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Issuance of special securities- (Ministry of Finance ) (23 Feb 2022)

MANU/EAFF/0005/2022

Commercial

Government of India hereby notifies the issue of (i) Non-interest bearing (Non-transferable) Special GoI Security, 2032; (ii) Non-interest bearing (Non-transferable) Special GoI Security 2033; (iii) Non-interest bearing (Non-transferable) Special GoI Security 2034; (iv) Non-interest bearing (Non-transferable) Special GoI Security 2035; (v) Non-interest bearing (Non-transferable) Special GoI Security 2036; and (vi) Non-interest bearing (Non-transferable) Special GoI Security 2037, (hereinafter briefly described as the "Special Securities") on February 24, 2022.

1. Eligibility for Subscription and Limit of Subscription.--

(i) Punjab & Sind Bank (Public Sector Bank) as referred to in the Annexure hereto shall only be eligible to subscribe to the special securities and its subscription to the securities shall be limited to the extent of the amount, as shown in the Annexure.

(ii) No other person, including any bank, company, corporation or any other body except Punjab & Sind Bank (Public Sector Bank) as referred to in aforesaid Annexure shall be eligible to subscribe to the special securities.

2. Price and Date of Issue.--

(i) The special securities will be issued at par for the amount as per the application made by the eligible bank.

(ii) The date of issue of the special securities will be the date of receipt of subscription amount from the eligible bank i.e. February 24, 2022.

3. Form of Security.--

The special securities will be issued in the form of "Security" to be held at credit of the investing bank's Subsidiary General Ledger Account maintained with Public Debt Office, Reserve Bank of India, Mumbai.

4. Interest and Repayment.--

The special securities shall be repayable at par on the date of maturity as indicated against each security. The special securities shall be Non-interest bearing and no interest shall be payable on issue of the securities. Repayment of the Special securities will be made at Public Debt Office of Reserve Bank of India at Mumbai.

5. Transferability and Conversion.--

The special securities shall not be transferable and conversion in any other form of security shall not be permitted.

6. 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 and the Government Securities Rules, 2007 framed there under.

7. Applicability of Tax Laws.--

The value of the investment in the Special Security will be governed by the provisions of tax laws as applicable from time-to-time.

8. Eligibility of Investment in Special Securities.--

The investment in the special securities by Punjab & Sind Bank (Public Sector Bank) would not be considered as an eligible investment which is required to make in Government securities in pursuance of any statutory provisions or directions applicable to the investing bank.

9. HTM Status.--

As per RBI Circular DBR No BP.BC.6/21.04.141/2015-16 July 1, 2015 on Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by investing Bank, the special securities can be held under HTM portfolio without any limit.

Tags : ISSUANCE   SPECIAL SECURITIES   NOTIFICATION  

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