Tax-free bond issuance ceilings limit coupon rates and set eligibility, issue and compliance conditions for issuers and investors. Authorises specified public and infrastructure entities to issue tax free, secured, redeemable, non convertible bonds in 2012-13 subject to eligibility (RII, QIBs, Corporates, HNIs), mandatory PAN and registration for tax benefit, prescribed tenures, and ceiling coupon rates tied to a FIMMDA reference G sec average. Ceiling differentials apply between retail and other investors, rating based reductions, and semi annual payment adjustments. Public issuance and private placement procedures, caps on issue expenses and brokerages, mandatory financing plans for repayment, and competitive selection of merchant bankers are required.
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Provisions expressly mentioned in the judgment/order text.
Tax-free bond issuance ceilings limit coupon rates and set eligibility, issue and compliance conditions for issuers and investors.
Authorises specified public and infrastructure entities to issue tax free, secured, redeemable, non convertible bonds in 2012-13 subject to eligibility (RII, QIBs, Corporates, HNIs), mandatory PAN and registration for tax benefit, prescribed tenures, and ceiling coupon rates tied to a FIMMDA reference G sec average. Ceiling differentials apply between retail and other investors, rating based reductions, and semi annual payment adjustments. Public issuance and private placement procedures, caps on issue expenses and brokerages, mandatory financing plans for repayment, and competitive selection of merchant bankers are required.
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