NOTIFICATION
SAVINGS MATTER
Issue of 7.64 per cent Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2029
I
NOTIFICATION NO. 5-5/2009-NS-II, DATED 13-5-2010
The Government of India, hereby notifies the issue of 7.64 per cent (Seven point sixty-four per cent) Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2029 (hereinafter called “special securities”).
Objective
2. Central Government shall issue 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 collections from 1-4-1999 onwards.
Eligibility for subscribing to special securities
3. The Secretary, Government of India Ministry of Finance, Department of Economic Affairs, on behalf of NSSF, shall be eligible to subscribe to the special securities.
Subscription
4. Special Securities will be issued for an amount of Rs. 6,000 crore (Rupees Six Thousand Crore only).
Form of Securities
5. 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 30th day of the month of September, 2009.
(iii ) The special securities will be issued at Public Debt Office, Reserve Bank of India, Nagpur.
Tenure
7. The tenure of the special securities will be 20 years from the date of issue.
8. Call and Put Option
(i) The Special Securities will have the call and put options as specified in paragraph 7.5 of the General Notification, issued vide this Depart-ment’s F. No. 4(9)-W&M/2000, dated 6th May, 2002.
(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 will bear interest at the rate of 7.64 per cent (Seven point sixty four per cent) per annum. Interest accrued for the half-yearly periods from April to September and October to March will be payable on 31st March and 30th September respectively. 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 the nearest hundred rupees.
Repayment
10. The Special Securities shall be repaid at par on September 30, 2029 subject to the terms specified under paragraph 8 hereinabove.
Transferability and conversion
11. 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.
Statutory Provisions
12. 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 thereunder.
II
NOTIFICATION NO. 5-5/2009-NS-II, DATED 13-5-2010
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 purposes of the sub-clause (b) of clause (2) of section 2 of the Public Debt Act, 1944 (18 of 1944) that—
(i) 7.64 per cent (Seven point sixty-four per cent) Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2029 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.
NOTIFICATION
SAVINGS MATTER
Issue of 8.21 per cent Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2030
I
NOTIFICATION NO. 5-5/2009-NS-II, DATED 13-5-2010
The Government of India, hereby notifies the issue of 8.21 per cent (Eight point twenty-one per cent) Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2030 (hereinafter called “special securities”).
Objective
2. Central Government shall issue 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 collections from 1-4-1999 onwards.
Eligibility for subscribing to special securities
3. The Secretary, Government of India, Ministry of Finance, Department of Economic Affairs, on behalf of NSSF, shall be eligible to subscribe to the special securities.
Subscription
4. Special Securities will be issued for an amount of Rs. 6058 crore (Rupees Six Thousand and Fifty Eight Crore only).
Form of Securities
5. 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
(iv) The Special Securities will be issued at par.
(v) The date of issue of special securities shall be the 31st day of the month of March, 2010.
(vi) The Special Securities will be issued at Public Debt Office, Reserve Bank of India, Nagpur.
Tenure
7. The tenure of the Special Securities will be 20 years from the date of issue.
8. Call and Put Option
(iv) The Special Securities will have the call and put options as specified in paragraph 7.5 of the General Notification, issued vide this Depart-ment’s F. No. 4(9)-W&M/2000, dated 6th May, 2002.
(v) 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.
(vi) 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
(iii) The Special Securities will interest at the rate of 8.21 per cent (Eight point twenty-one per cent) per annum. Interest accrued for the half-yearly periods from April to September and October to March will be payable on 31st March and 30th September respectively. Interest on the securities will be payable at the Public Debt Office (i.e. the office of issue), Reserve Bank of India, Nagpur.
(iv) Interest will be paid after rounding off to the nearest hundred rupees.
Repayment
10. The Special Securities shall be repaid at par on March 31, 2030 subject to the terms specified under paragraph 8 hereinabove.
Transferability and conversion
11. 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.
Statutory Provisions
12. 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 thereunder.
II
NOTIFICATION NO. 5-5/2009-NS-II, DATED 13-5-2010
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 purposes of the sub-clause (b) of clause (2) of section 2 of the Public Debt Act, 1944 (18 of 1944) that –
(i) 8.21 per cent (Eight point twenty-one per cent) Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2030 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.
