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Sunday, Mar 16, 2003
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Tax-free bonds from Government

The Government will launch a 6.5 per cent tax-free savings bond from March 24.The bond will have a maturity of five years and will not attract wealth tax. The interest, payable half yearly, will be exempt from income-tax. After a three-year lock in, an investor can surrender the bonds; but 50 per cent of the interest due and payable for the last six months of the holding period will be recovered in such cases. The bonds are non-transferable and non-tradable. They will not be eligible to be lodged as collateral for loans.

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