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PM-STIAC discusses accelerating Industry-Academia Partnership for Research and InnovationIndia, Singapore hold dialogue over cyber policy44 bids received under 10th Round of Commercial Coal Mine AuctionsCops arrest former Dy PM of Nepal in cooperative fraud casePuri highlights India's Petrochemical potential at India Chem 2024UN reports record high cocaine production in ColombiaMinister unveils 'Aviation Park' showcasing India's Aviation HeritageED finds PFI wanted to start Islamic movement in IndiaBlocking Credit - Rule 86ASEBI says investors can use 3-in-1 accounts to apply online for securitiesI-T- Penalty u/s 271(1)(b) need not be imposed when assessee moved an adjournment application & later complied with notice u/s 142(1): ITAT4 Kanwariyas killed as vehicle runs over them in Banka, BiharI-T- Accounting principles do not prescribe maintaining of a day-to-day stock register, and the books of accounts cannot be rejected on this basis alone: ITATUN food looted and diverted to army in EthiopiaCus - Alleged breach of conditions for operating public bonded warehouse; CESTAT rightly rejected allegations, having found no evidence of any such breach: HCUS budget deficit surges beyond USD 1.8 trillionST - Onus for proving admissibility of Cenvat Credit rests with service provider under Rule 9(6) of the Cenvat Credit Rules, 2004: CESTATIf China goes into Taiwan, Trump promises to impose additional tariffsRussians love Indian films; Putin lauds BollywoodCus - Classification of goods is to be determined in accordance with Customs Tariff Act & General Interpretative Rules; Country-of-Origin Certificate may offer some guidance, but cannot solely dictate classification: CESTATCus - Benefit of such Country-of-Origin certificates cannot be denied if all relevant conditions are met under the applicable Customs Tariff rules: CESTATCuban power grid collapses; Country plunges into darknessCus - As per trite law, merely claiming a classification or exemption does not constitute mis-declaration or suppression - any misclassification does not equate to willful intent to evade duty: CESTATKarnataka mulling over 2% fee on aggregator platforms to bankroll gig worker welfare fundCus - Extended limitation cannot be invoked in case of assessee who is a regular importer with a consistent classification approach: CESTAT
 
NHAI public issue of tax-free bonds to open on Wednesday

By TIOL News Service

NEW DELHI, JAN 14, 2014: THE National Highways Authority of India (NHAI) has announced the public issue of tax free, secured redeemable, non convertible bonds in the nature of debentures of the face value of Rs. 1,000 each (“Bonds”), for an amount of Rs. 1,00,000 lakhs with an option to retain oversubscription up to Rs. 2,69,840 lakhs aggregating to a total of Rs. 3,69,840 lakhs. The proposed Bonds have been rated “CRISIL AAA/Stable” by CRISIL; CARE “AAA” by CARE and “BWR AAA with Stable Outlook” by Brickwork. The issue opens on January 15, 2014 and closes on February 5, 2014 with an option of early closure. The Bonds are proposed to be listed on BSE Limited and National Stock Exchange of India Limited.

The Bonds are offered with two different Series, i.e. with tenor of 10 years and 15 years. The coupon rate for Individual and HUF investors applying for an amount up to Rs. 10 lakhs shall be 8.52% and 8.75% for the Bonds with tenor of 10 years and 15 years, respectively. For all other investors, the coupon rate shall be 8.27% and 8.50%, respectively. As Bonds carry tax benefits under section 10(15) (iv) (h) of the Income Tax Act, 1961, as amended, the income earned by way of interest on these Bonds is fully exempt from Income Tax and shall not form part of Total Income.

The minimum application size is 5 Bonds (Rs. 5,000) individually or collectively across both Series of Bonds and in multiples of 1 Bond (Rs. 1,000) thereafter. The investors can download the application form for the Issue from the websites of the Lead Managers at www.edelweissfin.com, www.akcapindia.com, www.axiscapital.co.in and www.icicisecurities.com and the websites of the stock exchanges at www.bseindia.com and www.nseindia.com.

The Allotment shall be made on first come first serve basis determined on the basis of date of upload of Applications on the electronic Application platform of the stock exchanges. The Allotment of the Bonds shall be in dematerialized form as well as physical form. However, trading in Bonds shall be compulsorily in dematerialised form.


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