Issue of 8.50% Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2019

Issue of 8.50% Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2030

MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION

New Delhi, the 12th October, 2020

No. 5/1/2019-NS – In exercise of the powers conferred by clause (f) of Section 2 of the Government Securities Act, 2006 (38 of 2006), the Central Government hereby specifies that

(i) 8.50% (Eight point five percent) Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2019 have been issued in FY 2019-20 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.

RAJAT KUMAR MISHRA, Jt. Secy.

NOTIFICATION

New Delhi, the 12th October, 2020

Issue of 8.50% Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2019

No. 5/1/2019-NS.—The Government of India, hereby notifies the issue of 8.50 per cent Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2019 (hereinafter called “special securities”).

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 has issued the Special Securities notified here under 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 have been 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 have been 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 have been issued at par.

(ii) The date of issue of special securities shall be date of credit of special securities to the Subsidiary General Ledger Account of NSSF.

(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 bear interest at the rate of 8.50% (Eight 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 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 Government Securities Act, 2006 (38 of 2006).

RAJAT KUMAR MISHRA, Jt. Secy.

NOTIFICATION

New Delhi, the 12th October, 2020

No. 5/1/2019-NS-In exercise of the powers conferred by clause (f) of Section 2 of the Government Securities Act, 2006 (38 of 2006), the Central Government hereby specifies that

(i) 8.50% (Eight point five percent) Government of India (National Small Savings Fund) (Nontransferable) Special Securities, 2030 have been issued in FY 2019-20 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.

RAJAT KUMAR MISHRA, Jt. Secy.

NOTIFICATION

New Delhi, the 12th October, 2020

Issue of 8.50% Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2030

No. 5/1/2019-NS- The Government of India, hereby notifies the issue of 8.50 per cent Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2030 (hereinafter called “special securities”).

2. Objective:

Central Government has issued the Special Securities notified hereunder against the amount received in the National Small Savings Fund (NSSF) on account of redemption of special Government of India and State Government securities issued against shares of net small savings collection from 1-4-1999.

3. Eligibility for subscribing to special securities:

The Secretary, Government of India, Ministry of Finance, Department of Economic Affairs, on behalf of NSSF, shall be eligible to subscribe to special securities.

4. Subscription:

Special securities have been 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 have been 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 have been issued at par.

(ii) The date of issue of special securities shall be date of credit of special securities to the Subsidiary General Account of NSSF.

(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. Call and put option:

(i) The Special Securities will have call and put option as specified in paragraph 7.5 of the General Notification, issued vide this Department’s F.No.4(2)-W&M/2018, dated 27th March, 2018.

(ii) The Government of India shall have the discretion to exercise “call option” to prematurely redeem the special securities wholly or partly at par, after two years. In that event, interest on the special securities shall cease to accrue on the redeemed special securities from the date of premature redemption decided by the government.

(iii) The holder of the Special Securities, i.e. National Small Savings Fund shall have the discretion to exercise “put option”, for premature redemption of the special securities, wholly or partly at par, after two years. In that event, interest on the special securities shall cease to accrue on the redeemed special securities from the date of premature redemption.

9. Interest:

(i) The special securities bear interest at the rate of 8.50% (Eight point five per cent.) per annum payable on half-yearly basis. 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 nearest hundred rupees.

10. Repayment:

The special securities shall be repaid at par after ten years i.e. in FY 2029-30 on the same day of issue subject to the terms specified under paragraph 8 hereinabove.

11. 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.

12. Statutory Provisions:

With respect to any such matter which has not been provided under this notification, the special securities shall be governed by the Government Securities Act, 2006 (38 of 2006).

RAJAT KUMAR MISHRA, Jt. Secy.

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