Revision in Tax-Free bond issue limit of IRFC

MINISTRY OF FINANCE

(Department of Revenue)

(Central Board of Direct Taxes)

NOTIFICATION No. 10/2016

New Delhi, the 26th February, 2016

S.O. 613(E).- In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), published in the Gazette of India Extraordinary, Part II, Section 3, Sub-section (ii), vide number S.O. 1827(E), dated the 6th of July, 2015, namely :-

In the said notification, –

(a) for paragraph 6, the following paragraph shall be substituted, namely:-

“6. Public issue.- (i) Seventy percent. of the aggregated amount of bonds issued by each entity in the TABLE shall be raised through public issue;

(ii) Forty per cent. of public issue under sub-paragraph (i) shall be earmarked for RII’s:

Provided that the words “Forty per cent.” referred to in sub-paragraph (ii) shall be read as “sixty per cent.” for the purposes of the entities at serial numbers 2(b) and 8 of the TABLE.”;

(b) in paragraph 9, in the TABLE, for serial number 2 and the entries relating thereto, the following shall be substituted, namely:-

[F.No.178/ 1 /2016-ITA-I]

DEEPSHIKHA SHARMA, Director

Note:- The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide number S.O. 1827(E) dated the 6th of July, 2015 and subsequently amended vide notification number S.O. 520(E), dated the 18th February, 2016.