Notification No. 50/2011

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. (OTT US 3(ii)] . ORG A UST | SATE og
. . . 7 __ MINISTRY OF FINANCE | .
a a . _ (Department of Revenue) - | .
_ _ | (CENTRAL BOARD OF DIRECT TAXES) oe
_ NOTIFICATION a
~ New Delhi, the 9th September, 2011. . _
(S.0. 2060(E).— In exercise of the-powers conferred by section B0CCF of the income tax Act, 1961 (43 of 1961), the Central Government hereby specifies bonds, subject to the following conditions, as long-term infrastructure bonds for the purposes of the said i section, namely:- ee : . —
(a) Name of the bond.- The name of the bond shall be "The Long Term a | Infrastructure Bond” — a |
(b} Issuer of the Bond.- The Long Term Infrastructure Bonds to be issued in the
. financial year 2011-2012 shall be issued by -
1. The Industrial Finance Corporation of India, established under section 3 of the Industrial Finance Corporation Act, 1948 (15 of a “ 1948); : a a |
; 2. The Life Insurance Corporation of India, established under section 3
. of the Life Insurance Corporation Act, 1956 (3] of 1956); oe a 3. The infrastructure Development Finance Company Limited, a
. company formed and registered under fhe Companies Act, 1956(1
a ‘of 1956); |
4. The India Infrastructure Finance Company Ltd: a company formed and registered under the Companies Act, 1956{1 of 1956); and
: ‘ ~§ A Non-Banking Finance’ Company classified as an Infrastructure
Finance Company by the Reserve Bank of India.
(c) Limit’ on issuance.- (i) The Bond will be issued during the. financial year
2011-2012: {ii) the volume of issuance during the financial year shall be restricted to twenty-five percent of the incremental infrastructure investments made by the issuer during the financial year 2010-2011; (ii) ‘investments’ for the purposes of this limit shall include loans, bonds, other forms of debt, quasi-equity, preference equify and
_ equity. .

. (d) Tenure of the bond- {i} The tenure of the Bond shall be for a minimum period of ten years; (ii) the minimum lock-in period for an investor shall be five years {ili) after the lock-in period the investor may exit eifher through

_ ~ the secondary market or through a buyback facility, specified by the issuer in the issue Gocumenis at the time of issue; (iv) the bond shail also

_ be allowed as pledge or lien or hypothetication for obtaining loans from
Scheduled Commercial Banks, offer the said lock-in period. .

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_ 4 . THE GAZETTE OF INDIA : EXTRAORDINARY [Parr l—Sec. 3(i)]
(e}) | Permanent Account Number (PAN] fo be furnished: {t shall be mandatory me
: _ for the subscribers to furnish their PAN to the issuer; Co, oe ff) Yield of the bond:- The yield of the bond shall not exceed the yield on government securities of corresponding residual maturity as reported by. __
the Fixed Income Money Market and Derivatives Association of India 2
~ {FIMMDA), as on the last working day of the month immediately *
preceding the month of the issue of the bond; re (g) | End-use of proceeds and reporting or monitoring mechanism.- (i) The vay proceeds of the Bond shall be utilized towards ‘infrastructure lending’ as mar
‘defined by the Reserve Bank of India in the Guidelines issued by if} =, -)
fi}. the end-use shall be duly reported in the Annual Reports and other .
"+ reports submitted by the issuer to the Regulatory Authority
“=. concerned, and specifically certified by the Statutory Auditor of :
' the issuer; : lo (ii). the issuer shall also file these along with term sheets to the |
: Infrastructure Division, Department of Economic Affairs, Ministry of
_ Finance within three months from the end of financial year.
[Notification No. 50/2011/F. No. 178/43/2011-SO (ITA: 1)] -
. RAMAN CHOPRA, Director-ITA. 1
and Published by the Controller of Publications, Delhi- 110054. :