REGISTERED No. D. (DN.)-72
The Gazette of India
EXTRAORDINARY
PART I—Section 1
PUBLISHED BY AUTHORITY
No. 183] NEW DELHI, WEDNESDAY, OCTOBER 26, 1983/KARTIKA 4, 1905
Separate paging is given to this Part in order that it may be filed as a separate
compilation
946 GI/83
(1)
2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. if3
4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I ^ S E C. 1]MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 26th October, 1983
No. F. 4(5) W&M|83.—Subscriptions for the issues of 7.75 per cent. Loan, 1991 (Third Issue), 8.25 per cent. Loan, 1995 (Second Issue) and 10.00 per cent. Loan, 2014 (Fourth Issue) for an aggregate amount of Rs. 600 crores will be receiv- ed in the form of cash on the 7th November 1983 upto the close of Banking hours. In the event of 7th November 1983 being declared a holiday by any State Government under the Negotiable Inst- ruments 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 propor- tionate basis. If partial allotment is made, the excess subscriptions will be refunded as soon as possible after partial allotment. No interest will be paid on the amounts so refunded.
3. 7.75 per cent. Loan. 1991 (Third Issue) issu- ed at Rs. 100.00 per cent, and redeemable at par on the 15th July 1991.
(i) Date of Repayment.—The Loans 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 (Nomi- nal) of the Loan applied for.
(iii) Interest.—The Loa\i will bear interest at the rate of 7.75 per cent, per annum from 7th November 1983. The in- terest for the period from 7th Novem- ber 1983 to 14th January 1984 (inclu- sive) will be paid on 15th January 1984 and thereafter interest will be paid half- yearly on the 15th July and 15th Janu- ary. The interest paid will, subject to the provisions of paragraphs 8 and 9 below, be liable to tax under the In- come-tax Act, 1961.
4.8 25 per cent. Loan, 1995 (Second Issue) 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 (Nominal) of the Loan applied for.
(iii) Interest.—The Loan will bear interest at the rate of 8.25 per cent, per annum from 7th November 1983. The interest for the period from 7th November 1983 to 29th March 1984 (inclusive) will be paid on 30th March 1984 and thereafter interest will be paid half-yearly on the 30th September and 30th March. The interest paid will, subject to the provi- sions of paragraphs 8 and 9 below, be liable to tax under the Income-tax Act, 1961.
5. 10.00 per cent. Loan, 2014 (Fourth Issue) ssued at Rs. 100.00 per cent, and redeemable at >ar 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 (Nominal) of the Loan applied for.
(iii) Interest.—The Loan will bear interest at the rate of 10.00 per cent, per annum from 7th November 1983. Interest for the period from 7th November 1983 to 29th November 1983 (inclusive) will be paid on 30th November 1983 and thereafter interest will be paid half- yearly on the 30th May and 30th
November. The interest paid will, sub- ject 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) Officer of the Reserve Bank of India at Ahmedabad, Bangalore, Bhi^banetswiair;, Bombay (Fort and Byculla), Calcutta, Gauhati, Hyderabad, Jaipluri Kanpur^ Madras, Nagpur, New Delhi, Patna and Trivandrum; and
(b) Branches of the State Bank of India at all the DISTRICT HEADQUARTERS in India except at (a) above.
7. Place of Payment of Interest .—Interest on the Loans will be paid at the Public Debt Offi- ces of the Reserve Bank of India, at Ahmeda- bad, 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 States of Jammu & Kashmir and Sikkim.
. 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 hold- ers 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 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 indnvidual resident in India whose total income does not exceed the exemption limit can obtain, on furnishing a declaration in the prescri- bed 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
5
Securities 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 8OL of the Income- tax Act, 1961.
10. The value of investments in the loans now issued together with the value of other previous, investments m 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 secunties will be issued in the form
of—
(I) Stock Certificates, or (n)Promissory Notes.
It no preference is stated by the applicants, the securities will be issued in the form of Promis- sory Notes.
12. Applications for the Loans—Applications for the Loans must be for Rs.100 or multiple of that sum.
13. Applications may be in the form attached hereto or m any other form which states clearly the amount and description of the secunties requi- red, 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 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. 100.00 (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 brokeiage 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/We*
(Full Name (s) in Block Letters)
herewith
(Rupees
Cash* tender —— Rs Cheque for
'
and request that Securities of 7 75 per usnl. Loan, 1991 (.Third Issue)* /3 25 per cent Loan, 1995 (Second Issuc)*/10^00 per cent Loan 2114 (Fourth Issue)* or the nominal value of Rs may •" ls0 m c/m* in t he f o r rn of
946 GI/83—2
•Promissory Note(B) in the
Stock Certificate
6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART;I—.SEC. 1]denomlnation(s) stated below :—
PromissoryNote(s) t of .Rs
each
Promissory Note(s) f of .Rs
each
c a ch
Promissory Note(s) t °f Rs
I I/We* desire that interest be paid at
N.B. applicant shoud not write anything in this cage. The entries will be filled in by the.Receiving office.
~ ~ ~ ~
[ Signature(s)
Initials | Date Namefs) In full
Application No N.B. Stamp Cash received on Cheque realised on 1 Credited to Special Current Account on Examined Cash Applications Register posted ••••••••• Brokerage Register Posted Indent No Scrip No Voucher passed on
•Delete what is not required.
(Block Lettcis)
Address
Dated the :
of , November 1983.
tPromissory notes will be issued in denomination of Rs. 100, Rs. 200, Rs. 500, Rs. J ,000, Rs. 5,000, Rs. 10,000, Rs. 25,000, Rs. 50.000 d Rs 1 00,000, State here the particular dcnomination(s) required.
Notes—(1) Separate applications shoud be made for each Loan, each form of subscription and each form of scrip (Stock Certificate or Promissory Note) of the 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 be appended to their signatures.
(3) If the application is made in the name of the registered body, the undornoted documents, if not already registered at the Public Debt Office, should be enclosed with the investment application :—
(i) Certificate of Incorporation/Registration in original or a copy thereof certified as true [jby the issuing authority under
his Officce seal.
(ij) Certified copies of Memorandum and Articles of Association or the Rules and Regulations/By-laws of the company/body, (iii) Certified copy of resolution in favour of the person/s authorised to deal in Government securities on behalf of the company/
body together with his/their duly attested specimen signature(s).
(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 remittance of half-yearly interest to them.