Press Information Bureau

Government of India

Ministry of Finance

27-April-2011 18:15 IST

Repayment of Outstanding Balances of 10.95 % Government Stock, 2011 at Par on May 30, 2011

PRESS NOTE

The outstanding balances of 10.95 % Government Stock, 2011 is repayable at par on May 30, 2011 and no interest will accrue there on from the said date. In the event of a holiday being declared on May 30, 2011 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.

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 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.

Full details of the procedure for receiving the discharge value may be obtained from any of the aforesaid paying offices.

 

Deptt. of Economic Affairs, Ministry of Finance

New Delhi: Vaisakha 07, 1933; April 27, 2011

DSM/BY/SAK

Repayment of government stock: maturity paid at par; holders must provide bank details or tender securities for payment. Repayment of outstanding Government Stock is payable at par on the maturity date with no further interest; if that date is a State holiday under the Negotiable Instruments Act, repayment will be made on the preceding working day. Maturity proceeds to registered holders must be paid by pay order with bank particulars or by electronic credit to a bank account; holders must submit bank particulars in advance. Absent such particulars, holders may tender duly discharged securities at Public Debt Offices, Treasuries/Sub Treasuries, or designated bank branches twenty days before the due date for repayment.