Repayment of 8.72% Maharashtra State Development Loan, 2024

Repayment of 8.72% Maharashtra State Development Loan, 2024

Mumbai : The repayment of the outstanding balance of the 8.72% Maharashtra State Development Loan, 2024, raised by the Government of Maharashtra through an open market loan, will be made with interest payable up to 28th October 2024. The repayment will be done at par on October 29, 2024, as informed by Secretary Smt. Shaila A. of the Finance Department (Financial Reforms) through a press release.

If the Government of Maharashtra declares a public holiday on the above date under the “Negotiable Instruments Act, 1881,” the loan will be repaid on the preceding working day. No interest will be payable on the loan from and after 29th October 2024.

As per sub-regulations 24(2) and 24(3) of the Government Securities Regulations, 2007, the maturity proceeds shall be credited to the registered holder’s account in any bank that supports electronic fund transfers. The holder must provide the relevant bank account details. In case of securities, the original subscriber or successor holder should submit the necessary details to their respective bank, Treasury, Sub-Treasury, or a branch of the State Bank of India or its subsidiary banks, if they are registered for interest payments.

Holders of the 8.72% Maharashtra State Development Loan, 2024, are advised to submit their bonds to the Public Debt Office at least 20 days prior to the due date to ensure timely repayment, in the absence of relevant bank account details for electronic transfer. Bonds submitted for redemption must bear the words “Received the principal amount” on the reverse side.

It should be noted that for treasury operations conducted through the State Bank of India or its associate banks, if the bonds are in certificate form, they should be submitted at the respective bank branch and not at the Treasury or Sub-Treasury. Bondholders wishing to receive payments at locations other than the designated delivery points must send the bonds to the concerned Public Debt Office by registered and insured post as early as possible. The Public Debt Office will issue cash draws payable at any branch of the State Bank of India or its associate banks acting as the Government Treasury in the State of Maharashtra, according to the Finance Department press release.