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 :—

(a)	Name of the bond	Bhavishya Nirman Bond (a ten year zero coupon bond) of National Bank of Agriculture and Rural Development (NABARD);
(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	twenty thousand rupees for each bond;
(e)	the discount	to be decided by NABARD at the time of issue of the bond; and
(f)	the number of bonds to be issued	Ninety-five lakhs and twenty thousand

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.