The income-tax department has given its nod for NHAI, IRFC, HUDCO and PFC to cumulatively issue tax-free bonds to the tune of Rs 30,000 crore during 2011-12. Both National Highways Authority of India (NHAI) and Indian Railway Finance Corporation (IRFC) have been allowed to issue tax free bonds of Rs 10,000 crore each during current fiscal. Housing and Urban Development Corporation (HUDCO) and Power FinanceCorporation (PFC) can issue tax free bonds for Rs 5,000 crore each, the central board of direct taxes (CBDT) has said.
http://www.thehindubusinessline.com/industry-and-economy/taxation-and-accounts/article2506818.ece
