REGISTERED No. D. (D.N.)-72
The Gazette of India
EXTRAORDINARY
PART I—Section 1
PUBLISHED BY AUTHORITY
No. 160] NEW DELHI, MONDAY, SEPTEMBER 19, 1983/BHADRA 28, 1905
Separate paging is given to this Part in order that it may be filed as a separate compilation
756 GI/83
(1)
2 THE GAZETTE OF INDIA : EXTRAORDINARY TPART I—SEC.1]3
4 THE GAZETTE OF INDIA : EXTRAORDINARY (PART I—Sec. 1]MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 19th September, 1983
No. F. 4(5)W&M|83.—Subscriptions for the issue of 7.75 per cent. Loan, 1991 (Second Issue), 8.25 per cent. Loan 1995 and 10.00 per cent. Loan, 2014 (Third Issue) for an aggregate amount of Rs. 600 crores will be received in the form of cash on the 30th September 1983 upto the close of Banking hours. In the event of 30th September 1983 being declared a holiday by any State Government under the negotiable Instru- ments, Act, 1881, the subscriptions will be re- ceived at the concerned receiving offices in that State upto the close of Banking hours on the next working day. Government reserve the right to retain subscriptions received upto 10 per cent.' in excess of the sum of Rs. 600 crores.
2. If the total subscriptions to the aforesaid loans exceed the sum of Rs. 660 crores, 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 partial allotment. No in- terest will be paid on the amounts so refunded.
7.75 per cent. Loan, 1991 (Second Issue) —issued at Rs. 100.00 per cent, and redeemable at par on the 15th July 1991.
(i) Date of Repayment.—The Loan will be
repaid at par on the 15th July 1991.
(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 7.75 per cent, per annum from 30th September 1983. The in- terest for the period from 30th Septem- ber 1983 to 14th January 1984 (in- clusive) will be paid on 15th January 1984 and thereafter interest will be paid half-yearly on the 15th Jully and 15th January.
The interest paid will, subject to the provi- sions of paragraphs 8 and 9 below, be liable to tax under the Income-tax the Act, 1961.
4. 8,25 per cent. Loan, 1995 issued.—at Rs. 100.00 per cent, and redeemable at par on the 30th September 1995.
(i) Date of Repayment:—The Loan will be repaid at par on the 30th September 1995.
(ii) Issue Price:—The issue price will be Rs. 100.00 for every Rs. 100.00 (No- minal) of the Loan applied for.
(iii) Interest:—The Loan will bear interest at the rate of 8.25 per cent, per annum from 30th September 1983. Interest will be paid half-yearly on the 30th March and 30th September. The interest paid will, subject to the provisions of paragraphs 8 and 9 below, be liable to tax under Income-tax Act, 1961.
5. 10.00 per cent loan, 2014 (Third Issue) issued at Rs. 100.00 per cent, and redeemable at par on the 30th May 2014.
(i) Date of Repayment:—The Loan will be
repaid at par on the 30th May 2014.
(ii) Issue Price:—The issue price will be Rs. 100.00 for every Rs. 100.00 (No- minal) of the Loan applied for.
(iii) Interest:—The Loan will bear interest at the rate of Rs. 10.00 per cent, per an- num from 30th September 1983. In- terest for the period from 30th Septem- ber 1983 to 29th November 1983 (in- clusive) will be paid on 30th Novem- ber 1983 and thereafter interest will be paid half-yearly on the 30th May and 30th November. The interest paid will,
subject to the provisions of paragraphs 8 and 9 below, be liable to tax under the Income-tax Act, 1961.
SUPPLEMENTARY PROVISIONS
6. Applications will be received at —
(a) Offices of the Reserve Bank of India at Ahmedabad, Bangalore, Bhubaneswar, Bombay (Fort and Byculla), Calcutta, Gauhati, Hyderabad, Jaipur, Kanpur, Madras, Nagpur, New Delhi, Pataa and Trivandrum; and
(b) Branches of the State Bank of India at all the DISTRICT HEAD QUARTERS in India except at (a; above,
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, Bhubaneswar, Bombay, Calcutta, Gauhati, Hyderabad, Jaipur, Kanpur, Madras, Nagpur, New Delhi, Patna and Trivandrum and at any Treasury or Sub-Treasury elsewhere in India except the State of Jammu and Kashmir and Sikkim.
