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of <h1>Govt Approves Public Sector to Issue Rs. 3,000 Crore Tax-Free Bonds in FY 2011-12; Higher Rates for Retail Investors.</h1> The Central Government authorizes a public sector entity to issue tax-free, secured, redeemable, non-convertible bonds worth three thousand crores during the financial year 2011-12. The bonds, with a tenure of ten or fifteen years, require subscribers to provide their Permanent Account Number. The interest rate will be at least fifty basis points lower than government securities, with a higher rate for retail investors. Sales commission is capped at 1.25% of the issue size, with specific limits for brokerage. The bonds must be issued publicly, and benefits are available only if registered with the entity.
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