Full Text
REGD. No. D. L.-33004/99
The Gazette of India
CG-DL-E-11012025-260159
EXTRAORDINARY
PART I-Section 1
PUBLISHED BY AUTHORITY
No. 11]
NEW DELHI, SATURDAY, JANUARY 11, 2025/PAUSHA 21, 1946
THE GAZETTE OF INDIA : EXTRAORDINARY
[PART I—SEC.1]
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 8th January, 2025
Issue of 7.70% Government of India NSSF (R) (Non-trans) Special Securities, 2034-35
F. No. 5/1/2024-NS-Part(1).—The Government of India, hereby notifies the issue of 7.70 per cent Government
of India NSSF (R) (Non-trans) Special Securities, 2034-35 (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 ₹1,00,000 (face value) and in 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 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 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 option 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
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 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 7.70% (Seven point seven per cent.) per annum payable on
half-yearly basis. 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 nearest hundred rupees.
10. Repayment:
The special securities shall be repaid at par after ten years i.e. in FY 2034-35 on the same 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 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).
ASHISH VACHHANI, Addl. Secy.