Home India Ministry of Finance Issue of notification in respect of 7.33 percent Postal Life...
Date: 28-Mar-2023 Category: Extra Ordinary State: Union Government Country: India

Issue of notification in respect of 7.33 percent Postal Life Insurance Government of India Special Security 2033

Issued by Ministry of Finance · Department of Economic Affairs

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Executive Summary & Key Takeaways

What it means

  • The Gazette notification announces the issuance of 7.33 percent Postal Life Insurance Government of India Special Security, 2033.
  • The aggregate amount for this issuance is ₹6,893.6840 crore (nominal) on March 28, 2023.

Key Changes

  • The security is named "7.33 per cent Postal Life Insurance Government of India Special Security, 2033".
  • The total issuance amount is ₹6,893.6840 crore.
  • Only the Directorate of Postal Life Insurance is eligible to subscribe to the Special Security.
  • The Special Security will be issued at par value, with a minimum investment of ₹10,000 and multiples thereof.
  • The tenure of the Special Security commences on March 28, 2023, and matures on March 28, 2033.
  • The security bears an interest rate of 7.33 percent per annum, payable semi-annually on September 28 and March 28.
  • The Special Security can be held in the form of Stock Certificates or in a Subsidiary General Ledger account with the Reserve Bank of India.
  • The Special Security is transferable, and there are no restrictions on its transfer by the subscriber to other entities, including banks and corporations.
  • Investment in the Special Security by banks and insurance companies will not be reckoned as an eligible investment in Government securities for their statutory requirements. However, investment by insurance companies will be eligible to be reckoned as investment under “other Approved Securities” category.
  • The Special Security is eligible for market ready forward transactions (Repo).

Impact Analysis

Directorate of Postal Life Insurance

  • Action Item: The Directorate of Postal Life Insurance should assess its investment strategy and subscribe to the Special Security as per its financial planning.

Banks and Insurance Companies

  • Action Item: Banks need to consider other government securities to meet their statutory reserve requirements. Insurance companies should evaluate the Special Security as part of their "other Approved Securities" portfolio.

Provident Funds, Gratuity Funds, Superannuation Funds

  • Action Item: These funds should consider this security as part of their investment portfolio, subject to the approval of the Ministry of Finance.

Reserve Bank of India

  • Action Item: RBI to ensure smooth processing of applications, interest payments, and maturity payouts related to the Special Security.

Financial Markets

  • Action Item: Market participants to factor in the availability of this Special Security for Repo transactions.

