Automatic redemption of matured government bonds: electronic mandates enable payment to investor accounts on maturity. Repayment procedures require Agency banks to notify Bond Ledger Account holders one month before maturity and to effect repayment by pay order or electronic credit under Regulation 24. Where bank account particulars exist, automatic redemption and electronic credit on the due date are authorized without Annexure 1A; otherwise holders must submit Annexure 1A or provide an electronic mandate (Annexure 1B). No interest accrues after maturity; PAN/Form 60 requirements apply where repayment exceeds the prescribed threshold.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Automatic redemption of matured government bonds: electronic mandates enable payment to investor accounts on maturity.
Repayment procedures require Agency banks to notify Bond Ledger Account holders one month before maturity and to effect repayment by pay order or electronic credit under Regulation 24. Where bank account particulars exist, automatic redemption and electronic credit on the due date are authorized without Annexure 1A; otherwise holders must submit Annexure 1A or provide an electronic mandate (Annexure 1B). No interest accrues after maturity; PAN/Form 60 requirements apply where repayment exceeds the prescribed threshold.
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