MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 31st May, 2016

No. 5-1/2015-NS.II.In exercise of the powers conferred by clause (b) of Rule 4 of the Public Debt Rules, 1946 the Central Government hereby specifies for the purpose of Sub clause (b) of clause (2) of section 2 of the Public Debt Act, 1944 ( 18 of 1944) that

(i) 9.50% (Nine point five per cent) Government of India (National Small Savings Fund) (Non­transferable) Special Securities, 2015 shall be issued in the form of ‘Stock’ to be held at the credit of the holder in the Subsidiary General Ledger Account maintained by the Public Debt Office; and

(ii) these securities shall not be transferable.

PRASHANT GOYAL, Jt. Secy.


NOTIFICATION

New Delhi, the 31st May, 2016

Issue of 9.50% Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2015

No. 5-1/2015-NS.II.— The Government of India, hereby notifies the issue of 9.50 per cent Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2015 (hereinafter called “special securities”) from 1st April 2015 until further notice.

2. Objective:

Consequent upon the creation of a new fund in the Public Account of India called the “National Small Savings Fund” (NSSF), the Central Government shall issue the Special Securities notified hereunder against the amounts received by the Government from NSSF from time to time.

3. Eligibility for subscribing to special securities:

The Secretary, Government of India, Ministry of Finance, Department of Economic Affairs, shall be eligible to subscribe to special securities for the amounts invested by NSSF as specified by the Central Government from time to time.

4. Subscription:

Special securities will be issued for an amount of Rs.1,00,000 (face value) and in multiples of Rs. 1, 00,000 thereafter.

5. Form of securities:

The special securities will be issued in the form of ‘Stock’ to be held at the credit of the holder in the Subsidiary General Ledger Account maintained with Public Debt Office, Reserve Bank of India, Nagpur.

6. Price, Date and Place of Issue:

(i) The special securities will be issued at par.

(ii) The date of issue of special securities shall be the date on which the special securities are credited to the Subsidiary General Ledger Account provided that in the case of amounts already released from NSSF and credited to the government prior to this Notification, the date of issue of special securities shall be date of such credit to the Government.

(iii) The Special Securities will be issued at Public Debt Office, Reserve Bank of India, Nagpur.

7. Tenure:

The tenure of the special securities will be 10 years from the date of issue.

8. Interest:

(i) The special securities will bear interest at the rate of 9.50 (Nine point five per cent.) per annum which will be payable at half yearly basis reckoned from the date of issue of the special securities. Interest on the securities will be payable at the Public Debt Office (i.e. the office of Issue), Reserve Bank of India, Nagpur.

(ii) Interest will be paid after rounding off to be nearest hundred rupees.

9. Repayment:

The special securities shall be repayable in ten equal annual installments starting from the next year from the date of issue.

10. Transferability and conversion:

The Special Securities shall not be transferable and conversion of the securities to any other form shall not be permitted, until and unless otherwise specified by the Government.

11. Statutory Provisions:

With respect to any such matter which has not been provided under this notification, the special securities shall be governed by the Public Debt Act, 1944 (18 OF 1944) and the Public Debt Rules, 1946 framed there under.

PRASHANT GOYAL, Jt. Secy.

More Under Corporate Law

Posted Under

Category : Corporate Law (2212)
Type : Notifications (12040) Notifications/Circulars (24509)

Search Posts by Date