ISSUE: Indian Railway Finance Corporation Limited Bonds (IRFC Bonds) – Tax Free, Secured, Redeemable and Non-Convertible Bonds.
Issue Opening Date: Friday, January 27, 2012
Issue Closing Date: Friday, February 10, 2012
Interest Rate: 8.10% annually.
Credit Rating: “CRISIL AAA/Stable” by CRISIL, “CARE AAA” by CARE & “ICRA AAA” by ICRA
Allotment Basis: First-come-First-serve basis.
Click Here to DOWNLOAD Indian Railway Finance Corporation (IRFC) Bonds Application
BOND PARTICULARS:
| ISSUER | IRFCL | IRFCL |
| Issue Structure | Secured, NCD, Listed in NSE BSE | Secured, NCD, Listed in NSE BSE |
| Expected Issue Size | Rs.6300.Cr | Rs.6300.Cr |
| Credit Rating | AAA by CRISIL & ICRA | AAA by CRISIL & ICRA |
| Face Value | Rs.1000 per bond | Rs.1000 per bond |
| Minimum Subscription | 50 Bonds | 50 Bonds |
| Tenure | 10 Years | 15 Years |
| Interest Payment Date | 15th October Annually | 15th October Annually |
| Put & Call Option | None | None |
| Coupon Rate -for(Application > Rs.5.00 Lacs) | 8.00%p.a. | 8.10%p.a |
| Coupon Rate – for Retail Category(Application <= Rs.5.00 Lacs) | 8.15%p.a.* | 8.10% p.a* |
| Issue Opens | 27TH January 2011 | 27TH January 2011 |
| Issue Closes | ||
| Allocation Basis | first-come first-serve basis. | first-come first-serve basis. |
HIGHLIGHTS OF TAX BENEFITS:
- The income by way of interest on these Bonds is fully exempt from Income Tax and shall not form part of Total Income as per provisions under section 10 (15) (iv) (h) of IT Act.
- There will be no deduction of tax at source from the interest, which accrues to the bondholders on these bonds irrespective of the amount of the interest or the status of the investors.
- Wealth Tax is not levied on investment in Bonds under section 2(ea) of the Wealth-tax Act, 1957.
REQUIRED DOCUMENTS:
For Indian Citizens:
A. To apply in Demat form:
- Cheque OR Demand Draft.
- PAN Card copy (self attested)
- Cancelled Cheque
B. To apply in Physical form:
- Cheque or Demand Draft (DD)
- PAN Card copy (self attested)
- Cancelled Cheque
- Self attested Copy of Address Proof: ration card OR passport copy OR bank statement OR passbook OR telephone bill OR driving license OR home rental/sale agreement OR any government id.
For NRIs (Non-resident Indians):
A. To apply in Demat form:
- Cheque from NRE/NRO account
- PAN Card Copy – self attested
- Cancelled Cheque
B. To apply in Physical form:
- NRE or NRO Cheque or DD.
- PAN card copy – self attested.
- Cancelled cheque – if the check does not display your name and account status- NRE/NRO, then Self Attested Bank Statement copy.
- INDIAN address proof copy – self attested like: ration card OR passport OR bank statement OR passbook OR telephone bill OR driving license OR home rental/sale agreement OR any other government id.
>>> IRFCL Bonds Application Form: DOWNLOAD HERE
Do you ask yourself: How can I verify my pan number? Then this article is a must read for you. Doing a pan number verification is always difficult but verifying a pan is definitely not impossible.
Verify & Apply for a PAN: www.pancardnri.com
Once you have verified your pan number and wish to apply for a duplicate pan card OR a new pan card then the whole NRI applying process is very easy and we are here to help you.
Need a PAN card? Ever thought of applying for it online? Well, my friend, if you haven’t, welcome to the advanced and all new avatar of the Indian bureaucracy. They have brought the entire procedure online so we can easily take advantage of it, rather than going through messy procedures of lining up in the Sun, being at the receiving end of barbs from government officials and bribing people unnecessarily.
What is a Pan Card Number?
But before you apply for the PAN number, you need to know what it is exactly. The Pan or the Permanent Account Number is issued to every citizen of India who applies for the same and is actually used as a means of identification. This is issued by the Government of India, or rather the Income Tax Department and is basically a means for tracking financial activity.
Everyone who needs to conduct financial transactions which are equal to or above the sum of fifty thousand rupees needs to furnish their Pan card. This is really important. The government uses this to find out how much of tax has been generated by the country, which citizens have paid all their dues, who has not and the like. Basically, it is issued for the convenience of both the government and citizens.
This card is really important as is obvious and if you shift base or if there is a change in your marital status and other changes, it is best to keep the card updated so that it reflects these changes. The Tax Information Network (TIN) which is basically a body under the NSDL (National Securities Depository limited) provides the services for the same.
How can I apply for a pan number online?
You can apply for a change of your Pan number online since the NRI pan form is available on the internet itself and it is free of charge. However, one needs to pay a processing fee of nine hundred and nighty four rupees, exclusive of tax for this service. You will be able to submit the form online and as proof of this, you will be furnished with an acknowledgement form which contains a unique fifteen digit number.
After filling in the requisite details the acknowledgement form that you get needs to be dispatched. Add the supporting documents which will carry the weight age for the changes you have sanctioned in your card. Address these documents to the NSDL, UTI or a PAN broker office in India.
Note that the online form will ask for all the basic details in your old Pan card and all the points which you want to change need to be checked in the boxes accordingly, in the event that you would like to change your old Pan Card details, rather than apply for a Pan card.
Indian citizens need to pay just ninety four rupees and NRIs need to pay seven hundred and forty four rupees for this service. The mode of payment is flexible. You can use Demand Drafts, cheques or even credit cards.
The tracking number in the acknowledgement form can be used to check out the status of your application from time to time. This is very useful because you will be aware of how much time it will take for you to receive the new Pan card and can therefore take care of your financial transactions accordingly. You can track the movements online. This will definitely be a big plus.
Finally, you will receive the new Pan Card number wherever you are. It is generally delivered by post within a period of fifteen days if you are a non resident Indian and based abroad. Don’t neglect this; it is an important process, for every Indian!
A Few Helpful Points that we wanted to share with NRIs & Foreign Nationals.
What is a PAN Number?
Permanent Account Number (PAN) refers to a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department in India. It can be considered as a Indian Tax Number (Tax ID) and an ID proof.
Is it Necessary for NRIs to have a PAN Card?
PAN is mandatory as per the Indian Income Tax Department. With effect from April 1, 2006, SEBI has also made PAN compulsory for all investors wanting to invest in India. It is also compulsory to mention a PAN if one wants to carry any kind of financial or investment related transaction in India over Rs.49,999.
What are the uses of a PAN?
As per the Indian Govt one its necessary to quote a PAN on most types of financial and investment related transactions in India & also on the tax forms while filing taxes in India. You also need a if you want to open a Demat Account, make stock investment, buy sell shares/stocks or mutual funds, invest in other kinds of financial assets, purchase real estate, opening bank account, get loans, applying for a visa and passport, receiving rental income, send/receive foreign remittance from abroad, etc etc.
Is it necessary for NRIs to file taxes in India if they have a PAN?
As per our knowledge it is not compulsory for NRIs to file taxes in India even if they hold a PAN Number. Filing taxes does not mean you pay taxes. Filing tax returns and Paying taxes are two different things all together. You pay taxes only if you are making money or generating income in India. But still its advised to file taxes even though you are not making any money in India, because it enhances your credibility and makes it easy for one to get various types of loans, etc.
APPLY Before the Govt Process Gets More Complex: Click To Know More
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