'Disabled need to be treated with dignity'

The disability Act 1995 in India, while talked about multiple needs of disabled people, it did not address the issues of civil and political rights. With the ratification of UN Convention on the Rights of Persons with Disabilities, government should come out with a new law, argues Swagata Raha.

India: The Ministry of Social Justice and Empowerment of the Government of India has been holding national consultative meetings on proposed amendments to the Persons with Disabilities Equal Opportunities, Protection of Rights and Full Participation Act (PWD Act). Meetings have been held in Delhi, Guwahati and most recently in Kolkata on March 13, 2010. The debate centres on whether there should be amendments to the existing law, or whether there should be a new law.
The Persons with Disabilities Equal Opportunities, Protection of Rights and Full Participation Act, (PWD Act) of 1995 had heralded a new dawn in the lives of disabled people in India. For the first time in the history of independent India, a separate law had been formulated which talked about the multiple needs of disabled people.
Very soon, though, activists as well as disabled people felt that the law had too many loopholes. However, this Act did help disabled people to come together, forming groups as they started making demands to implement this law.
To the delight of disability groups, India ratified the UN Convention on the Rights of Persons with Disabilities (Disability Convention) in October 2007. This Convention marks a formal shift from the archaic medical model to the social model, and promotes the rights of people living with disabilities.

Article 1 encapsulates the overall objective of the Convention which is “to promote, protect and ensure the full and equal enjoyment of all human rights and fundamental freedoms by all persons with disabilities, and to promote respect for their inherent dignity.”

The Convention recognises that persons with disability are right-holders instead of passive recipients of government schemes. In contrast, the PWD Act has a different foundation. The PWD Act was enacted in order to implement the Proclamation on the Full Participation and Equality of People with Disabilities, an instrument that did not expressly recognise rights, but laid emphasis on the need to eliminate physical and social barriers so as to promote the participation of people living with disabilities. The PWD Act, thus, does not internalise any of the core principles that form the bedrock of the Disability Convention.
Retain or recast?
There is a definite need to review the existing legislative framework in India to examine whether it adequately promotes the rights contained in the Convention. The Disability Convention imposes two key legislative obligations: (1) to ensure that the rights contained in the Convention are realised and (2) to ensure that existing laws and practices that are discriminatory towards people living with disabilities are repealed or amended to bring them in line with the Convention.
Since its ratification by India, there has been much discussion of the manner in which Indian laws must be modified or harmonised to give effect to the obligations under the Convention. While the Ministry of Social Justice and Empowerment (MOSJE) has proposed 108 amendments to the PWD Act including 50 new provisions, the Disabled Rights Group (DRG) led by Javed Abidi has unequivocally stated that the PWD Act has served its time and that there is a need for a new law.
Consultations on this issue at national and zonal levels are going on throughout India right now. Advocate Kanchan Pamnani, who is blind herself, says that the old law will need more than 300 amendments to make it suitable to our times, and obviously it is better to frame a new one than make 300 changes in the old one. Shukla Bhadury, mother of two disabled children agrees. She says it is ridiculous that government is even considering so many amendments.

“Even in the amendments, punitive actions are not mentioned,” comments Sritama, a law student and member of Campaigners for Inclusion. “Any law without punitive action will not work in this country,” she says.

Let’s examine the differences between the Disability Convention and the present PWD Act to see why such passionate pleas to repeal this law are coming from all quarters.
Purpose
It is clear from the objectives of the Convention that civil and political rights and economic, social, and cultural rights stand on the same footing and that the state must make efforts to realise both. The PWD Act barely provides for civil and political rights and the amendments proposed by the MOSJE, too, neglect these rights.
Construction of disability
The PWD Act adopts a narrow definition of disability and confines it to “blindness; low vision; leprosy-cured; hearing impairment; locomotor disability; mental retardation; and mental illness.” As opposed to this, the Disability Convention recognises that “disability is an evolving concept” and avoids listing specific conditions and severities and broadly casts “persons with disabilities” to “include those who have long-term physical, mental, intellectual or sensory impairments which in interaction with various barriers may hinder their full and effective participation in society on an equal basis with others.”
Foundational principles (Article 3)
The core human rights principles stated in Article 3 of the Disability Convention are respect for inherent dignity and individual autonomy; non-discrimination, full and effective participation and inclusion; respect for difference; equality of opportunity; accessibility, gender equality; respect for the evolving capacity of children with disabilities and their right to preserve their identities.” These general principles have been well etched in several provisions of the Convention.

