LIC plans Rs 5,000cr infra bonds
LIC will raise around Rs 5,000 crore under the newest tax-saving instrument approved in this year’s budget— infrastructure bonds.
LIC will raise around Rs 5,000 crore under the newest tax-saving instrument approved in this year’s budget— infrastructure bonds. The insurer has been allotted this size of fundraising after being notified as one of the entities to raise infrastructure bonds.
“We are working out the details and awaiting more clarity. We also need permissions from the Insurance Regulatory & Development Authority (Irda),” Vijayan said.
Under infrastructure bonds, an individual can invest as much as Rs 20,000 and claim additional tax benefit apart from the Rs 1 lakh permitted under section 80 (C). This was approved as section 80 CCF as part of the finance bill 2011.