REGISTERED NO. D. (D.)-72 The Gazette of India
EXTRAORDINARY
PART I—Section 1
PUBLISHED BY AUTHORITY
No. 100) NEW DELHI. THURSDAY, MAY. 10 1979/ VAISAKHA 20, 1901
Separate paging is given to this Part in order that it may be filed as a separate
compilation.
124 GI/79
(549)
550 I HE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC 1] 551MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 10th May, 1979
No. F. 4(1)-W&M|7!".—Subscriptions for the issues of 6£
per cent Loan, 1989, 6i per cent Loan, 1995 and 7 per cent Lean, 2009 will be received from the 25th May 1979 in the form of cash. The issues will be closed without notice as soon &•* it appears that the total subscriptions amount approximately to Rs. 500 crores (Nominal) and in any case not later than the close of business on the 26th May 1979. Government reserves the right to retain subscriptions received upto 10 per cent in excess of the sum of Rs. 500 crores.
2. If the total subscriptions to the aforesaid loans exceed the som of Rs. 550 crores (Nominal), partial allotment will be made in respect of the loans on a proportionate basis. If partial allotment is made, the excess subscriptions will be refunded as soon as possible after allotment. No interest will be paid on the amounts so refunded.
3. 6i per cent Loan, 1989 issued at Rs. 100.00 per cent
and redeemable at par on the 25th May, 1989.
(i) Date of repayment.—The Loan will be repaid at par
on the 25th of May, 1989.
(ii) Issue Price.—The issue price will be Rs. 100.00 for every Rs. 100.00 (Nominal) of the Loan applied for.
(iii) Interest.—The Loan will bear interest at the rate of 6J per cent per annum from 25th May, 1979. Interest will be paid half-yearly on the 25th Novem- ber and 25th May. The interest paid will, subject to the provisions of paragraphs 7 and 8 below, be liable to tax under the Income-tax Act, 1961.
4. 6£- per cent Loan, 1995 issued at Rs. 100.00 per cent
and redeemable at par on the 25th May, 1995.
• (i) Date of repayment.—The Loan will be repaid at
per on the 25th May, 1995.
GO Issue Price.—The issue price will be Rs. 100.00 for every Rs. 100.00 (Nominal) of the Loan applied for.
(ill) Interest.—The Loan will bear interest at the rate of 6-J per cent, per annum from 25th May, 1979. Interest will be paid half yearly on the 25th November and 25th May. The interest paid will, subject to the provisions of paragraphs 7 and 8 below, be liable to tax under the Income-tax Act, 1961.
5. 7 per cent Loan, 2009 issued at Rs. 100.00 per cent and
redeemable at par on the 25th May, 2009.
(i) Date of repayment—The Loan will be repaid at
par on the 25th of May 2009.
(ii) Issue Price.—The issue price will be Rs. 100.00 for every Rs. 100.00 (Nominal) of the Loan applied for.
(iii) Interest.—Tbe Loan will bear interest at the rate of 7 per cent per annum from 25th May, 1979. Interest will be paid half-yearly on the 25th November and 25th May. The interest paid will, subject to the provisions of paragraphs 7 and 8 below, be liable to tax under the IncomeTax Act, 1961.
SUPPLEMENTARY PR1VISIONS
6. 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 and Kashmir and Sikkim, and at the-Central Government's Pay and Accounts Offices at Jammu and Srinagar.
7. Refunds of tax deducted at the time of payment of in- terest (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 is not liable to tax or who is liable to tax at a rate lower than the prescribed rate, can obtain on appli- cation, 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.
8. Interest on all the loans now issued together with in- terest on other previous Government securities and income from other approved investments will be exempt from in- come-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.
9. The value of investments in the loans now issued to- gether with the value of other previous investments in Govern- ment securities and the other investments specified in Sec- tion 5 of the Wealth Tax Act will also be exempt from the Wealth Tax upto Rs. 1,50,000.
552 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SBc. 1]10. The secuiities \vill be issued in the form of —
(i) Stock, the applicants for which will be given Stock
Certificates or
(ii) Piomissor) Notes.
If no pieference is stated by the applicants, the securities will be issued in the form of Promissory Notes.
11. Applications for the loans : Applications for the loans must be for Rs. 100 or a multiple of that sum.
12. Applications will be received at —•
(a) Offices of the Reserve Bank of India at Ahmedabad, Bangalore, Bombay (Fort and Byculla), Calcutta, Hyderabad, Jaipur, Kanpur, Madras, Nagpur, New Delhi and Patna; and
(b) Branches, of the State Bank of India at nil plnccs in India except at (u) flbctve.
13. Applications may be in the form attached hereto or in any other form which stales clearly the amount and des- cription of the securities required, the full name and address of the applicant and the office at which he desires the interest to lie p;dd.
14. 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 or the Stale Bank of India should be drawn in favour of the bank concerned.
15. Brokerage will be paid at the rate of 6 paise per Rs. 100 (Nominal) to recognised banks and brokers on allotments made in respect of applications for the loans ten- dered 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 floata- tion of the loans.
By order of the President, A. C. TIWARI, Jt. Secy.
FORM OF APPLICATION
I/We
[Full name(s) in Block Letters]
/Cheque* for R s . —- —and request tyat securities of 6J per cent Loan, 1989*/6J per herewith tender Cash* Rs. cent Loan, 1995*/7 per cent Loan, 2009* of the nominal value of Rs.- — — - m ay be issued to me/us in the form of Promissory Note(s)T
interest to be payable at
.—
Stock Certificate
NB..—The applicant should not write anything in this cage. The
entries will be filled in by the Public Debt Office.
Initials Date Application No
N.B. Stamp
Signature
Name in full
(Block letters)
Cash received
Cheque realised
Credited to Special Current Account
Examined
Cash Application Register posted
Brokerage Register posted
Indet No
Scrip No...
Card No Voucher passed on
Dated the— — of May. 1979.
Address
•Delete what is not required. tPromissory 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. 50,000, and Rs. 1,00,000. State here the particular denomination required.
Notes:—(1) Separate application should be made for each Loan and each form of scrip (Stock Certificate or Promissory Note) of tho new Loan required.
(2) If the applicant's signature is by thumb mark, it should bo witnessed by two persons. The full names, occupations and addresses of int. 'finesses should be appended to their signatures.
"*
(3) If the application is made in the name of a registered body, the undernoted documents, if not already registered at the Public Debt Office, should be enclosed with the investment application:
(i) Certificate of Registration/incorporation in original or a copy thereof certified as true by the issuing authority under
office seal,
(ii) Certified copies of Memorandum and Articles of Association or the Rules and Regulations/Bye-Laws of the body/
company.
(Hi) Certified copy of resolution in favour of tho persons authorised to deal in Government securities on behalf of the body/ company.
(4) Applicants desiring the issue 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.