The amendments proposed by the MOSJE merely replicate Article 3 without incorporating the provisions which further the principles such as those relating to civil and political rights, rights of women and girls with disabilities, and several other rights stated below.

Extent of application (Article 4(1)(e))
The Disability Convention requires the state to address discrimination on the basis of disability even in the private sector. The amendments proposed to the chapter on discrimination fail to expressly prohibit discrimination on the basis of disability or spell out the consequences for the same.   
Recognised rights
The Disability Convention expressly recognises the following rights:
1.    Right to equality and non-discrimination. It also recognises the need to provide for reasonable accommodation in order to further the right to equality.
2.    Right of women and girls with disabilities to full and equal enjoyment of all human rights and fundamental freedoms.
3.    Right of children with disabilities to full and equal enjoyment of all human rights and fundamental freedoms. A child’s right to express views on matters affecting him/her is also recognised.
4.    Right to access to the physical environment, to transportation, to information and communications, including information and communications technologies and systems, in urban and rural areas.
5.    Right to life.
6.    Right to protection and safety in situations of risk, armed conflict, humanitarian emergencies, and natural disasters.
7.    Right to recognition before law. The right to legal capacity is also included.
8.    Right to access justice with procedural and age-appropriate accommodations.
9.    Right to liberty and security of person.
10.    Right not to be subjected to cruel, inhuman or degrading treatment or punishment.
11.    Protection from exploitation, violation and abuse, gender-based and otherwise.
12.    Right to respect for physical and mental integrity.
13.    Right to freedom of movement and the right to acquire and change a nationality.
14.    Right to live in the community and choose place of residence.
15.    Right to freedom of expression.
16.    Right to privacy.
17.    Right to marry and found a family.
18.    Right to retain fertility and other reproductive rights.
19.    Right to education.
20.    Right to the enjoyment of the highest attainable standard of health.
21.    Prohibition on discrimination on the basis of disability in employment.
22.    Right to an adequate standard of living including adequate food, clothing, and housing.
23.    Right to participate in political and public life including the right to vote and to be elected.
24.    Right to participate in cultural life
While most of the above rights can be gleaned from the Indian Constitution, a glance at the existing PWD Act shows that it can hardly be termed a rights-based legislation. It recognises only the right to education, provides for reservations in employment and for half-hearted measures to reduce physical barriers. It also prohibits establishments from discriminating against an employee because of his/her disability.
These abovementioned rights must be codified in the form of a statute that is more likely to be invoked by people living with disabilities and can also be used to ensure that the state fulfils its obligations towards each of the rights.

The amendments proposed by the MOSJE fail to provide for a majority of civil and political rights such as the right to recognition before law, right to privacy, right to marry, right against torture etc.

Discrimination has been addressed only in transport and in-built environment. Clause 46A (2) of the proposed amendments leaves it to the government to frame ‘policies’ to ensure equal access to education, health, employment and other public services. It fails to expressly prohibit discrimination on the basis of disability.
Further, the rights that appear in the PWD Act do not measure up to the standards set out in the Convention. For instance, Sections 44-46 of the PWD Act require establishments and the government to take “special measures” to enable people with disabilities to gain better access to public transport, buildings, and roads. However, such measures could be undertaken only if it were “within the limits of their economic capacity.” A mere deletion of these words without fleshing out how rights may be realised will be unfruitful.
Without a strong implementation mechanism, the few rights that have been added on will be deprived of meaning. For instance, the Act empowers the Disability Commissioner to “recommend” necessary action to appropriate authorities in order to address “deprivation of rights.” This recommendation is of no binding value and the authority can reject it thus rendering the office of the Commissioner toothless as before.
Conclusion
The PWD Act will require a complete overhaul. The Act must be recast to comprehensively provide for all the rights recognised under the Convention. In a letter to the minister of social justice and empowerment, (http://uncrpdandlaw.nileshsingit.org/blog/letter-to-hon-ble-minister-for-social-justice-and-empowerment) the Disability Rights Group has said that the amendments proposed by the ministry do not mirror the rights-based framework of the Convention.

