India finalises details for tax-free bond issuance in 2012/13

MUMBAI Wed Nov 7, 2012 1:19pm IST

An employee counts currency notes at a cash counter inside a bank in Kolkata June 18, 2012. REUTERS/Rupak De Chowdhuri/Files

An employee counts currency notes at a cash counter inside a bank in Kolkata June 18, 2012.

Credit: Reuters/Rupak De Chowdhuri/Files

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MUMBAI (Reuters) - India will allow select companies to issue tax-free bonds in the rest of the financial year, finalising details of a proposal announced in the budget in February, according to a government notification obtained from two of the eligible issuers.

The government said in the notification seen by Reuters that a total of 535 billion rupees would be raised through issue of tax-free infrastructure bonds in the current financial year that ends in March.

The government has set a target for tax-free bonds at 600 billion rupees by infrastructure finance companies in 2012/13, which would be used to bridge the shortfall in cash to fund large projects.

(Reporting by Suvashree Dey Choudhury and Archana Narayanan; Editing by Subhranshu Sahu)

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