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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)
Notification No. 24/2010, Dated: 8th April, 2010
(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 issue of bond | to be issued on or before the 31st day of March, 2011; |
| (d) the amount to be paid on maturity or redemption of the bond | thirty thousand rupees for each bond; |
| (e) the discount | -4,736.25 crores |
| (f) the number of bonds to to be issued | twenty five lakhs. |
[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
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WHAT IS THE ISSUE PRICE OR FACE VALUE OF THE BOND WHICH WILL EARN RS 30,000/- IN TEN YEARS. THE LONG TERM GAING WILL BE BASED ON INDEXING OF THE FACE VALUE TO THE LEVEL OF 10 YEARS. IN CASE ANY ALLOTTEE DIES BEFORE THE DATE OF MATURITY WHETHER IT WILL MATURE ON THE DATE OF DEATH OR WILL DEVOLVE ON THE NOMINEE FOR THE REMAINING PERIOD. WILL IT BE EXEMPTED FROM WEALTH TAX. THESE QUESTIONS ARE MORE VALID BECAUSE MANY SENIOR CITIZENS ARE INTERESTED TO INVEST IN THIS SCHEME. PLEASE PROVIDE FULL DETAILS
What is the issue price of bond