REGISTERED NO D.(D)-72
The Gazette of India
EXTRAORDINARY
PART I—Section 1
PUBLISHED BY AUTHORITY
No. 119] NEW DELHI, TUESDAY, JUNE 5, 1979/JYAISTHA 15, 1901 Separate paging is given to this Part in order that it may be filed as a separate compilation 222 GI/79
(691)
6 92 THE GAZETTE OE INDIA : EXTRAORDINARY [PART I - S E C. ^]MINISTRY OF FINANCE
Department of Economic Affairs
NOTIFICATION
New Delhi, the 10th May, 1979
No. F. 4(l)-W&M/79.—Subscriptions for the issues of 6} percent Loan, 1989, 6i percent Loan, 1995 and 7 per cent Loan, 2009 will be received from the 25th May, 1979 in the form of cash. The issues will be closed without notice as soon as 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 subscirptions to the aforesaid loans exceed the sum 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. 6J per cent Loan, 1989 issued at Rs. 100.00per cent and
redeemable at par on the 25th May, 1989.
(i) Date of repayment. The Loan will be re paid at par on
the 25lh 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 6i per cent per annum from 25th May, 1979. Interest will bo paid half-yearly on the 25th November and 25th May. The interest paid will, subject to tho provisions of paragraphs 7 and R below, be liable to tax under the Income -Tax Act, 1961.
4. 6i 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 par
on the 25th May, 1995.
(ii) Issue Price.—The issue price will be Rs. 100.00 for every
Rs. 100.00 (Nominal) of the Loan applied for.
692/1
(iii) Interest.—The Loan will boar interest at the rate of 6$ per cent, per annum from 25th May, 1979. Interest will bo paid half yearly on the 25th November and 25th May. The interest paid will, subject to the pro- visions of paragraphs 7 and 8 below, be liable to tax under the Tncorae-tax Act, 1961.
5. 7 per cent Loan, 2009 issued at Rs. 100.00 per cent and
redeemable at par on tho 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.—The 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 tho pro- visions of paragraphs 7 and 8 below, be liable to tax under the Income Tax Act, 1961.
SUPPLEMENTARY PROVISIONS
6. Place of payment of interest.—Interest on the loans will be paid at the Public Debt Offices of tho 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 Sikltim, and at the Central Govern- ment's Pay and Accounts Offices at Jammu and Srinagar.
7. 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 arc not liable to tax or who are liable to tax at rates lowir thi.i 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 appli- cable to the holder.
692/2 THE GAZETTE OF INDIA : EXTRAORDINARY PART I - S E C. 1]8. 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 lo a limit of Rs. 3000 per annum and subject to the other provisions of Section 80L of the Income tax Act, 1961.
9. The valuo of investment in the loans now issued together with thi valuo of other previous investments in Government securities and the other investments specified in Section 5 of the Wealth fax Act will also be exempt from Ihe Wealth Tax upto Rs. 1,50,000.
10. Tha seciuitiei will hs issued in the form of—
(i) Stock, thi applicants for which will be given Stock Certilicates, or
(ii) Promissory Notes.
If no preference is stated by the applicants, the securities will bs issued in the form of Promissory Notes.
11. Applications for the loans : Applications for the loans must be for Rs. 100 or a mutilple of that sum.
12. Applications will be received at—
(a) Office;, 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 all places In India except at (a) above.
13. Applications may be In the form attached hereto or in any other form which states clearly the amount and descrip- tion of the securities required, the full name and address of the applicant and the office at which hs desires the interest to be paid.
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 State 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 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, A. C. TIWARI, Jt. Secy.
FORM OF APPLICATION
I/We
[Full name(s) in Block Letter]
herewith tender Cash* Rs. • —— /Cheque* for Rs.-—— — Mid icques< that securities of 6J per cent Lotin, 1989*/ 64 per cent Loan, 1995*/7 pei cent Loan, 2009* of the nominal value of Rs.— • may bo issued to me/us in the form of Promissory Notc(s)t
Stock Certificate interest to bo payable at — _ —— • •-. NB.—The applicant should not write anything in this cage. The
catries will be filled in by the Public Debt. Office
Initials Date
Application No N.B-Stamp
Signature
Nameinfull
(Block letters)
Cash received Cheque realised Credited to Special current Account Examined Cash Application Register posted Brokerage Register posted Indent No Scrip No Card No Voucher passed on
Dated the _ — —— of May, 1979.
* Delete whu is not required-
Address
f pr.imswryNMeswillbeissucdindenominationsofRs.l00,Rs.200,Rs.500,Rs.l,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) SeparateapplicationshouldbomadeforeachLoanandeachformofsCrip(StockCertificatcor Promissory Note) of 'he new- Loan required.
(2) [f the applicant's signature is by thumbmirk.it A-mldbowitnoswdbytwopersons. The full names, occupations nad add ressesof the witnesses s^Ouldbe appended to then'signatures.
(3) if the application is made in Ihe name of a registered body, the undcrnoted documents, if not already registered at the" Public Debt Office, should be enolosed with the investment applications
(i) CertificateofRegistration/Iucorporationoiiginal or a copy there of certified astruebytheissuingauthorityundcr office seal.
(ii) Certified copies of Memorandum and Articles of Association or the Rules and Regulations /Bye-Laws of the body/com- pany-
(iii) Certified copyofresolutionin favour of the persons authorised to dealin Government securities on behalf of the body/ company.
(4) Appllcantsde'irlngthcissueofscripiintlieformofStockCertiflcatesshouldalsocompleteaMandatcForm (obtain able from public Dsbt Office) for transmission of half-yearly interest to them.
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