 clrrigenduf;to the speci\l ,-1': d\f::t nl· \\;3 (n«·t'vnit:es ,,\'!:j exbjiptilns) 51 ll, 1 (hh p "ge ~, 11 nc 32,-~j£ "pr:1!'ticulr" r~:d "pt)rticl:lu" ]\iev',r £'elhi;  bill no 21 ot rmt 'the special bearer bonds (immunit£es and exemptions) bill, 1981 a billto provide for certain immunities to holders of special bearer bonds, 1991 and for certain exemptions from direct tares in reiation to buch bonds and fot matters connected t~ewith whereas for effective economic and social planning it is necessary to canalise for productive purposes black money which has become a serious threat to the national economy; aft'!) whbm:as with a view to such canalisation the central govern-s ment has decided to issue at par certain bearer bonds to be known as the ~cial bearer bonds, 1991, of the face value of ten thousblld rupees and redemption value, after ten years, of twelve thousand rupeesj alcd whji1tkasit is expeldiertt to provide for certain immunities and esnptions tonmder it possible fot persons iii possession of black money to to invest the same in the said bonds; be ifenacted by parliament in the thirty-second year of the republic 6f 'india is follows:-1 (1) this act may be called the special bearer bonds (immunities short and exemptions) act, 1981 title, (2) it e:rtends to the whole of india extent and commencement (3) it shau be de~med to have come into force on the 12th day o'i january, 1981 l)eftnl tlon 2 in this act, "special bearer bonds" means the special bearer bonds, 1991, issued by the central government immunities 3 (1) notwithstanding anything contained in any other law for the s time being in force,-(a) no person who has subscribed to or has otherwise acquired special bearer bonds shall be required to disclose, for any purpose whatsoever, the nature and source of acquisition of such bonds; (b) no inquiry or investigation shall be commenced against any 10 person under any such law on the ground that such person has subscribed to or has otherwise acquired special bearer bonds; and (c) the fact that a person has subscribed to or has otherwise acquired special bearer bonds shall not be taken into account and shall be inadmissible as evidence in any proceedings relating to any is offence or the imposition of any qenalty under any such law (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, the prevention of corruption act, 1947 or any offence 45 of 1860 which is punishable under any other law and which is similar to an 20 2 of 1947 offence punishable under either of those chapters or under that act or for the purpose of enforcement of any civil liability et-planation-for the purposes of this sub-section, "civil liability" does not include liability by way of tax under any law for the time being in force 2s acquisition, etc, of bonds not to be taken into account forcertain proceedlnp 4 without prejudice to the generality of the provisions of section 3, the subscription to, or acq'uisition of, special bearer bonds by any person shall not be taken into account for the purpose of any proceedings under the income-tax act 1961 (hereinafter referred to as the income-tax act), 43 of 1961 the wealth-tax act, 1957 (hereinafter referred to as the wealth-tax act) 30 27 of 1915' or the gift-tax act, 1958 (hereinafter referred to as the gift-tax act) 18 of 1958 and, in particulr no person who has subscribed to, or has otherwise acquired, the said bonds shall be entitled-(a) to claim any set-off ot relief in any assessment, re-assessment, appeal, reference or other proceeding under the income-tax act or to s, reopen any assessment or re-assessment made under that act on the ground that he has subscribed to or haa otherwise acquired the said bonds; (b) to claim in relation to any period before the date of maturity of the said bonds, that any asset which is includible m ~ net wealth 4d for any assessment year under the wealth-tax act has been converted into the said bon?si or (c) to claim in relation to arty period before the date of maturity of the said bonds, that any asset held by him or any sum credited in his books of account or otherwise held by him represents the consi- 45 deration received by him 'for the transfer of the said bon!h 5 in the income-tax act,-amendment of act 43 of 1961 (a) in section 2, in clause (14), after sub-clause (iv) , the following sub-clause shall be inserted, namely:-5 "(v') special bearer bonds, ·1991; issued by the central govenunent;"; (b) in section 10, in clause (15), after sub-clause (ui), the following sub-clause shall be inserted, namely:-"(ib) premium on the redemption of special bearer bonds, 1991;" 10 6 in section 5 of the wealth-tax act, in sub-section (1), after clause (rvia), the following clause shall be inserted, nameiy:-"(xvib) special bearer bonds, 1991;" amendmentof act 27 of 1957 7 in section 5 of the gift-tax act, in