Business Daily from THE HINDU group of publications
Friday, Jan 16, 2009
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Business Daily from THE HINDU group of publications Friday, Jan 16, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Corporate Bonds CBDT nod for IIFCL to issue tax-free bonds K.R. Srivats New Delhi, Jan. 15 The Central Board of Direct Taxes (CBDT) has given its nod for India Infrastructure Finance Company Ltd (IIFCL) to issue tax-free bonds to the extent of up to Rs 10,000 crore in the financial year 2008-09. Official sources said that the CBDT move would pave the way for IIFCL to hit the market in the coming weeks. The tax benefit would be available so long as the coupon on the bond does not exceed 8 per cent per annum. Indications are that the tax benefit would be available only to the initial investor whose name is registered with IIFCL at the time of primary purchase of the bond. As part of the stimulus package, the Government had allowed IIFCL to issue tax-free bonds of up to Rs 10,000 crore this fiscal. The funds are to be used by IIFCL for refinancing banks and thereby help leverage financing for infrastructure development in the country. More Stories on : Corporate Bonds
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