In the past, the Juvenile Justice Act, 1986, was re-enacted in the form of the Juvenile Justice (Care and Protection of Children) Act, 2000 to give effect to India’s obligation under the UN Convention on the Rights of the Child.

Involvement of stakeholders is inherent in a rights-based approach and their exclusion will be discordant with the soul and spirit of the Disability Convention. The form that the harmonisation should take must be thoroughly discussed and debated in consultation with various stakeholders and the government cannot afford to take the decision unilaterally.
With strong voices rising from within the disability sector, can the state remain inattentive to this demand? “It’s the decision of our lives, and we will not allow a few officers in the ministry to force down their opinion on us anymore, whatever comes,” says Rajarshi Chakrobarti, secretary of Swabalamban, a West Bengal-based organisation with more than 1,500 disabled members.

SOURCE: http://infochangeindia.org/disabilities/analysis/india-needs-new-legislation-on-disability-rights.html

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surplus and deficit

• surplus is when your budget adds up to less than your income, so you have savings left to spend.
• Sum of imports  - Sum of exports=surplus

• deficit is the other way around; when you have to spend more than your income, wch is really bad, it literally means you eventually go broke.
• Sum of exports - Sum of imports = deficit

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Indian Bank Terminology

• Accrued interest: Interest due from issue date or from the last coupon payment date to the settlement date. Accrued interest on bonds must be added to their purchase price.
• Arbitrage: Buying a financial instrument in one market in order to sell the same instrument at a higher price in another market.
• Ask Price: The lowest price at which a dealer is willing to sell a given security.
• Asset-Backed Securities (ABS): A type of security that is backed by a pool of bank loans, leases, and other assets. Most ABS are backed by auto loans and credit cards – these issues are very similar to mortgage-backed securities.
• At-the-money: The exercise price of a derivative that is closest to the market price of the underlying instrument.
• Basis Point: One hundredth of 1%. A measure normally used in the statement of interest rate e.g., a change from 5.75% to 5.81% is a change of 6 basis points.
• Bear Markets: Unfavorable markets associated with falling prices and investor pessimism.
• Bid-ask Spread: The difference between a dealer’s bid and ask price.
• Bid Price: The highest price offered by a dealer to purchase a given security.
• Blue Chips: Blue chips are unsurpassed in quality and have a long and stable record of earnings and dividends. They are issued by large and well-established firms that have impeccable financial credentials.
• Bond: Publicly traded long-term debt securities, issued by corporations and governments, whereby the issuer agrees to pay a fixed amount of interest over a specified period of time and to repay a fixed amount of principal at maturity.
• Book Value: The amount of stockholders’ equity in a firm equals the amount of the firm’s assets minus the firm’s liabilities and preferred stock. /p>
• Broker: Individuals licensed by stock exchanges to enable investors to buy and sell securities.
• Brokerage Fee: The commission charged by a broker.
• Bull Markets: Favorable markets associated with rising prices and investor optimism.
• Call Option: The right to buy the underlying securities at a specified exercise price on or before a specified expiration date.
• Callable Bonds: Bonds that give the issuer the right to redeem the bonds before their stated maturity.
• Capital Gain: The amount by which the proceeds from the sale of a capital asset exceed its original purchase price.
• Capital Markets: The market in which long-term securities such as stocks and bonds are bought and sold.
• Certificate of Deposits (CDs): Savings instrument in which funds must remain on deposit for a specified period, and premature withdrawals incur interest penalties.
• Closed-end (Mutual) Fund: A fund with a fixed number of shares issued, and all trading is done between investors in the open market. The share prices are determined by market prices instead of their net asset value.
• Collateral: A specific asset pledged against possible default on a bond. Mortgage bonds are backed by claims on property. Collateral trusts bonds are backed by claims on other securities. Equipment obligation bonds are backed by claims on equipment.
• Commercial Paper: Short-term and unsecured promissory notes issued by corporations with very high credit standings.
• Common Stock: Equity investment representing ownership in a corporation; each share represents a fractional ownership interest in the firm.
• Compound Interest: Interest paid not only on the initial deposit but also on any interest accumulated from one period to the next.
• Contract Note: A note which must accompany every security transaction which contains information such as the dealer’s name (whether he is acting as principal or agent) and the date of contract.
• Controlling Shareholder: Any person who is, or group of persons who together are, entitled to exercise or control the exercise of a certain amount of shares in a company at a level (which differs by jurisdiction) that triggers a mandatory general offer, or more of the voting power at general meetings of the issuer, or who is or are in a position to control the composition of a majority of the board of directors of the issuer.