sub-section (1), after clause' (iita) , the following clause shall he inserted, namely:-amendmelt of act 18 of 1958 \ 15 "(iiib) of profperty in the form of special bearer bonds, 1991;" 8 (l) if any difficulty arises in giving effect to the provisions of this act, the central government may, by order, not inconsistent with the provisions of this act, remove the difficulty power to remove difftculties (2) every order made under this section shall, as soon as may be after 20 it is made, be laid before each house of parliament 9 (1) the special bearer bonds (immunities and exemptions) ordinance, 1981, is hereby repealed 1 of 1981 repeal and saving (2) notwithstanding such repeal, anything done or any action taken under the ordinance so repealed shall be deemed to have been done or 25 taken under the corresponding provisions of this act  statement of object~ and reasonswith a view to reducing the liquidity in the economy and controlling prices and canalisidg for productive pw'poses black modey wch has become a serious threat to the nation, tile government decided to' ilsue special bearer ~onds, 1991 it was considered necessary to provide for certain immunities and exemptions to render it possible for p~rsons in possession of black money to invest the same in these bonds an ordin~e called the, special beare:- bonds (immunities and exempt;iona) ordinance, 1981 was accordingly promulgated by the president on the 12th january, 1981 2 the ordinance provides for certain immunities in favour of persons subscribing to or otherwise acquiring, the bonds it providf:!s that such persons shall dot be required to disclose for ~y purpose whatsoever the nature and source of acquisition of the bonds it prohibits any inquiry or investigation against any such person under any law on the ground that such person has subscribed to, or has otherwise acquired, the bonds it makes the fact of subscription to, or acquisition of, the bonds inadmissible in evidence in any proceedings relating to any offence or imposition of any penalty under any such law these immunities have been maqe subject to an exception in relation to presecution for certain offences relating to property or prevention of corruption the ordinance also provides that the acquisition of the bonds shall not he taken into account for the purpose of any proceedings under the income-tax act, 1961, the wealth-tax act, 1957 and the gift-tax act 1958 the bonds themselves have been exempted from wealth-tax the premium payable on the redemption of the bonds has been exempted from income-tax it has also been provided that transfer of the bonds will not attract any liabilit,- to capital gains tax or gift-tax 3 the bill seeks to replace the aforesaid ordinance  r venkataramannew delhi; the 20th february, 1981  memorandum regarding modifica,ti&a,j c~ned in the bill to replace the special bearer bcmds (immunities and exemptions) ordinance, 1981except for the modifications in sub-claues (b) and (c) of clause 4 [substit'ution of the words "at any time" by the words "in relation to any period" in both the sub-clauses and amplification of sub-clause (c) to cover assets in addition to money] to make the intention clear, the provisions of the bm are on the lines o'f the ordinance  annexure extracts from the income-tax act, 1961deftnitions (43 of 1961) - - - - - a in this act, unless the context otherwise requires,-- - - - - (14) "capital asset" means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include-- - - - - incomes not included in total income 10 in computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be j included-- - - - - (15) (i) monthly payment on the is-year annuity certificates issued by or under the authority of the central government or such other annuity certificates issued by or under the authority of that government as that government may, by notification in the official gazette, specify in this behalf, to the extent to which the amo"lllts of thle 'c!ertlificates do not exceed in each case the maximum amount which is permitted to be invested therein; (ia) annual payment on national defence gold bonds, 19'80; - - - - -  extract from the wealth-tax act, 1957-  (27 of 1957) - • •- exemptions in respect ot certain assets - - - 5 (1) subject to the provisions of sub-section (1a), wealth-tax shall not be payable by an assessee in respect of the following assets, and such assets shall not be included in the net wealth of the assessee-- -  extract from the gift-tax act, 1958-  (18 of 1958) - • •- 5 (1) gift-tax shall not be charged under this aet in respect of gifts made by any person-- - - - - exemption in respect ot certain litts  i !5j a billto provide for certain immunities to holders of special bearer bonds, 1991 and for certain exemptions from direct taxes in relation to such bonds and for matters connected therewith 