Tax exemption specification: designated Safety Bonds from ICICI identified under the Income tax Act for tax treatment. The Central Government, under clause (ii) of sub section (1) of Section 80L of the Income tax Act, 1961, specifies bonds in the nature of debentures issued by Industrial Credit and Investment Corporation of India Limited, Mumbai, in its public issue Safety Bonds, October 2000, listing allotment details for Tax Saving Bonds (two options) and Regular Income Bonds (three options) with numbers allotted, amounts and distinctive numbers, by Notification No. 382 dated 10 December 2002.