Key Entities Referenced

Government of India: Issuer of the 7.33 per cent Postal Life Insurance Government of India Special Security, 2033. Directorate of Postal Life Insurance: The sole entity eligible to subscribe to the Special Security. Reserve Bank of India (RBI): The central bank responsible for managing the issuance, interest payments, and repayment of the Special Security. Ministry of Finance: The ministry under whose authority the Special Security is issued and which governs the eligibility of investments for certain funds. Insurance Regulatory and Development Authority (IRDAI): The regulatory body whose investment regulations classify the Special Security under the "other Approved Securities" category for insurance companies. Government Securities Act, 2006: The act governing the renewal, sub-division, consolidation, conversion, and transfer of the Special Security. Government Securities Regulations, 2007: The regulations framed under the Government Securities Act, 2006, which further govern the Special Security.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-28032023-244729 xxxGIDHxxx CG-DL-E-28032023-244729 xxxGIDExxx असाधारण EXTRAORDINARY भाग I—खण्ड 1 PART I—Section 1 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 70] नई दिल्ली, मगं लिार, माच ि28, 2023/चत्रै 7, 1945 No. 70] NEW DELHI, TUESDAY, MARCH 28, 2023/CHAITRA 7, 1945 जित्त मत्रं ालय (आर्थकि काय िजिभाग) (बिट प्रभाग) अजधसचू ना नई दिल्ली, 28 माचि, 2023 7.33 प्रजतित डाक िीिन बीमा भारत सरकार जििषे प्रजतभजू त, 2033 का जनगमि फा. स.ं 5(1)- बी(पीडी)/2021.—भारत सरकार एतद्वारा 28 माचि, 2023 को कुल 6,893.6840 करोड़ रुपए (अंदकत) की राजि के जलए 7.33 प्रजतित डाक िीिन बीमा भारत सरकार जििेष प्रजतभूजत, 2033 (जिसे इसके बाि संजिप्त रूप में "जििेष प्रजतभूजत" के रूप में जनर्िष्टि दकया गया ह)ै का जनगिम अजधसूजचत करती ह।ै 1. जििषे प्रजतभजू त म ेंअजभिान की पात्रता और अजभिान की सीमा डाक िीिन बीमा जनिेिालय जििेष प्रजतभूजत के संबंध में अजभिान के जलए पात्र होगा और इसका अजभिान प्रजतभूजत की राजि की सीमा तक सीजमत होगा। डाक िीिन बीमा जनिेिालय को छोड़कर कोई बैंक, कंपनी, जनगम अथिा अन्य कोई जनकाय सजहत कोई अन्य व्यजि जििेष प्रजतभूजत के संबंध में अजभिान के जलए पात्र नहीं होगा। 2. मल्ू य जििेष प्रजतभूजत डाक िीिन बीमा जनिेिालय द्वारा दकए गए आिेिन के अनुसार राजि के जलए सममूल्य पर दकए गए आिेिन पर िारी दकए िाएंगे। जििेष प्रजतभूजत न्यनू तम 10,000 रुपए (अंदकत) की राजि और उसके बाि 10,000 रुपए के गणु िों में िारी की िाएगी। 2036 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1] 3. आििे न पत्र जििेष प्रजतभूजत डाक िीिन बीमा जनिेिालय को अनुबंध-I में दिए गए प्रपत्र के अनुसार आिेिन पर िारी की िाएगी। 4. प्रजतभजू त का स्ट्िरूप यह जििेष प्रजतभूजत स्ट्टॉक के रूप म ें अथाित् 'स्ट्टॉक प्रमाणपत्रों' के रूप म ें अथिा भारतीय ररििि बैंक के साथ धाररत संघटक सहायक सामान्य बही खाता अथिा सहायक सामान्य बही खाता म ें क्रेजडट द्वारा िारी की िाएगी। 5. कायकि ाल का प्रारंभ और िापसी अिायगी की तारीख जििेष प्रजतभूजत का कायिकाल 28 माचि, 2023 से िुरू होगा। जििेष प्रजतभूजत पर ब्याि उनकी अिजध प्रारंभ होने की तारीख से उपजचत होगा। जििेष प्रजतभूजत की िापसी अिायगी सममूल्य पर 28 माचि, 2033 को भारतीय ररििि बैंक, मुंबई के लोक ऋण कायािलय म ेंकी िाएगी। 6. ब्याि जििेष प्रजतभूजत पर 7.33 प्रजतित िार्षिक की िर पर ब्याि प्राप्त होगा। ब्याि का जहसाब जििेष प्रजतभूजत की अिजध प्रारंभ होने की तारीख से लगाया िाएगा और यह भगु तान जििेष प्रजतभूजत की पररपक्वता तक अर्द्िि ार्षिक आधार पर 28 जसतम्बर और 28 माचि को िेय होगा। जििेष प्रजतभूजत पर ब्याि का भुगतान भारतीय ररिि ि बैंक के फोटि, मुंबई के लोक ऋण कायािलय म ें दकया िाएगा। ब्याि का भुगतान ब्याि की राजि को जनकटतम रुपए तक पूणाांदकत करन े के बाि दकया िाएगा। 