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Date: 2014-08-28 Category: Extra Ordinary State: Union Government Country: India

Issue of 9.50 percent Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2013.

Issued by Ministry of Finance · Department of Economic Affairs

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Executive Summary & Key Takeaways

Executive Summary: This notification from the Government of India announces the issuance of 9.50% Government of India National Small Savings Fund Non-transferable Special Securities, 2013 and 2034. The securities for 2013 are issued against amounts received by the Government from NSSF, while the securities for 2034 are issued against the amount received in the NSSF on account of redemption of special Government of India and State Government securities. The 2034 securities are subject to call and put options. Key Points / Main Content: Issuance of 9.50% Special Securities, 2013: * Securities are issued in the form of Stock held in the Subsidiary General Ledger Account. * Securities are non-transferable. * Issued against amounts received by the Government from NSSF from 1st April 2013. * Issued for amounts of Rs. 1,00,000 face value and in multiples thereof. * Tenure is 25 years from the date of issue. * Interest is payable annually. * Repayable in twenty equal annual installments starting from the 6th year from the date of issue. * Governed by the Public Debt Act, 1944 and Public Debt Rules, 1946. Issuance of 9.50% Special Securities, 2034: * Securities are issued in the form of Stock held in the Subsidiary General Ledger Account. * Securities are non-transferable. * Issued against the amount received in the 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. * Issued for an amount of Rs. 10020 crore. * Date of issue is 31st March, 2014. * Tenure is 20 years from the date of issue. * The Special Securities will have the call and put options as specified in paragraph 7.5 of the General Notification, issued vide this Departments F. No. 49WM2000, dated 6th May, 2002. * Interest is payable half-yearly on 31st March and 30th September. * Repaid at par on March 31, 2034 * Governed by the Public Debt Act, 1944 and Public Debt Rules, 1946. Impact Analysis: Central Government: Impact: * Receives funds from NSSF against the issuance of special securities. * Specifies the terms and conditions for the securities issued. Action Required: * Ensure compliance with the Public Debt Act, 1944 and Public Debt Rules, 1946. Secretary, Government of India, Ministry of Finance, Department of Economic Affairs: Impact: * Eligible to subscribe to special securities for amounts invested by NSSF (for 2013 securities). * Eligible to subscribe to special securities on behalf of NSSF (for 2034 securities). Action Required: * Subscribe to the special securities as per the terms and amounts specified by the Central Government. National Small Savings Fund (NSSF): Impact: * The source of funds for the investment in special securities. * 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(for 2034 securities). Action Required: * Manage funds and investments in accordance with the objectives of the NSSF. * Decide whether or not to exercise put option for premature redemption of the special securities, wholly or partly at par, after two years(for 2034 securities).

Key Entities Referenced

Public Debt Act, 1944: An act governing public debt, cited as the legal basis for the issuance of special securities. Public Debt Rules, 1946: Rules framed under the Public Debt Act, 1944, governing matters related to public debt. Ministry of Finance: The ministry responsible for the notification regarding the issuance of special securities. Department of Economic Affairs: A department within the Ministry of Finance, involved in the issuance of special securities. National Small Savings Fund (NSSF): A fund in the Public Account of India, against which the Central Government issues Special Securities. Government of India National Small Savings Fund Nontransferable Special Securities, 2013: A type of security issued by the Government of India, linked to the National Small Savings Fund, that is non-transferable. Government of India National Small Savings Fund Nontransferable Special Securities, 2034: A type of security issued by the Government of India, linked to the National Small Savings Fund, that is non-transferable and matures in 2034. Reserve Bank of India, Nagpur: The location of the Public Debt Office where the special securities are held and where interest is payable.
