Redemption of securities 2023 24

EXTRAORDINARY PART I—Section 1 PUBLISHED BY AUTHORITY No. 261] NEW DELHI, TUESDAY , OCTOBER 3, 2023/ ASVINA 11, 1945 CG-DL-E-03102023-249122 MINISTRY OF FINANCE (Department of Economic Affairs ) NOTIFICATION New Delhi, the 29th September , 2023 No. 5/1/2023 -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) 7.60% (Seven point six percent) Government of India N SSF (R) (Non -trans) Special Securities, 2033 -34 shall be issued in FY 2023 -24 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 sha ll not be transferable. ASHISH VACHHANI, Addl . Secy . NOTIFICATION New Delhi, the 29th September , 2023 Issue of 7.60% Government of India NSSF (R) (Non -trans) Special Securities, 2033 -34 No. 5/1/2023 -NS.—The Government of India, hereby notifies th e issue of 7.60 per cent Government of India NSSF (R) (Non -trans) Special Securities, 2033 -34 (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 S ecretary, 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 ₹1,00,000 (face value) and i n multiples of ₹1,00,000 thereafter. 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 Ind ia, 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 date of credit of special securities to Subsidiary General Ledger Account of NSSF. (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 opt ion as specified in paragraph 7.5 of the General Notification, issued vide this Department’s F.No.4(2) -W&M/2018, dated 27th March, 2018. ii. The Government of India shall have the discretion to exercise “call option” to prematurely redeem the special securitie s 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 of 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, 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 of premature redemption. 9. Interest: i. The special securities bear interest at the rate of 7.60% (Seven point six per cent.) per annum payable on half-yearly basis. Interest on the securities will be payable at th e Public Debt Office (i.e. the office of Issue), Reserve Bank of India, Nagpur. ii. Interest will be paid after rounding off to nearest hundred rupees. 10. Repayment: The special securities shall be repaid at par after ten years i.e. in FY 2033 -34 on the sam e day of issue 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 o therwise 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). ASHISH VACHH ANI, Addl . Secy . Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi -110064 and Published by the Controller of Publications, Delhi -110054.