Govt of India Notify issue of 8.40 per cent National Small Savings Fund
 

NOTIFICATION

New Delhi, the 13^th June, 2018

Issue of 8.40% Government of India

(National Small Savings Fund) (Non-transferable)

Special Securities, 2028

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No. 5/1/2017-NS.The Government of India, hereby notifies the issue of 8.40 per cent Government of India (National Small Savings Fund) (Non- transferable) Special Securities, 2028 (hereinafter called “special securities”).

2. Objective:

Central Government shall issue the Special Securities notified hereunder against the amount received in the National Small Savings Fund (NSSF) on account of redemption of special Government of India and State Government securities issued against shares of net small savings collection from 1-4-1999.

3. Eligibility for subscribing to special securities:

The Secretary, Government of India, Ministry of Finance, Department of Economic Affairs, on behalf of NSSF, shall be eligible to subscribe to special securities.

4. Subscription:

Special securities will be issued for an amount of Rs. 33,661.00 crore (Rupees thirty three thousand six hundred sixty one crore only).

5. Form of securities:

The special securities will be issued in the form of ‘Stock’ to be held at the credit of the holder in the Subsidiary General Ledger Account maintained with Public Debt Office, Reserve Bank of India, Nagpur.

6. Price, Date and Place of Issue:

(i) The special securities will be issued at par.
(ii) The date of issue of special securities shall be the date of 31^st day of March, 2018.
(iii) The Special Securities will be issued at Public Debt Office, Reserve Bank of India, Nagpur.

7. Tenure:

The tenure of the special securities will be 10 years from the date of issue.

8. Call and put option:

(i) The Special Securities will have call and put option as specified in paragraph 7.5 of the General Notification, issued vided this Departments F.No.4(13)-W&M/2008, dated 8^thOctober, 2008.
(ii) The Government of India shall have the discretion to exercise call option to prematurely redeem the special securities wholly or partly at par, after two years. In that event, interest on the special securities shall cease to accrue on the redeemed special securities from the date premature redemption decided by the Government.
(iii) The holder of the Special Securities, i.e. National Small Savings Fund shall have the discretion to exercise put option, for premature redemption of the special securities shall cease to accrue on the redeemed special securities from the date of premature redemption.

9. Interest:

(i) The special securities will bear interest at the rate of 40 (Eight point four per cent.) per annum. Interest accrued for the half yearly periods from April to September and October to March will be payable on 31^st March and 30^th September respectively. Interest on the securities will be payable at the Public Debt Office (i.e. the office of Issue), Reserve Bank of India, Nagpur.
(ii) Interest will be paid after rounding off to be nearest hundred rupees.

10. Repayment:

The special securities shall be repaid at par on March 31, 2028 subject to the terms specified under paragraph 8 hereinabove.

11. Transferability and conversion:

The Special Securities shall not be transferable and conversion of the securities to any other form shall not be permitted, until and unless otherwise specified by the Government.

12. Statutory Provisions:

With respect to any such matter which has not been provided under this notification, the special securities shall be governed by the Government Securities Act, 2006 (38 of 2006).

No. 5/1/2017-NS In exercise of the powers conferred by clause (f) of Section 2 of the Government Securities Act, 2006 (38 of 2006), the Central Government hereby specifies that

(i) 8.40% ( Eight point four percent) Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2017 shall be issued in the form of ‘Stock’ to be held at the credit of the holder in the Subsidiary General Ledger Account maintained by the Public Debt Office; and

(ii) These securities shall not be transferable.

ARVIND SHRIVASTAVA, Jt. Secy.

 
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