Tax-free bond conditions: mandatory PAN, ten- or fifteen-year tenures, interest linked below government yields, capped commissions. Authorisation permits Rural Electrification Corporation Limited to issue tax free, secured, redeemable, non convertible bonds by public issue in financial year 2011 12 subject to tenure limits of ten or fifteen years, mandatory PAN for subscribers, interest at least fifty basis points below equivalent Government Security yields with up to twenty basis points extra for retail investors (non transferable except to legal heirs), capped commission and issuance expenses, mandatory registration of holders with the issuer, and public issue requirement; definitions set QIB and retail/HNI thresholds.