India finalises details for tax-free bond issuance in 2012/13
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)
- Tweet this
- Share this
- Digg this
- UPDATE 8-Soccer-English premier league top scorers
- Cyber experts uncover 2 million stolen passwords to Web accounts
- UPDATE 3-Actor Walker died from multiple injuries in crash, 'Fast 7' filming halted
- Bullion smuggling outstrips narcotics to feed gold habit
- Exit polls see gains for BJP in state elections
The rupee rose to a five-week high against the dollar and stocks jumped more than 2 percent to near record highs on Thursday as exit polls predicted a strong showing for the key opposition party in recent state elections. Full Article