Tax Free Municipal Bonds specified; issuance by Chennai water board requires bondholder registration to claim tax exemption. The Central Government specifies Tax Free Municipal Bonds to be issued by the Chennai Metropolitan Water Supply and Sewerage Board during financial year 2004-2005, under the exemption framework of clause (15) of Section 10 of the Income Tax Act. The notification limits the aggregate amount eligible for specification for that year and makes tax-free status conditional on registration of the bondholder's name and holding with the issuing Corporation.