• Convertible Bond: A bond with an option, allowing the bondholder to exchange the bond for a specified number of shares of common stock in the firm. A conversion price is the specified value of the shares for which the bond may be exchanged. The conversion premium is the excess of the bond’s value over the conversion price.
• Corporate Bond: Long-term debt issued by private corporations.
• Coupon: The feature on a bond that defines the amount of annual interest income.
• Coupon Frequency: The number of coupon payments per year.
• Coupon Rate: The annual rate of interest on the bond’s face value that a bond’s issuer promises to pay the bondholder. It is the bond’s interest payment per dollar of par value.
• Covered Warrants: Derivative call warrants on shares which have been separately deposited by the issuer so that they are available for delivery upon exercise.
• Credit Rating: An assessment of the likelihood of an individual or business being able to meet its financial obligations. Credit ratings are provided by credit agencies or rating agencies to verify the financial strength of the issuer for investors.
• Currency Board: A monetary system in which the monetary base is fully backed by foreign reserves. Any changes in the size of the monetary base has to be fully matched by corresponding changes in the foreign reserves.
• Current Yield: A return measure that indicates the amount of current income a bond provides relative to its market price. It is shown as: Coupon Rate divided by Price multiplied by 100%.
• Custody of Securities: Registration of securities in the name of the person to whom a bank is accountable, or in the name of the bank’s nominee; plus deposition of securities in a designated account with the bank’s bankers or with any other institution providing custodial services.
• Default Risk: The possibility that a bond issuer will default ie, fail to repay principal and interest in a timely manner.
• Derivative Call (Put) Warrants: Warrants issued by a third party which grant the holder the right to buy (sell) the shares of a listed company at a specified price.
• Derivative Instrument: Financial instrument whose value depends on the value of another asset.
• Discount Bond: A bond selling below par, as interest in-lieu to the bondholders.
• Diversification: The inclusion of a number of different investment vehicles in a portfolio in order to increase returns or be exposed to less risk.
• Duration: A measure of bond price volatility, it captures both price and reinvestment risks to indicate how a bond will react to different interest rate environments.
• Earnings: The total profits of a company after taxation and interest.
• Earnings per Share (EPS): The amount of annual earnings available to common stockholders as stated on a per share basis.
• Earnings Yield: The ratio of earnings to price (E/P). The reciprocal is price earnings ratio (P/E).
• Equity: Ownership of the company in the form of shares of common stock.
• Equity Call Warrants: Warrants issued by a company which give the holder the right to acquire new shares in that company at a specified price and for a specified period of time.
• Ex-dividend (XD): A security which no longer carries the right to the most recently declared dividend or the period of time between the announcement of the dividend and the payment (usually two days before the record date). For transactions during the ex-dividend period, the seller will receive the dividend, not the buyer. Ex-dividend status is usually indicated in newspapers with an (x) next to the stock’s or unit trust’s name.
• Face Value/ Nominal Value: The value of a financial instrument as stated on the instrument. Interest is calculated on face/nominal value.
• Fixed-income Securities: Investment vehicles that offer a fixed periodic return.
• Fixed Rate Bonds: Bonds bearing fixed interest payments until maturity date.
• Floating Rate Bonds: Bonds bearing interest payments that are tied to current interest rates.
• Fundamental Analysis: Research to predict stock value that focuses on such determinants as earnings and dividends prospects, expectations for future interest rates and risk evaluation of the firm.
• Future Value: The amount to which a current deposit will grow over a period of time when it is placed in an account paying compound interest.
• Future Value of an Annuity: The amount to which a stream of equal cash flows that occur in equal intervals will grow over a period of time when it is placed in an account paying compound interest.
• Futures Contract: A commitment to deliver a certain amount of some specified item at some specified date in the future.
• Hedge: A combination of two or more securities into a single investment position for the purpose of reducing or eliminating risk.
• Income: The amount of money an individual receives in a particular time period.
• Index Fund: A mutual fund that holds shares in proportion to their representation in a market index, such as the S&P 500.
• Initial Public Offering (IPO): An event where a company sells its shares to the public for the first time. The company can be referred to as an IPO for a period of time after the event.
