Capital gain reinvestment: specified fully convertible debentures and bonds qualify for relief subject to a seven year retention rule. The Central Board of Direct Taxes specifies fully convertible debentures and bonds to be issued by M/s Koshika Telecom Limited as eligible instruments for reinvestment relief where an assessee invests capital gain arising from transfer of a long term capital asset; issuance is authorised within one year and subject to stated aggregate limits. If the assessee converts or transfers the specified securities or the shares acquired on conversion within seven years of allotment, the initial investment is chargeable to tax as capital gain under the recapture provision.