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of <h1>India Approves Tax-Free Bonds for 2013-14: Key Details on Issuers, Investors, and Interest Rates</h1> The Government of India authorized certain entities to issue tax-free, secured, redeemable, non-convertible bonds during the financial year 2013-14. Eligible investors include retail individual investors, qualified institutional buyers, corporates, and high net worth individuals. Bonds have tenures of ten, fifteen, or twenty years, and subscribers must provide their Permanent Account Number. Interest rates are capped based on government security rates, with variations depending on the issuer's credit rating. At least 70% of bonds must be issued publicly, with 40% reserved for retail investors. Private placements require a book-building approach. Entities must submit a repayment plan to the Ministry of Finance.
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