REGISTERED No. DL-33004/92 The Gazette of India EXTRAORDINARY
PART II—Section 1 PUBLISHED BY AUTHORITY No. 25] NEW DELHI, SUNDAY, JANUARY 31. 1993/MAGHA 11, 1914 Separate paging is given to this Part in order that it may be filed as a separate compilation. MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS . (Legislative Department) New Delhi the. 31st January, 1993/Mugha 11, 1914 (Saka) THE GOLD BONDS (IMMUNITIES AND EXEMPTIONS) ORDINANCE, 1993 No. 22 OF 1993 Promulgated by the President in the Forty-fourth Year of the Republic of India. An Ordinance to provide for certain immunities to the subscribers of the Gold Bonds and for certain exemptions from direct taxes in relation to such Bonds and for matters connected therewith or incidental thereto. WHEREAS with a view to mobilising the idle gold resources of residents in India, it is expedient to provide for certain immunities and exemptions to render it possible for such residents to subscribe to Gold Bonds; AND WHEREAS Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action; Now, THEREFORE, in exercise of the powers conferred by clause (1) of article 123 of the Constitution. the President is pleased to promulgate the following Ordinance: -
1. (1) This Ordinance may be called the Gold Bonds (Immunities and Exemptions) Ordinance, 1993.
(2) It shall come into force at once. Short title and ment. 2 THE GAZETTE OF INDIA EXTRAORDINARY [PART H-, Definitions. Gold Bonds scheme. Immunities.
2. In this Ordinance, unless the Context otherwise requires,—
(a) "Gold Bonds" means the Gold Bonds, 1998, issued by the Central Government in accordance with the scheme framed by that Government under section 3;
(b) "subscriber" means an individual, a Hindu undivided family, trustees of a trust, a firm or a eeiftpany, being a resident or residents in India; who has or have initially subscribed to the Gold Bonds.
Explanation. —For the purposes of this clause, the expression "individual" shall also ineludei—
(i) his legal heirs; or
(ii) where a partition has taken place among the members of the Hindu undivided family, every member of such family having a share in the Gold Bonds;
(c) all other words and expressions used in this Ordinance but not defined and defined in the Income-tax Act i§6'l shall have the meanings respectively assigned to them in that Act.
3. (I) The Central Government may, by hdiificatidh in the Official Gazette, frame a Scheme for silbsci'ip'tidn to the1 Gold Bonds', {#98, on or after the date of commencement of this Ordinance, but before the specified date, . . .
Explanation.—For the purposes ©f tins ^ub-sejction "specified date means the 31st day of March, 1993 or such other later date as the Central Government may. by notifleatiort in th^ Official Gazette, specify in this behslf.
(2) The Central Government shall cause the scheme notified under sub-section (1) to be laid, as soon as mfiy be after it is notified, before eaeh House of Parliament.
4. (1) Notwithstanding anythirig Contained in the Wealth-tax Act, 1957, the Gtft-tasr Act, 1958, the Income-tax Act, 1961, the Ctt3toms Act, 1962̂ thfe FdF l̂tfh Exchange Regulation Act, 1973 and the Ffcretgn ConfribUtlan (Eteg%ilati<ffl) Act, 1976,—
(a) no subscriber shall be required to disclose, for any purpose Whatsoever, th# ftatwre awi source of acquisition of the geld subscribed foif fhte"6«rld Bondgj inelueKitg th« source of money with which the gold was acquired;
(b) no inquiry or investigation shall be commenced against any subscriber under any of the said Acts on the gound that sueh subscriber owns the Gold Bonds; and _ ; (e) the feet that any subscriber owns the <5old Bonds shall not. be taken into account for the purposes of,.and 4&all be inadmissible as evidence in, any proceedings under any of the said Acts:
Provided that nothing contained in this sub-seetion shall apply where any proceedings in respect of the gold subscribed by the subscriber have already been initiated before the commencement of this Ordinance in accordance with the provisions of any of the aforesaid Acts. 43 of 196t". 2? of 1957. 18 of 1958 43 of 1961. S3 of 1962. 46 of 1973. 49 of 1975. SEC 1] THE GAZETTE OF INDIA EXTRAORDINARY 3 45 oi 1860. 61 di 1985. 28 of 1987. 49 of 1988. 43 of 1961. IS of 1958,
(2) Nothing in sub-section (1) shall apply in relation to prosecution for any offence punishable under Chapter IX or Chapter XVII of the Indian Penal Code, ihe Narcotic Drugs and Psychotropic Substances Act. 1985, the Terrorist and Disruptive Activities (Prevention) Act, 1987, tne Prevention of Corruption Act? 1988 or for the purposes of enforcement of any civil liability.
5. Without orejudice to the generality of the provisions of section 4.—
(a) the provisions of the Income-tax Act, 1961 shall not apply to—
(i) any interest accruing t"> the subscriber from the Gold Bonds;
(ii) any long-term capital gains arising to the subscriber;
(b) the provisions of the Gift-tax Act, 1958 shall not apply where the gift of the Gold Bonds is made by a subscriber, being an individual, to his spouse, child or parent. Gold Bonds not to be takeVi into account in certain cases. SHANKER DAYAL SHARMA. Presidenr. K. L. MOHANPURIA. Secy, to the Govt. of India. PRINTED BY THE MANAl.i:^, GOVERNMENT OF INLUA PRESS, MINTQ ROAD, NP.V DELHI AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI, 1993