IDFC tax-saving long-term infrastructure bonds issue extended till 21st March

The Tranche 3 Bonds are eligible for 80CCF tax benefits, which allow tax exemption on the initial investment up Rs20,000

Infrastructure Development Finance Company has extended the closing date of its long term infrastructure bonds to 21st March.

The Tranche 3 Bonds are being issued in two series, both with buyback options but with different interest payment options. The Tranche 3 Bonds can be subscribed in a lot of two Tranche 3 Bonds of Rs5,000 each and in multiples of one Tranche 3 Bond thereafter. The Tranche 3 Bonds have a maturity of 10 years from the deemed date of allotment. The Tranche 3 Bonds are eligible for 80CCF tax benefits, which allow tax exemption on the initial investment up Rs20,000.

The Tranche 3 Bonds can be bought physically or in demat form. The Bonds will be issued in two series-one with an annual return of 8.25% and the other with a similar return but in a cumulative option and compounded annually. The issue has a lock-in period of five years, post which subscribers can sell the bonds. No trading would be permitted in the Tranche 3 Bonds during the said lock-in period.

After five years, the Bonds will also be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

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Hike in key rates to help moderate prices: FM

Finance minister Pranab Mukherjee said that repo and reverse repo rates have been increased by 25 basis points each, which is in tandem with the fiscal policy and thinking of the government. He hoped that it will have a salutary impact on inflationary pressure

New Delhi: Finance Minister Pranab Mukherjee today said that the Reserve Bank of India's (RBI) decision to raise key policy rates would help in moderating prices and opined that inflation might measure 7.5% by March-end as against the government's earlier projection of 7%, reports PTI.

"We can say (inflation for March-end) may be 7.5%," Mr Mukherjee told reporters in his reaction to RBI raising its own fiscal-end inflation forecast to 8% from 7% previously.

The RBI in its bid to rein in inflation also raised short-term lending and borrowing rates by 25 basis points in its mid-quarter monetary policy review meeting today.

This is the eighth time that the apex bank has raised the key rates since March 2010.

On the RBI's rate hike, Mr Mukherjee said, "It is good. It will have its impact on the inflationary pressure."

He further said that repo and reverse repo rates have been increased by 25 basis points each, which is in tandem with the fiscal policy and thinking of the government.

Mr Mukherjee added that the difference between repo and reverse repo rates have been maintained at 1%, adding that, "I do hope it will have a salutary impact on inflationary pressure."

The short term lending rate (repo) has been increased from 6.50% to 6.75%, while the short-term borrowing rate (reverse repo) has been raised to 5.75% from 5.50%.

The overall inflation increased marginally in February to 8.31% from 8.23% a month ago.

Commerce and industry minister Anand Sharma said, "I hope that credit will continue to made available freely, liberally and on good terms to the industry, because investments must go in for capacity building and for additional capacity creation, which the industry is committed to do."

The minister was speaking to reporters on the sidelines of a Confederation of Indian Industry (CII) meet.

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SC to hear plea for CBI probe into Batcha’s death

The NGO-Centre for Public Interest Litigation-on whose plea a CBI probe was directed into the 2G spectrum allocation scam, pleaded before the Supreme Court that the death is related with the scam and should also be probed by the CBI

New Delhi: The mysterious death of former telecom minister A Raja's close aide Sadiq Batcha was today brought to the notice of the Supreme Court, which agreed to hear the plea for a Central Bureau of Investigation (CBI) probe in the matter, reports PTI.

Appearing for the NGO-Centre for Public Interest Litigation-on whose plea a CBI probe was directed into the second generation (2G) spectrum allocation scam, advocate Prashant Bhushan pleaded before the court that the death is related with the scam and should also be probed by the investigating agency.

He also mentioned that the state government has favoured a CBI probe into Batcha's death.

A bench of justices GS Singhvi and AK Ganguly, while agreeing to hear his plea, said, "Wait till lunch or tomorrow morning as some development might take place during the day."

Mr Bhushan said he would bring the matter before the bench again at 2pm.

47-year-old Mr Batcha died in mysterious circumstances at his home in South Chennai yesterday and his wife claimed that he committed suicide "unable to cope with the pressure" of the probe in the case.

Mr Batcha was the managing director of Greenhouse Promoters, a firm under the scanner of the CBI as well as the Enforcement Directorate (ED) in connection with the spectrum allocation scam.

He was said to have been found hanging in his house in Vannia Teynampet in South Chennai by his wife and his driver around 1300 hours yesterday.

The CBI and the ED had conducted searches at his official and residential premises here in December. He was called for questioning four times since then.

The possibility of his firms acting as a front for the former minister was being looked into.

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