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Case law › Notifications › 2003 › Notification No. 38
Notification 25 February 2003

Notification No. 38

Tax free bonds (Series XVIII) Secured Redeemable specified under section 10

What this is

Notification No. 38 was published on 25 February 2003. Its subject is Tax free bonds (Series XVIII) Secured Redeemable specified under section 10.

This notifies a named person, body, fund or instrument for the purpose of a provision. Nothing in it changes the provision itself.

The provisions it speaks to

Left, the provision of the Income-tax Act, 1961 as the instrument itself names it. Right, the section of the Income-tax Act, 2025 that the department’s own concordance maps it to — which is where the same ground is now covered.
Under the 1961 ActNow
s.10s.11, s.19

The instrument, as the Board published it

The words below are the department’s own, reproduced from its published text. Where the department’s copy carried a publisher’s notes after the instrument, those are not reproduced.

Notification No : 38

Section(s) Referred : s. 10(15)(iv)(h)

Date of Issue : 25/2/2003

Notification No. 38 of 2003, dt. 25th Feb., 2003

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 specifies tax free bonds (Series XVIII) Secured Redeemable, Non-cumulative Tax-free bonds redeemable after 10 years with a put/call option at the end of 5th, 6th, 7th, 8th, and 9th year, carrying an interest of 8.20% per annum of rupees one lakh each for a total amount of rupees seventy crores bearing distinctive numbers from 18000001 to 18007000 issued by the Nuclear Power Corporation of India Limited, during the Financial year 2001-2002 for the purpose of the said item :

Provided that the benefit under the said item shall be admissible only if the holder of such bonds registers his/its name and the holding with the said company.

[F. No. 178/11/2002-ITA-I]

On the same provision

Other instruments in this library that name the same provision of the 1961 Act. They are not necessarily still operative, and a later one may have replaced an earlier one without saying so.

← Notification No. 39  ·  Notification No. 37 →

What a notification is. A notification is made under a power the Act itself gives, and within that power it is law — unlike a circular, which only binds the department. Its reach is the reach of the enabling provision and no wider, and the date it carries decides from when it works.

Source: the Income Tax Department’s own published text — its page for this instrument.