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Modi's US$1t infrastructure plan revives tax-free rail debt

Decision to allow tax-free bonds should cut borrowing costs for development push

Published Mon, Mar 9, 2015 · 09:50 PM
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Mumbai

INDIA's decision to allow tax-free bonds after a 12-month hiatus should cut borrowing costs for a US$1 trillion development push.

Finance Minister Arun Jaitley said in his budget speech last month that tax-free bond sales to individuals for rail, road and irrigation projects will be permitted from April 1. While issuance wasn't banned as such this fiscal year, offerings halted because no quotas were allocated.

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