Repayment of ‘8.83% GOVT. STOCK 2023’
The outstanding balance of ‘8.83% GOVT. STOCK 2023’ is repayable at par on November 24, 2023 (November 25, 2023 being non-working Saturday). No interest will accrue from the date of maturity of the loan. In the event of a holiday being declared on repayment day by any State Government under the Negotiable Instruments Act, 1881, the Loan/s will be repaid by the paying offices in that State on the previous working day.
a) As per sub-regulations 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 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. The original subscriber or the subsequent holders of such Government Securities, shall submit the relevant details of their bank account well in advance for the purpose of making the payment of the securities.
b) 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, the holders may tender the securities, duly discharged, at the Public Debt Offices, Treasuries / Sub-Treasuries and branches of State Bank of India (at which they are enfaced / registered for payment of interest) 20 days in advance of the due date for repayment.
The details of the procedure for receiving the discharge value may be obtained from any of the abovementioned paying offices.