7. हस्ट्तातं रणीयता (i) इस अजधसूचना के पैरा 4 के प्रािधानों के अधीन भारतीय प्रजतभूजत अजधजनयम, 2006 तथा उसके अंतगित बनाए गए सरकारी प्रजतभूजत जिजनयम, 2007 के उपबंधों के अंतगति जििेष प्रजतभूजत का निीकरण, उप- जिभािन, समेकन, रूपान्तरण अथिा अंतरण दकया िा सकता ह।ै (ii) इस अजधसूचना म ें ऊपर परै ा 1 म ें दिए गए कथन के बािििू , अजभिानकतािओं द्वारा जििषे प्रजतभूजत को बैंकों, जनगम अथिा दकसी अन्य जनकाय सजहत दकसी अन्य व्यजि के पि में अंतरण करन े पर कोई प्रजतबंध नहीं होगा और ऐसी प्रजतभूजत का अंतररती भी उन्ह ेंउसी तरीके से धारण तथा अंतरण करन ेका पात्र होगा। 8. साजं िजधक प्रािधान ऐसे दकसी भी मामले के संबंध में जिसकी व्यिस्ट्था इस अजधसूचना के तहत नहीं की गई ह,ै जििेष प्रजतभूजत सरकारी प्रजतभूजत अजधजनयम, 2006 तथा उसके अतं गति बनाए गए सरकारी प्रजतभूजत जिजनयम, 2007 के उपबंधों के अंतगति जनयंजत्रत की िाएगी। 9. कर काननू की प्रयोज्यता जििेष प्रजतभूजत में जनिेि का मूल्य और उस पर िेय ब्याि समय-समय पर लागू कर काननू ों के उपबंधों द्वारा िाजसत दकया िाएगा। 10. प्रजतभजू तयों की पात्रता बैंकों द्वारा जििेष प्रजतभूजत म ें जनिेि को बैंकों और बीमा कंपजनयों द्वारा उनकी सांजिजधक अपेिाओं के अनुसार सरकारी प्रजतभूजतयों म ें पात्र जनिेि नहीं माना िाएगा। लेदकन, बीमा कंपजनयों द्वारा ऐसे जनिेि को समय-समय पर यथा संिोजधत बीमा जिजनयामक एिं जिकास प्राजधकरण (जनिेि) जिजनयम, 2000 के तहत यथा पररभाजषत "अन्य अनुमोदित प्रजतभूजतयों" की श्रेणी के तहत जनिेि माना िाएगा। इसके अलािा, भजिष्य जनजधयों, उपिान जनजधयों, अजधिर्षिता जनजधयों आदि द्वारा जििेष प्रजतभूजतयों में जनिेि को जित्त मंत्रालय के प्रिासजनक आििे के अधीन पात्र जनिेि के रूप म ें माना िाएगा। 11. रेपो के जलए पात्रता जििेष प्रजतभूजत हस्ट्तान्तरणीय होंगी और बािार के तत्काल िायिा लेन-िेन (रेपो) के जलए पात्र होगी। भारत के राष्ट्रपजत के आिेि से, आिीष िच्छानी, अपर सजचि[भाग I—खण् ड 1] भारत का रािपत्र : असाधारण 3 अनबु धं -I स्ट्थानः जतजथः िेत्रीय जनिेिक लोक ऋण कायािलय, भारतीय ररििि बैंक, मुंबई – 400 001 जिषयः- 7.33 प्रजतित डाक िीिन बीमा के भारत सरकार जििषे प्रजतभजू त, 2033 महोिय, भारत सरकार, जित्त मंत्रालय की अजधसूचना संख्या फा.सं. 5(1)- बी (पीडी)/2021 दिनांक 28 माचि, 2023 की ितों के अंतगित हम 6,893.6840 करोड़ रुपए की समग्र राजि के िीषिकांदकत प्रजतभूजतयों में अजभिान करन े के पात्र ह।ैं हमें जििेष प्रजतभूजतयों को िाजसत करन े िाली ित ें स्ट्िीकायि ह ैंऔर हम आपस े हमारे पि में प्रजतभूजतयों को िारी करने का अनरु ोध करते ह।ैं भििीय, हस्ट्तािरः नामः पिनामः कायािलय मुहर/स्ट्टाम्प4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1] MINISTRY OF FINANCE (Department of Economic Affairs) (BUDGET DIVISION) NOTIFICATION New Delhi, the 28th March, 2023 Issue of 7.33 per cent Postal Life Insurance Government of India Special Security, 2033 F. No. 5 (1)-B(PD)/2021.—Government of India hereby notifies the issue of 7.33 per cent Postal Life Insurance Government of India Special Security, 2033, (hereinafter briefly described as “Special Security”) for an aggregate amount of ₹6,893.6840 crore (nominal) on March 28, 2023. 1. Eligibility for making subscription to the Special Security and limits of subscription. The Directorate of Postal Life Insurance shall be eligible to subscribe to the Special Security and its subscription shall be limited to the extent of the amount of security. No other person including any bank, company, corporation or any other body, except the Directorate of Postal Life Insurance, shall be eligible to subscribe to the Special Security. 2. Price The Special Security shall be issued on application at par for the amount as per the application made by the Directorate of Postal Life Insurance. The Special Security will be issued for a minimum amount of ₹10,000 (Nominal) and in multiples of ₹10,000 thereafter. 3. Application The Special Securities shall be issued on application as per proforma in Annexure I, to the Directorate of Postal Life Insurance. 