• Inside Information: Non-public knowledge about a company possessed by its officers, major owners, or other individuals with privileged access to information.
• Insider Trading: The illegal use of non-public information about a company to make profitable securities transactions
• Intrinsic Value: The difference of the exercise price over the market price of the underlying asset.
• Investment: A vehicle for funds expected to increase its value and/or generate positive returns.
• Investment Adviser: A person who carries on a business which provides investment advice with respect to securities and is registered with the relevant regulator as an investment adviser.
• IPO price: The price of share set before being traded on the stock exchange. Once the company has gone Initial Public Offering, the stock price is determined by supply and demand.
• Junk Bond: High-risk securities that have received low ratings (i.e. Standard & Poor’s BBB rating or below; or Moody’s BBB rating or below) and as such, produce high yields, so long as they do not go into default.
• Leverage Ratio: Financial ratios that measure the amount of debt being used to support operations and the ability of the firm to service its debt.
• Libor: The London Interbank Offered Rate (or LIBOR) is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the London wholesale money market (or interbank market). The LIBOR rate is published daily by the British Banker’s Association and will be slightly higher than the London Interbank Bid Rate (LIBID), the rate at which banks are prepared to accept deposits.
• Limit Order: An order to buy (sell) securities which specifies the highest (lowest) price at which the order is to be transacted.
• Limited Company: The passive investors in a partnership, who supply most of the capital and have liability limited to the amount of their capital contributions.
• Liquidity: The ability to convert an investment into cash quickly and with little or no loss in value.
• Listing: Quotation of the Initial Public Offering company’s shares on the stock exchange for public trading.
• Listing Date: The date on which Initial Public Offering stocks are first traded on the stock exchange by the public
• Margin Call: A notice to a client that it must provide money to satisfy a minimum margin requirement set by an Exchange or by a bank / broking firm.
• Market Capitalization: The product of the number of the company’s outstanding ordinary shares and the market price of each share.
• Market Maker: A dealer who maintains an inventory in one or more stocks and undertakes to make continuous two-sided quotes.
• Market Order: An order to buy or an order to sell securities which is to be executed at the prevailing market price.
• Money Market: Market in which short-term securities are bought and sold.
• Mutual Fund: A company that invests in and professionally manages a diversified portfolio of securities and sells shares of the portfolio to investors.
• Net Asset Value: The underlying value of a share of stock in a particular mutual fund; also used with preferred stock.
• Offer for Sale: An offer to the public by, or on behalf of, the holders of securities already in issue.
• Offer for Subscription: The offer of new securities to the public by the issuer or by someone on behalf of the issuer.
• Open-end (Mutual) Fund: There is no limit to the number of shares the fund can issue. The fund issues new shares of stock and fills the purchase order with those new shares. Investors buy their shares from, and sell them back to, the mutual fund itself. The share prices are determined by their net asset value.
• Open Offer: An offer to current holders of securities to subscribe for securities whether or not in proportion to their existing holdings.
• Option: A security that gives the holder the right to buy or sell a certain amount of an underlying financial asset at a specified price for a specified period of time.
• Oversubscribed: When an Initial Public Offering has more applications than actual shares available. Investors will often apply for more shares than required in anticipation of only receiving a fraction of the requested number. Investors and underwriters will often look to see if an IPO is oversubscribed as an indication of the public’s perception of the business potential of the IPO company.
• Par Bond: A bond selling at par (i.e. at its face value).
• Par Value: The face value of a security.
• Perpetual Bonds: Bonds which have no maturity date.
• Placing: Obtaining subscriptions for, or the sale of, primary market, where the new securities of issuing companies are initially sold.
• Portfolio: A collection of investment vehicles assembled to meet one or more investment goals.
• Preference Shares: A corporate security that pays a fixed dividend each period. It is senior to ordinary shares but junior to bonds in its claims on corporate income and assets in case of bankruptcy.
• Premium (Warrants): The difference of the market price of a warrant over its intrinsic value.
• Premium Bond: Bond selling above par.
• Present Value: The amount to which a future deposit will discount back to present when it is depreciated in an account paying compound interest.
• Present Value of an Annuity: The amount to which a stream of equal cash flows that occur in equal intervals will discount back to present when it is depreciated in an account paying compound interest.