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Issue of 9.50% Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2013 No. 5-1/2013-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, 2013 (hereinafter called “special securities”) from 1st April 2013 until further notice. 2. Objective: Consequent upon the creation of a new fund in the Public Account of India called the “National Small Savings Fund” (NSSF), the Central Government shall issue the Special Securities notified hereunder against the amounts received by the Government from NSSF from time to time. 3. Eligibility for subscribing to special securities: The Secretary, Government of India, Ministry of Finance, Department of Economic Affairs, shall be eligible to subscribe to special securities for the amounts invested by NSSF as specified by the Central Government from time to time. 4. Subscription: Special securities will be issued for an amount of Rs. 1, 00,000 (face value) and in multiples of Rs. 1, 00,000 thereafter.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1] 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 on which the special securities are credited to the Subsidiary General Ledger Account provided that in the case of amounts already released from NSSF and credited to the government prior to this Notification, the date of issue of special securities shall be date of such credit to the Government. (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 25 years from the date of issue. 8. Interest: (i) The special securities will bear interest at the rate of 9.50 per centper annum. Interest will be payable at annual intervals reckoned from the date of issue of the special securities. Interest on the security 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. 9. Repayment: The special securities shall be repayable in twenty equal annual installments starting from the 6th year from the date of issue. 10. 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. 11. 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. Dr. RAJAT BHARGAVA, Jt. Secy. अअअअििििधधधधससससचचूूचचूू ननननाााा नई (cid:4)द(cid:6)ली, 26 अग(cid:11)त, 2014 सससस..ंं..ंं 5555----1111////2222000011113333----एएएएननननएएएएसससस----II....————के(cid:15)(cid:16)ीय सरकार,लोक ॠण िनयम, 1946 के िनयम 4 के ख(cid:22) ड (ख) (cid:24)ारा (cid:25)द(cid:26)त शि(cid:29)य(cid:30) का (cid:25)योग करत े ए, लोक ॠण अिधिनयम, 1944 (1944 का 18) क" धारा 2 के ख(cid:22)ड (2) के उपख(cid:22) ड (ख) के (cid:25)योजनाथ ( यह िविन+द, ट करती ह ै (cid:4)क¹Hkkx Iµ[k.M 1º Hkkjr dk jkti=k % vlk/kj.k 5 (i) 9999....55550000%%%% ((((ननननौौौौ ददददशशशशममममललललवववव पपपपचचचचाााासससस (cid:18)(cid:18)(cid:18)(cid:18)ििििततततशशशशतततत)))) भारत सरकार (रा, /ीय अ(cid:6)प बचत िनिध) (अह(cid:11) तातं रणीय) िवशषे (cid:25)ितभूित, 2034 लोक ॠण काया(लय (cid:24)ारा रखे गए सहायक सामा(cid:15)य बही खात े म 9 धारक के नाम से रखे जाने वाले ‘पूंजी-प:’ के ;प म9 िनग(त क" जाएंगी; और (ii) ये (cid:25)ितभूितयां ह(cid:11) तांतरणीय नह< होगी। 