Date: 2016-06-01Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by clause b of Rule 4 of the Public Debt Rules, 1946 the Central Government hereby specifies for the purpose of subclause
Executive Summary:
This notification announces the issuance of 9.50% Government of India National Small Savings Fund Nontransferable Special Securities, 2026. These securities are issued 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 141999 onwards. The securities will be repaid at par on March 31, 2026, subject to call and put options. The date of issue for these securities is March 31, 2016.
Key Points / Main Content:
* **Issuance and Purpose:**
* The Central Government is issuing 9.50% Government of India National Small Savings Fund Nontransferable Special Securities, 2026.
* These securities are issued 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 141999 onwards.
* **Eligibility and Subscription:**
* The Secretary, Government of India, Ministry of Finance, Department of Economic Affairs, on behalf of NSSF, is eligible to subscribe to these securities.
* The total issuance amount is Rs. 28190.47 crore.
* **Form, Price, and Issue Details:**
* The securities will be issued in stock form, held in a Subsidiary General Ledger Account with the Public Debt Office, Reserve Bank of India, Nagpur.
* The securities are issued at par.
* The date of issue is March 31, 2016, at the Public Debt Office, Reserve Bank of India, Nagpur.
* **Tenure, Call/Put Options:**
* The tenure of the securities is 10 years from the date of issue.
* The securities have call and put options as specified in paragraph 7.5 of the General Notification No. 49WM2000, dated 6th May, 2002.
* The Government of India has the discretion to exercise a call option to prematurely redeem the securities wholly or partly at par after two years, ceasing interest accrual from the redemption date.
* The National Small Savings Fund can exercise a put option for premature redemption of the securities, wholly or partly at par, after two years, ceasing interest accrual from the redemption date.
* **Interest and Repayment:**
* The securities bear an interest rate of 9.50% per annum, payable half-yearly on March 31st and September 30th.
* Interest is payable at the Public Debt Office, Reserve Bank of India, Nagpur.
* The securities will be repaid at par on March 31, 2026.
* **Transferability and Statutory Provisions:**
* The securities are non-transferable.
* Conversion of the securities to any other form is not permitted unless specified by the Government.
* The Public Debt Act, 1944, and the Public Debt Rules, 1946, govern matters not covered in this notification.
Impact Analysis:
National Small Savings Fund (NSSF):
* Impact: NSSF is eligible to subscribe to these special securities, providing an investment avenue for funds received from the redemption of other government securities. They also have the discretion to exercise put option, for premature redemption of the special securities, wholly or partly at par, after two years
* Action Required: The Secretary, Government of India, Ministry of Finance, Department of Economic Affairs, on behalf of NSSF, needs to manage the subscription and monitor the call/put option exercise.
Government of India:
* Impact: The Central Government is issuing these securities to manage funds within the National Small Savings Fund. They retain the discretion to exercise call option to prematurely redeem the special securities wholly or partly at par, after two years.
* Action Required: The Government needs to oversee the issuance, manage the call option, and ensure timely repayment of the securities.
Reserve Bank of India (RBI), Public Debt Office, Nagpur:
* Impact: The Public Debt Office, Reserve Bank of India, Nagpur will be responsible for maintaining the Subsidiary General Ledger Accounts for these securities and handling interest payments.
* Action Required: The RBI needs to ensure proper accounting and payment mechanisms are in place for these securities.
Key Entities Referenced
Ministry of Finance: The ministry responsible for economic and financial matters in the Government of India.
Department of Economic Affairs: A department within the Ministry of Finance responsible for formulating and implementing economic policies.
Public Debt Rules, 1946: Rules governing public debt management in India.
Public Debt Act, 1944: An act of the Indian Parliament regulating public debt.
Government of India National Small Savings Fund Nontransferable Special Securities, 2026: A specific type of security issued by the Government of India with a maturity date of 2026, linked to the National Small Savings Fund (NSSF).