• Price/Earnings Ratio (P/E): The measure to determine how the market is pricing the company’s common stock. The price/earnings (P/E) ratio relates the company’s earnings per share (EPS) to the market price of its stock.
• Privatization: The sale of government-owned equity in nationalized industry or other commercial enterprises to private investors.
• Prospectus: A detailed report published by the Initial Public Offering company, which includes all terms and conditions, application procedures, IPO prices etc, for the IPO
• Put Option: The right to sell the underlying securities at a specified exercise price on of before a specified expiration date.
• Rate of Return: A percentage showing the amount of investment gain or loss against the initial investment.
• Real Interest Rate: The net interest rate over the inflation rate. The growth rate of purchasing power derived from an investment.
• Redemption Value: The value of a bond when redeemed.
• Reinvestment Value: The rate at which an investor assumes interest payments made on a bond which can be reinvested over the life of that security.
• Relative Strength Index (RSI): A stock’s price that changes over a period of time relative to that of a market index such as the Standard & Poor’s 500, usually measured on a scale from 1 to 100, 1 being the worst and 100 being the best.
• Repurchase Agreement: An arrangement in which a security is sold and later bought back at an agreed price and time.
• Resistance Level: A price at which sellers consistently outnumber buyers, preventing further price rises.
• Return: Amount of investment gain or loss.
• Rights Issue: An offer by way of rights to current holders of securities that allows them to subscribe for securities in proportion to their existing holdings.
• Risk-Averse, Risk-Neutral, Risk-Taking:
  Risk-averse describes an investor who requires greater return in exchange for greater risk.
  Risk-neutral describes an investor who does not require greater return in exchange for greater risk.
  Risk-taking describes an investor who will accept a lower return in exchange for greater risk.
• Senior Bond: A bond that has priority over other bonds in claiming assets and dividends.
• Short Hedge: A transaction that protects the value of an asset held by taking a short position in a futures contract.
• Settlement: Conclusion of a securities transaction when a customer pays a broker/dealer for securities purchased or delivered, securities sold, and receives from the broker the proceeds of a sale.
• Short Position: Investors sell securities in the hope that they will decrease in value and can be bought at a later date for profit.
• Short Selling: The sale of borrowed securities, their eventual repurchase by the short seller at a lower price and their return to the lender.
• Speculation: The process of buying investment vehicles in which the future value and level of expected earnings are highly uncertain.
• Stock Splits: Wholesale changes in the number of shares. For example, a two for one split doubles the number of shares but does not change the share capital.
• Subordinated Bond: An issue that ranks after secured debt, debenture, and other bonds, and after some general creditors in its claim on assets and earnings. Owners of this kind of bond stand last in line among creditors, but before equity holders, when an issuer fails financially.
• Substantial Shareholder: A person acquires an interest in relevant share capital equal to, or exceeding, 10% of the share capital.
• Support Level: A price at which buyers consistently outnumber sellers, preventing further price falls.
• Technical Analysis: A method of evaluating securities by relying on the assumption that market data, such as charts of price, volume, and open interest, can help predict future (usually short-term) market trends. Contrasted with fundamental analysis which involves the study of financial accounts and other information about the company. (It is an attempt to predict movements in security prices from their trading volume history.)
• Time Horizon: The duration of time an investment is intended for.
• Trading Rules: Stipulation of parameters for opening and intra-day quotations, permissible spreads according to the prices of securities available for trading and board lot sizes for each security.
• Trust Deed: A formal document that creates a trust. It states the purpose and terms of the name of the trustees and beneficiaries.
• Underlying Security: The security subject to being purchased or sold upon exercise of the option contract.
• Valuation: Process by which an investor determines the worth of a security using risk and return concept.
• Warrant: An option for a longer period of time giving the buyer the right to buy a number of shares of common stock in company at a specified price for a specified period of time.
• Window Dressing: Financial adjustments made solely for the purpose of accounting presentation, normally at the time of auditing of company accounts.
• Yield (Internal rate of Return): The compound annual rate of return earned by an investment
• Yield to Maturity: The rate of return yield by a bond held to maturity when both compound interest payments and the investor’s capital gain or loss on the security are taken into account.
• Zero Coupon Bond: A bond with no coupon that is sold at a deep discount from par value.

Source:http://ibpsexaminations.blogspot.in/2011/11/baking-terminology.html

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