9999....55550000%%%% भभभभााााररररतततत ससससररररककककाााारररर ((((रररराााा(cid:21)(cid:21)(cid:21)(cid:21)(cid:22)(cid:22) (cid:22)(cid:22) ीीीीयययय अअअअ(cid:25)(cid:25)(cid:25)(cid:25)पपपप बबबबचचचचतततत ििििननननििििधधधध)))) ((((अअअअहहहह(cid:29)(cid:29)(cid:29)(cid:29)तत तत ााााततंंततंं ररररणणणणीीीीयययय)))) ििििववववशशशशषषेेषषेे (cid:18)(cid:18)(cid:18)(cid:18)ििििततततभभभभििूूििूू तततत,,,, 2222000033334444 ककककाााा ििििननननगगगग$म$म$म$म सससस..ंं..ंं 5555----1111////2222000011113333----एएएएननननएएएएसससस----II....————भारत सरकार, 9999....55550000 (cid:18)(cid:18)(cid:18)(cid:18)ििििततततशशशशतततत भारत सरकार (रा, /ीय अ(cid:6)प बचत िनिध) (अह(cid:11) तातं रणीय) िवशेष (cid:25)ितभूित, 2034 (इसम9 इसके पT चात इसे “िवशषे (cid:25)ितभूित” कहा गया ह)ै का िनग(म अिधसूिचत करती ह।ै 2. उउउउददददददददे&े&े&े& यय यय: के(cid:15)(cid:16)ीय सरकार 1.4.1999 से सUं िहत िनवल अ(cid:6)प बचत सUं ह(cid:30) के अंश(cid:30) के िलए भारत सरकार और राVय सरकार क" िवशेष (cid:25)िWभूितय(cid:30) के मोचन के कारण ''''''''रा, /ीय अ(cid:6)प बचत िनिध'''''''' (एनएसएसएफ) म 9 (cid:25)ाD रकम(cid:30) के िलए इसके अधीन अिधसूिचत िवशेष (cid:25)ितभूितयां िनग(त करेगी। 3. ििििववववशशशशषषेेषषेे (cid:18)(cid:18)(cid:18)(cid:18)ििििततततभभभभििूूििूू ततततयययय’’’’ मममम (( (( अअअअििििभभभभददददाााायययय ककककेेेे ििििललललएएएए पपपपाााा(cid:7)(cid:7)(cid:7)(cid:7)तततताााा: सिचव,,,, भारत सरकार,,,, िव(cid:26)त म:ं ालय,,,, आFथक काय ( िवभाग,,,, एनएसएसएफ क" ओर से िवशेष (cid:25)ितभूितय(cid:30) म 9 अिभदान करने के िलए पा: होगा। 4. अअअअििििभभभभददददाााानननन: I.10020 करोड़ (दस हजार बीस करोड़ Iपए केवल) क" रािश क" िवशेष (cid:25)ितभूितया ं िनगत( क" जाएंगी। 5. (cid:18)(cid:18)(cid:18)(cid:18)ििििततततभभभभििूूििूू ततततयययय’’’’ ककककाााा (cid:29)(cid:29)(cid:29)(cid:29)वववव****पपपप: िवशषे (cid:25)ितभूितया,,ं,, लोक ॠण काया(लय,,,, भारतीय Bरजव ( बLक,,,, नागपुर म9 रखे गए सहायक सामा(cid:15)य लेखा खाते म9 धारक के नाम से रखे जाने वाले ‘‘‘‘पूंजी-प:’’’’ के ;प म9 िनगत( क" जाएंगी। 6. ििििननननगगगगमममम$$$$ ककककाााा मममम(cid:25)(cid:25)ूू(cid:25)(cid:25)ूू यययय , ततततााााररररीीीीखखखख औऔऔऔरररर (cid:29)(cid:29)(cid:29)(cid:29)थथ थथ ाााानननन:::: (i) िवशषे (cid:25)ितभूितयां सममू(cid:6) य पर िनगत( क" जाएगं ी। (ii) िवशषे (cid:25)ितभूितय(cid:30) के िनग(म क" तारीख 31 माच,,(,, 2014 होगी। (iii) िवशषे (cid:25)ितभूितयां लोक ॠण काया(लय,,,, भारतीय Bरजव ( बLक,,,, नागपुर म9 िनगत( क" जाएंगी। 7777.... अअअअववववििििधधधध: िवशषे (cid:25)ितभूितय(cid:30) क" अविध िनगम( क" तारीख से 22220000 ववववषषषष $$$$ होगी।6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1] 8888.... 0000यययय----ििििवववव0000यययय ििििववववकककक(cid:25)(cid:25)(cid:25)(cid:25)पपपपःःःः ((((iiii)))) िवशषे (cid:25)ितभिू तय(cid:30) के सबं ंध म9 Zय-िवZय का िवक(cid:6)प होगा जैसा इस िवभाग क" तारीख 6 मई,,,, 2002 के फाईल सं. 4(9)-डM(cid:6)यूए(cid:22)डएम////2000 (cid:24)ारा जारी सामा(cid:15)य अिधसूचना के परै ाUाफ 7.5 म 9 िन+दH ह।