NABARD allowed to issue 5000 Crore Tax Free Bonds

By | February 22, 2016

NOTIFICATION NO. SO 520(E) [NO.6/2016 (F.NO.178/1/2016-ITA-I)], DATED 18-2-2016

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 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) in paragraph 6, after sub-paragraph (ii), the following proviso shall be inserted, namely:—
“Provided that the National Bank for Agriculture and Rural Development shall ear mark sixty per cent of such public issue under sub-paragraph (ii) for RIIs.”
(b) in paragraph 9, in the TABLE,—
(i) for serial number 1 and entries relating thereto, the following serial number and entries shall be substituted, namely:—
Sl. No. Entities Allocated amount of bonds (in crore)
(1) (2) (3)
“1 National Highways Authority of India (NHAI) 19000″;
(ii) after serial number 7 and entries relating thereto, the following serial number and entries shall be inserted, namely:—
Sl. No. Entities Allocated amount of bonds (in crore)
(1) (2) (3)
“8 National Bank for Agriculture and Rural Development (NABARD) 5000″.

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