Notification of zero coupon bond under clause (48) of section 2 of Income tax Act, 1961
S.O. 3440(E).—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 Zero Coupon Bond of REC Ltd.
(b) period of life of bond -ten years one months
(c) the time schedule of the issue – to be issued on or before the 31st day of March of bond 2025;
(d) the amount to be paid on maturity or redemption of the bond – 1 lakh rupees for each bond
(e) the discount – Rs. 2517.85 crores
(f) the number of the bonds to be issued- five lakhs
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