Notes.

12. Applications for the loans.—Applications for the loans must be for Rs. 100 or a multiple of that sum.

13. Applications will be received at—

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

fb) Brunches of the subsidiary banks of the State Bank of India conducting Government treasury work except at Hyderabad; and

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

14. 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 In- terest to be paid,

15. Applications should be accompanied by the necessary payment in the form of cash or cheque or securities of Loan which Is 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 case of promissory Notes, by endorsing them in the manner In- dicated below:—

"Pay to the President of India".

16. Brokerage will be paid at the rate of 6 paise per Rs. 100 (Nominal) to re- cognised banks and brokers on allotments made in respect of applications for the loans tendered by them and bearing their stamp.

The claim for payment of brokerage should be preferred at the paying offices within six months from the date of floatation of the loans.

By order of the President,

B.MAITHREYAN,

Joint Secretary to the Government of India.

FORM OF APPLICATION

I/We herewith tender 'Cash Rs 'Cheque

[Full Name(s) In Block letters]

for Rs *Securities of Government of India 41 per cent. Loan, 1975 of the nominal value of Rs and request that securities of 5i per cent. Loan, 1082V6~per cent. Loan 1993*/6i per cent. Loan, 2003* of the nominal value of Rs may be issued to me/us in the form of Promissory Note(s)t

Stock Certificate interest to be payable at

Signature

•

Name in full

(Block letters)

Address

Dated the of July, 1975.

NOTE,—(1) Securities tendered for conversion should be endorsed with the words ''Pay to the President 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 ft witness, if they are in the form of Stock Certificates.

(2) Separate application should be made for each Loan, each form of subscription, and each form of scrip (Stock Certificate of 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, occupations and addressee of the •witnesses should be appended to their signatures.

(4) If thei 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 Article of Association or certified copies of the Rules and Regulations7Bye-laws of t he body/company.

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

(5) Applicants desiring the ;ssue of scrips in the form of Stock Certificates should also complete a Mandate Form (obtainable from Public Debt Office) for transmission of half-yearly interest to them.

•Delete what is not required.

^Promissory 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. 60,000 and Rs. 1,00,000. State here the particular denomination required.

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NEW DELHI AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS^ DELHI, 1 9 75