8 : Notification: 8 Date of Issue: 3/2/2010
Notification No.
8
Notification Date
03/02/2010
Upload Date
03/02/2010
Section 2(48) of the Income-tax Act, 1961 – Zero Coupon Bond – Specified bond
Notification No. 08/2010/F. No.164/03/2008-ITA.I, dated 3-2-2010
In exercise of the powers conferred by clause (48) of section 2 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the following particulars of zero coupon bond for the purposes of the said clause, namely :—
|
(a)
|
Name of the bond
|
Bhavishya Nirman Bond ( a ten year zero coupon bond) of National Bank of Agriculture and Rural Development (NABARD);
|
|
(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
|
twenty thousand rupees for each bond;
|
|
(e)
|
the discount
|
to be decided by NABARD at the time of issue of the bond; and
|
|
(f)
|
the number of bonds to be issued
|
Ninety-five lakhs and twenty thousand
|
2. This notification is subject to the fulfillment of conditions referred to in clause (ii), clause (iii) and clause (v) of sub-rule (3) and sub-rule (6) of rule 8B of the Income-tax Rules, 1962.