8. Refunds of tax deducted at the time of pay- ment of interest (at the rates prescribed by the Annual Finance Acts) will be obtainable by hol- ders 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 rates 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.
An individual resident in India whose total in- come does not exceed the exemption limit can obtain, on furnishing a declaration in the pres- cribed form in duplicate to the person responsible for paying the interest, the amount of interest without deduction of tax.
9. Interest on the Loans now issued together with interest on other previous Government Secu~
5
rities and income from other approved invest- ments will be exempt from income-tax- subject to a limit of Rs. 7,000 per annum and subject to the other provisions of section 80L of the In- come-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 specified in section 5 of the Wealth-tax Act will also be exempt from the Wealth-tax upto Rs. 1,65,000.
11. The securities will be issued in the form
of—
(i) Stock Certificates; or (ii) Promissory
Notes.
If no preference is stated by the applicant, the securities will be issued in the form or Promissory Notes.
12. Applications for the Loans.—Applications for the Loans must be for Rs. 100 or a multiple of that sum.
13. Applications may be in the form attached hereto or in any other form which states clearly the amount and description of the securities re- quired, the full name and address of the applicant and the office at which he 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 Re- serve 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. 100.00 (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 brokage should be preferred at the concerned offices within six months from the date of floatation of the loans.
By order of the President,
A. RANGACHARI, Jt. Secy.
FORM OF APPLICATION
I/Wo*
(Full namfi(s) in Block Letters)
*Cash
herewith tender • — •—Rs
,- (Rupees
Cheque for
)/
and request that Securities of 7.75 per cent, Loan, 199] (Second Issue)*/8.25 por cent. Loan, l995*/10.00 per cent. Loan, 2014
756 GJ/83—2
6 THE GAZETTE OF INDIA : EXTRAORDINARY TPART I—SEC. 11may b" (Third Issue)* of the nominal valuo of Rs , issued to me/us* in the form of
*Promissory Note(s) in the denomination(s) stated below:— Stock Certificate. ~~
Promissory Note(s)+of Rs
each.
Promissor/ Noto(s)+of Rs.
each.
Promissory Note(s)+of Rs
each.
2. I/We* desire that intacost bo paid at
Signature (s)
N.B.—-The applicant should no\ write anything in this cage. N,ime (s) i.i full
The entries will bofilledin by the Receiving Offic*.
(Block Letters)
Initials Date
Application I4jt •- -• -_^ „ . .. N.B. Stamp
'
Address
-~
Cash received on Cheque realised on Credited to Special Current Account
on
Examined . . .: ^ i > Cash Applications Register posted
Brokerage Register posted _ r Indent No
•.
Scrip No Card*Jo
,
Dated the
Voucher passed on . •
of Soptember 1983.
•Delote what is not required. +Fromissory Notes will bo issued in denomination of Rs. 100, Rs. 200, Rs, 500, Rs. 1,000, Rs. 5,000, Rs. 10,000, Rs. 25,000, Rj. 50,003 and Rs, 1 00,033. State here the particular denoraination(s) requirod.
NOTE5!.— (1) Soparate applications should bo made for each Loan, oach form of subscription and each form of scrip (Stotck Certificate or Promissory Note) of th" New Loan required.
(2) If the applicant's signature is by thumb mark, it should be witnessed by two persons. The full names, occupations and addresses of the witnesses should bo appended to their signatures.
(3) If the application is made in tha name of the registered body, the undernotod documents, if not alroady registered at the Public Debt Offlco, should be enclosed with the investmont application:—
(i) Certificate of Incorporation/Registration in original or a copy thereof certified as truo by the issuing authority under his offlco seal.
(ii) Certified copies of Memorandum and Articles of Association or the Rules and Regulations/By-laws of tho com- pany/body.
(Hi) Cetriflad copy of resolution In favour of the penton/s authorised to deal in Government securities on behalf of the company/body together with his/their duly attested specimen sigaature(i).
(4) Applicants desiring the issue of scrips in the form of Stock Certificates should also complete a Mandate Form (obtainable from Public Debt Offloe) for remittance of half-yoaily interest to them.