Section 2(48) of the Income-tax Act, 1961 - Zero Coupon Bond - Specified Bond

Notification No. 24/2010 [F. No. 164/02/-2008-ITA.I], dated 8-4-2010

In exercise of the powers conferred by clause (48) of section 2 of the Income-tax Act, 1961 (43 of 1961), read with clause (ii), clause (iii) and clause (v) of sub-rule (3) and sub-rule (6) of rule 8B of the Income Tax Rules, 1962, the Central Government hereby specifies the bond with the following particulars as zero coupon bond for the purposes of the said clause (48) of section 2 of the said Act, namely :—

(a)	name of the bond	-ten year Deep Discount Bond (Zero Coupon Bond) of Rural Electrification Corporation Limited (REC);
(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 31^st day of March, 2011;
(d)	the amount to be paid on maturity or redemption of the bond	-thirty thousand rupees for each bond;
(e)	the discount	-4,736.25 crores
(f)	the number of bonds to be issued	-twenty five lakhs.