National Small Savings Fund (NSSF): A fund managed by the Government of India that pools small savings collections.
New Delhi: The capital city of India and the location where the notification was issued.
Reserve Bank of India, Nagpur: Branch of the Reserve Bank of India located in Nagpur, Maharashtra, responsible for maintaining Subsidiary General Ledger Accounts.
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PART I—Section 1
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No. 168] NEW DELHI, WEDNESDAY, JUNE 1, 2016/ JYAISTHA 11 , 1938
ििििवववव(cid:3)(cid:3)(cid:3)(cid:3) ममममं(cid:7)ं(cid:7)ं(cid:7)ं(cid:7)ााााललललयययय
((((आआआआ(cid:2)(cid:2)(cid:2)(cid:2)थथथथकककक ककककाााायययय (cid:8)(cid:8) (cid:8)(cid:8)ििििववववभभभभाााागगगग))))
अिधसूचना
नई (cid:4)द(cid:6)ली, 31 मई, 2016
सससस..ंं..ंं 5555----1111////2222000011115555----एएएएननननएएएएसससस----II....————के(cid:11)(cid:12)ीय सरकार, लोक ॠण िनयम, 1946 के िनयम 4 के ख(cid:18)ड (ख) (cid:22)ारा (cid:23)द(cid:24)त
शि(cid:28)य(cid:29) का (cid:23)योग करते ए, लोक ॠण अिधिनयम, 1944 (1944 का 18) क" धारा 2 के ख(cid:18)ड (2) के उपख(cid:18)ड (ख) के
(cid:23)योजनाथ& यह िविन)द* ट करती ह ै (cid:4)क
(i) 9999....55550000%%%% ((((ननननौौौौ ददददशशशशममममललललवववव पपपपचचचचाााासससस (cid:13)(cid:13)(cid:13)(cid:13)ििििततततशशशशतततत)))) भारत सरकार (रा*. ीय अ(cid:6)प बचत िनिध) (अह3त ातं रणीय) िवशेष
(cid:23)ितभूित, 2026 लोक ॠण काया&लय (cid:22)ारा रखे गए सहायक सामा(cid:11)य बही खात े म< धारक के नाम से रख े
जाने वाले ‘पूंजी-प=’ के >प म <िनग&त क" जाएंगी; और
(ii) ये (cid:23)ितभूितयां ह3त ांतरणीय नह? ह(cid:29)गी।
(cid:23)शांत गोयल, संयु(cid:28) सिचव
MINISTRY OF FINANCE
(Department of Economic Affaris)
NOTIFICATION
New Delhi, the 31st May, 2016
No. 5-1/2015-NS.II.— In exercise of the powers conferred by clause (b) of Rule 4 of the Public Debt Rules,
1946 the Central Government hereby specifies for the purpose of sub-clause (b) of clause (2) of section 2 of the Public
Debt Act, 1944 ( 18 of 1944) that
(i) 9.50% (Nine point five percent) Government of India (National Small Savings Fund) (Non-transferable)
Special Securities, 2026 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.
PRASHANT GOYAL, Jt. Secy.