ै ((((iiiiiiii)))) भारत सरकार को दो वष ( के उपंरात पBरप[ता के पहले िवशषे (cid:25)ितभूितय(cid:30) के पूण(तः अथवा आंिशक मोचन के िलए ““““Zय िवक(cid:6)प”””” का उपयोग करन े का अिधकार होगा। ऐसी दशा म,,9,, सरकार (cid:24)ारा िनधा(Bरत पBरप[ता-पूव( मोचन क" तारीख से मोिचत िवशषे (cid:25)ितभूितय(cid:30) पर Mयाज िमलना बंद हो जाएगा। ((((iiiiiiiiiiii)))) िवशषे (cid:25)ितभूितय(cid:30) का धारक अथा(त राCीय अ(cid:6)प बचत िनिध को दो वष( के उपरांत पBरप[तापवू ( िवशषे (cid:25)ितभूितय(cid:30) के पूणत( ः अथवा आंिशक मोचन के िलए ““““िवZय िवक(cid:6)प”””” का उपयोग करने का अिधकार होगा। ऐसी दशा म,,9,, सरकार (cid:24)ारा िनधा(Bरत पBरप[ता-पूव( मोचन क" तारीख से मोिचत िवशषे (cid:25)ितभूितय(cid:30) पर Mयाज िमलना बंद हो जाएगा। 9999.... ....यययय ााााजजजज: ((((iiii)))) िवशषे (cid:25)ितभूितय(cid:30) पर 9.55550 %%%% ((((ननननौौौौ ददददशशशशममममललललवववव पपपपचचचचाााासससस (cid:18)(cid:18)(cid:18)(cid:18)ििििततततशशशशतततत)))) (cid:25)ित वष( M याज िमलेगा। अ(cid:25)ैल से िसत]बर और अ(cid:29)ूबर से माच( क" अध(वाFषक अविधय(cid:30) के िलए (cid:25)ो^भूत Mयाज Zमशः 31 माच( एव ं 30 िसत]बर को संदेय होगा। (cid:25)ितभिू त पर M याज लोक ॠण काया(लय (अथा(त ् िनग(म करने वाला काया(लय),,,, भारतीय Bरजव( बLक,,,, नागपुर म9 देय होगा। ((((iiiiiiii)))) M याज लगभग सौ Iपए के पणू ाPकन के बाद संदेय (cid:4)कया जाएगा। 11110000.... चचचचककुुककुु ौौौौततततीीीी: िवशषे (cid:25)ितभूितय(cid:30) क" चुकौती उपयु((cid:29) पैराUाफ 8 म 9 िन+दH शत‘ के अधीन 31 माच,,(,, 2034 को क" जाएगी। 11111111.... अअअअततंंततंं ररररणणणणीीीीययययतततताााा औऔऔऔरररर ससससपपंंपपंं ////ररररववववततततनननन$$$$ िवशषे (cid:25)ितभूितयां अतं रणीय नह< ह(cid:30)गी और इनके (cid:4)कसी अ(cid:15) य ;प म 9 संपBरवत(न क" अनुमित नह< होगी,,,, जब तक सरकार (cid:24)ारा िवशषे :प स े िविन+द, ट न (cid:4)कया जाए। 11112222.... ससससााााििंंििंं ववववििििधधधधकककक उउउउपपपपबबबबधधंंधधंं : ऐसे (cid:4)कसी मामले के सबं ंध म,,9,, िजसका इस अिधसूचना म9 उ(cid:6)लेख नह< (cid:4)कया गया ह,,ै,, िवशषे (cid:25)ितभूितया ं लोक ॠण अिधिनयम,,,, 1944 (1944 का 18) और इसके अधीन िवरिचत लोक ॠण िनयम,,,, 1946 (cid:24)ारा अिधशािसत ह(cid:30)गी। डॉ. रजत भागव( , संयु(cid:29) सिचव¹Hkkx Iµ[k.M 1º Hkkjr dk jkti=k % vlk/kj.k 7 NOTIFICATION New Delhi, the 26th August, 2014 No. 5-1/2013-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 fifty per cent) Government of India ( National Small Savings Fund) ( Non-transferable) Special Securities, 2034 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. Issue of 9.50% Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2034 No. 5-1/2013-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, 2034 (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. 10020 crore (Rupees Ten thousands twenty 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 31st day of March, 2014. (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 20 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, 2002.8 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. (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 will bear interest at the rate of 9.50% (Nine point fifty 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, 2034 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 thereunder. Dr. RAJAT BHARGAVA, Jt. Secy. Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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