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 :
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(a)
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Name of the bond
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Bhavishya Nirman Bond ( a ten year zero coupon bond) of National Bank of Agriculture and Rural Development (NABARD);
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(b)
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period of life of the bond
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ten years;
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(c)
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the time schedule of the Issue of bond
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to be issued on or before the 31st day of March, 2011;
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(d)
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the amount to be paid on maturity or redemption of the bond
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twenty thousand rupees for each bond;
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(e)
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the discount
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to be decided by NABARD at the time of issue of the bond; and
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(f)
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the number of bonds to be issued
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Ninety-five lakhs and twenty thousand
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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.
