Tax-free bond specification: interest on specified pooled finance bonds exempt under Section 10(15)(vii) subject to scheme guidelines. Specification under section 10(15)(vii) designates tax-free Pooled Finance Development Bonds issued by the Water and Sanitation Pooled Fund, Tamil Nadu, to part-fund seven Urban Local Body projects for water supply and underground sewerage. The bonds carry a ten-year tenure with a five-year principal moratorium and interest not exceeding eight percent per annum. Tax-exemption is conditional on compliance with the Pooled Finance Development Scheme Guidelines and the Ministry of Urban Development's OM, and on issuance within twelve months of this notification.
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Provisions expressly mentioned in the judgment/order text.
Tax-free bond specification: interest on specified pooled finance bonds exempt under Section 10(15)(vii) subject to scheme guidelines.
Specification under section 10(15)(vii) designates tax-free Pooled Finance Development Bonds issued by the Water and Sanitation Pooled Fund, Tamil Nadu, to part-fund seven Urban Local Body projects for water supply and underground sewerage. The bonds carry a ten-year tenure with a five-year principal moratorium and interest not exceeding eight percent per annum. Tax-exemption is conditional on compliance with the Pooled Finance Development Scheme Guidelines and the Ministry of Urban Development's OM, and on issuance within twelve months of this notification.
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