4. Form of Security The Special Security will be issued in the form of stock i.e. ‘Stock Certificates’ or by credit to Constituent Subsidiary General Ledger account or Subsidiary General Ledger account maintained with the Reserve Bank of India. 5. Commencement of tenure and date of repayment The tenure of Special Securities will commence from March 28, 2023. Interest on the Special Security will accrue from the date of commencement of tenure. The Special Security will be repaid at par on March 28, 2033 at Public Debt Office, Reserve Bank of India, Mumbai. 6. Interest The Special Security will bear interest at the rate of 7.33 percent per annum. Interest will be reckoned from the date of commencement of tenure of the Special Securities and will be payable half yearly on September 28 and March 28 till maturity. Interest on the Special Security will be payable at Public Debt Office, Reserve Bank of India, Fort, Mumbai. Interest will be paid after rounding off the amount of interest to the nearest rupee. 7. Transferability (i) Subject to the provisions of paragraph 4 of the notification, the Special Security can be renewed, sub- divided, consolidated, converted and transferred by the holder in accordance with the provisions of the Government Securities Act, 2006 and the Government Securities Regulations, 2007 framed there under. (ii) Notwithstanding what is stated in paragraph 1 hereinabove, there will be no restriction on the transfer of the Special Security by the subscriber in favour of any other person including banks, corporation or any other body and the transferee of such security would also be entitled to hold and transfer the same in such manner. 8. Statutory Provisions With respect to any such matter which has not been provided under this Notification, the Special Security shall be governed by the Government Securities Act, 2006 and the Government Securities Regulations, 2007 framed thereunder. 9. Applicability of Tax Law The value of the investment in the Special Security and the interest payable thereon will be governed by the provisions of tax laws as applicable from time-to-time. 10. Eligibility of Securities The investment in the Special Security by the banks and insurance companies will not be reckoned as an eligible investment in Government securities for their statutory requirements. However, such investment by the insurance companies will be eligible to be reckoned as investment under “other Approved Securities” category as defined under Insurance Regulatory and Development Authority (Investment) Regulations, 2000 as amended from time to time. Further, the investment by the Provident Funds, Gratuity Funds, Superannuation Funds, etc. in the Special Securities will be treated as an eligible investment under the administrative order of the Ministry of Finance. 11. Eligibility for Repo The Special Security will be transferable and eligible for market ready forward transactions (Repo). By Order of the President of India, ASHISH VACHHANI, Addl. Secy.[भाग I—खण् ड 1] भारत का रािपत्र : असाधारण 5 Annexure I Place: Date: The Regional Director, Public Debt Office, Reserve Bank of India, Mumbai 400 001 Subject: 7.33 percent Postal Life Insurance Government of India Special Security, 2033 Sir, In terms of Government of India, Ministry of Finance, Notification No. F.No.5(1)-B(PD)/2021 dated March 28, 2023, we are eligible to subscribe to the captioned securities for an aggregate amount of ₹6,893.6840 crore. We accept the terms and conditions governing the Special Security and request you to issue the securities in our favour. Yours faithfully, Signature: Name: Designation: Office Seal/Stamp 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.

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