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The Central Government specifies the ten year Deep Discount Bond of Rural Electrification Corporation Limited as a zero coupon bond under section 2 of the Income-tax Act, 1961. The bond has a ten-year life and issues on or before the 31st day of March, 2011. The maturity or redemption amount is thirty thousand rupees for each bond. The total discount is 4,736.25 crores. The total number of bonds to issue is twenty five lakhs.
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[TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (ii) OF THE GAZETTE OF INDIA, EXTRAORDINARY]
MINISTRY OF FINANCE (Department of Revenue) (Central Board of Direct Taxes)
New Delhi, the 8th April, 2010.
Notification (Income-tax)
S.O. (E).-In exercise of the powers conferred by clause (48) of section 2 of the Income-tax Act, 1961 (43 of 1961), read with clause (ii), clause (iii) and clause (v) of sub-rule (3) and sub-rule (6) of rule 8B of the Income Tax Rules, 1962, the Central Government hereby specifies the bond with the following particulars as zero coupon bond for the purposes of the said clause (48) of section 2 of the said Act, namely :—
(a) name of the bond - ten year Deep Discount Bond (Zero Coupon Bond) of Rural Electrification Corporation Limited(REC);
(b) period of life of the bond -ten years;
(c) the time schedule of the -to be issued on or before the 31st day issue of bond of March, 2011;
(d) the amount to be paid -thirty thousand rupees for each bond; on maturity or redemption of the bond
(e) the discount -4,736.25 crores
(f) the number of bonds to
-twenty five lakhs. to be issued
[Notification : No 24 F. No.164/02/-2008-ITA.I]
( Padam Singh ) Under Secretary to the Government of India
To The Manager, Government of India Press, Ring Road, Mayapuri Industrial Area, Near Rajouri Garden, New Delhi
