January 16, 2004
Pausha 26, 1925
Circular No. RBI / 2004 / 13
Ref.DGBA.CO.DT.13.01.299/H- 3819 /2003-04
The Chairman & Managing Director,
SBI & Associate Banks,
& 17 Nationalised Banks,
UTI Bank Ltd., ICICI Bank Ltd.,
HDFC Bank Ltd. IDBI Bank Ltd. &
Stock Holding Corporation of India Ltd.
8% Savings (Taxable) Bonds 2003
Please refer to our letter No.CO.DT.13.01.299/H-38362002-03
dated 3rd April 2003 on the captioned subject. In this connection, we advise
that Government of India has since notified that para 14 of the Ministry of
Finance’s Notification No.F4(10)-W&M/2003 dated 21st March 2003
has been deleted vide their Notification No.F.4(10)-W&M /2003 dated 13th
Accordingly, we advise that no tax should be deducted at
source while making payment of interest on the captioned bonds.
( B.B. Sangma )
Endt.No.CO.DT.13.01.299/ H-3819-A /2003-04
Copy forwarded for information to the Regional Directors, Reserve
Bank of India Public Debt Office, Ahmedabad / Bangalore / Kolkata / Chennai/
Hyderabad/ Jaipur/ Kanpur/ Fort,Mumbai/ Byculla Mumbai / Nagpur / New Delhi/
Patna/ Thiruvananthapuram / Bhopal / CAS Nagpur.