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NHAI to issue Rs3,700 cr tax saving bonds in FY’09

NHAI to issue Rs3,700 cr tax saving bonds in FY’09
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First Published: Wed, Feb 18 2009. 03 35 PM IST
Updated: Wed, Feb 18 2009. 03 35 PM IST
By PTI
New Delhi: The National Highways Authority of India (NHAI) is looking at issuing Capital Gains Bonds worth Rs3,700 crore in the ongoing financial year.
In a written reply to a question in Lok Sabha today, minister of state for shipping, road transport and highways K H Muniyappa said tax saving bonds worth Rs1,330 crore have already been issued until 10 February for the current fiscal.
The minister said NHAI issued bonds in the 2007-08 and 2006-07 fiscals worth Rs305.18 crore and Rs1,500 crore, respectively.
The bonds, issued by NHAI, are of value of Rs10,000 each and have a lock-in period of three years. Investors can apply for a minimum of five bonds and a maximum of 500.
Replying to another question, the minister said that the government has allowed NHAI to increase total cost of road projects by 10% and 20% in respect of those formulated in 2007 and 2006 respectively.
The government has also allowed the release of entire Viability Gap Funding during the construction phase itself.
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First Published: Wed, Feb 18 2009. 03 35 PM IST