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Repayment of government stock on August 28
by Jenny HodgeIndian federal government has announced that the outstanding balance of 4.88 % government stock, 2008 is repayable at par on August 28, 2008 and no interest will accrue thereon from the said date.
The government said in notification that in the event of a holiday being declared on August 28, 2008 by any state government under the Negotiable Instruments Act, 1881, the Loan will be repaid by the paying offices in that State on the previous working day.
The notification said as per sub-regulation 24(2) and 24(3) of Government Securities Regulations, 2007 payment of maturity proceeds to the registered holder of Government Security held in the form of Subsidiary General Ledger or Constituent Subsidiary General Ledger account or Stock Certificate shall be made by a pay order incorporating the relevant particulars of his bank account or by credit to the account of the holder in any bank having facility of receipt of funds through electronic means. For the purpose of making payment in respect of the securities, the original subscriber or the subsequent holders of such a Government Securities shall submit the relevant particulars of their bank account well in advance.
However, in the absence of relevant particulars of bank account/mandate for receipt of funds through electronic means, to facilitate repayment of the Loan on the due date, holders may tender the securities, duly discharged, at the Public Debt Offices, Treasuries/Sub-Treasuries and branches of State Bank of India and its Associate Banks (at which they are enfaced /registered for payment of interest) 20 days in advance of the due date for repayment.
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