8% Savings (Taxable) Bond, 2003 - GOI Notification dated March 21, 2003 - Charitable Institutions - Clarification

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8% Savings (Taxable) Bond, 2003 - GOI Notification dated March 21, 2003 - Charitable Institutions - Clarification

RBI/2004-05/432
DGBA.CO.DT.No.13.01.299 /H. /2004-05

April 25, 2005

The Chairman/ Managing Director State Bank of India/Associate Banks/
17 Nationalised Banks/ 4 Private Sector Banks & SHCIL.

Dear Sir,

8% Savings (Taxable) Bond, 2003 – GOI Notification dated March 21, 2003 – Charitable Institutions – Clarification

Please refer to our Circular RBI/2005/415 DGBA.CO.DT.No.13.01.299 /H.8563-8609/2004-05 dated April 7, 2005 on the captioned subject. We advise that the concluding sentence of paragraph 2 of the above letter may please be read as, "only such institutions which have obtained Certificate under Section 80G or 35(1) (ii) or (iii) of Income Tax Act will be eligible for investment in 8% Savings (Taxable) Bonds, 2003 Scheme" instead of "only such institutions which have obtained Certificate under Section 80G and the 35(1) (ii) or (iii) of Income Tax Act will be eligible for investment in 8% Savings (Taxable) Bonds, 2003 Scheme".

2. Please acknowledge receipt.

Yours faithfully,
(D. Rajagopala Rao)
Deputy General Manager