2778 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1]
अअअअििििधधधधससससचचूूचचूू ननननाााा
नई (cid:4)द(cid:6)ली, 31 मई, 2016
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ककककाााा ििििननननगगगगमम%%मम%%
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करती ह।ै
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(cid:23)ितभूितय(cid:29) के मोचन के कारण ''''''''रा* .ीय अ(cid:6)प बचत िनिध'''''''' (एनएसएसएफ) म < (cid:23)ाL रकम(cid:29) के िलए इसके अधीन अिधसूिचत
िवशेष (cid:23)ितभूितयां िनग&त करेगी।
3333.... ििििववववशशशशषषेेषषेे (cid:13)(cid:13)(cid:13)(cid:13)ििििततततभभभभििूूििूू ततततयययय(((( मममम ))))अअअअििििभभभभददददाााायययय ककककेेेे ििििललललएएएए पपपपाााा++++तततताााा:
सिचव,,,, भारत सरकार,,,, िव(cid:24) त मं=ालय,,,, आOथक काय& िवभाग,,,, एनएसएसएफ क" ओर से िवशेष (cid:23)ितभूितय(cid:29) म< अिभदान करन े
के िलए पा= होगा।
4444.... अअअअििििभभभभददददाााानननन:
Q. 28190.47 करोड़ (अUाइस हजार एक सौ नWबे करोड़ और सXYालीस लाख मा=) क" रािश क" िवशेष (cid:23)ितभूितयां िनगत&
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5555.... (cid:13)(cid:13)(cid:13)(cid:13)ििििततततभभभभििूूििूू ततततयययय(((( ककककाााा (cid:30)(cid:30)(cid:30)(cid:30)वववव,,,,पपपप:
िवशेष (cid:23)ितभूितया,,ं,, लोक ॠण काया&लय,,,, भारतीय Zरजव& बXक,,,, नागपरु म< रखे गए सहायक सामा(cid:11)य लेखा खाते म< धारक के
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((((iiii)))) िवशेष (cid:23)ितभूितयां सममू(cid:6) य पर िनग&त क" जाएंगी।
((((iiiiiiii)))) िवशेष (cid:23)ितभूितय(cid:29) के िनग&म क" तारीख 31 माच,,&,, 2016 होगी।
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7777.... अअअअववववििििधधधध:
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11110000.... चचचचककुुककुु ौौौौततततीीीी:
िवशेष (cid:23)ितभूितय(cid:29) क" चुकौती उपयु&(cid:28) परै ाHाफ 8 म< िन)द^ शतg के अधीन 31 माच,,&,, 2026 को क" जाएगी।
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िवशेष (cid:23)ितभूितयां अंतरणीय नह? ह(cid:29)गी और इनके (cid:4)कसी अ(cid:11)य >प म< संपZरवतन& क" अनमु ित नह? होगी,,,, जब तक सरकार
(cid:22)ारा िवशेष >प स े िविन)द* ट न (cid:4)कया जाए।
11112222.... ससससााााििंंििंं ववववििििधधधधकककक उउउउपपपपबबबबधधंंधधंं :
ऐसे (cid:4)कसी मामले के संबंध म,,<,, िजसका इस अिधसूचना म< उ(cid:6)लेख नह? (cid:4)कया गया ह,,,,ै िवशेष (cid:23)ितभूितयां लोक ॠण
अिधिनयम,,,, 1944 (1944 का 18) और इसके अधीन िवरिचत लोक ॠण िनयम,,,, 1946 (cid:22)ारा अिधशािसत ह(cid:29)गी।
(cid:23)शांत गोयल, संयु(cid:28) सिचव
NOTIFICATION
New Delhi, the 31st May, 2016
Issue of 9.50% Government of India
(National Small Savings Fund) (Non-transferable)
Special Securities, 2026
No. 5-1/2015-NS.II.—The Government of India, hereby notifies the issue of 9.50 per cent Government of India
(National Small Savings Fund) (Non-transferable) Special Securities, 2026 (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 onwards.
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. 28190.47 crore (Rupees Twenty eight thousand one hundred ninety
crore and forty seven lakh 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 31st day of March, 2016.
(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 the call and put options as specified in paragraph 7.5 of the General
Notification, issued vide this Department’s F. No. 4(9)-W&M/2000, dated 6th May, 2002.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1]
(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.
(i) 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 will bear interest at the rate of 9.50% (Nine point five per cent) per annum. Interest
accrued for the half yearly periods from April to September and October to March will be payable on 31st March
and 30th 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, 2026 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 Public Debt Act, 1944 (18 of 1944) and the Public Debt Rules, 1946 framed there under.
PRASHANT GOYAL, Jt. 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.