Repayment of 8.43 Percent Maharashtra State Development Loan, 2024 on November 12

Mumbai : The Government of Maharashtra has announced the repayment of the 8.43 percent Maharashtra State Development Loan, 2024, raised previously from the open market. The outstanding balance will be repaid at par on November 12, 2024, along with interest accrued up to November 11, 2024, according to a press release by Smt. Shaila A., Secretary of the Finance Department (Financial Reforms).

If November 12, 2024, is declared a holiday under the “Negotiable Instruments Act, 1881,” the State Grant Office will repay the loan on the previous working day. No interest will be payable on or after November 12, 2024.

As per sub-regulations 24(2) and 24(3) of the Government Securities Regulations, 2007, the repayment proceeds will be credited to the registered holders’ bank accounts through electronic transfer. This applies to holders who maintain their securities in a secondary general ledger account or hold a bond certificate. Original subscribers or subsequent holders should ensure that the correct bank account details are provided to their bank, treasury, or sub-treasury branches of the State Bank of India or its subsidiary banks to facilitate the interest payment and repayment process.

Holders of the 8.43% Maharashtra State Development Loan, 2024, are advised to submit their bonds to the Public Credit Office at least 20 days before the due date if they have not provided relevant bank account details for electronic transfers. The bonds should be presented with the phrase “Received the principal amount on the certificate” written on the reverse side of the bonds for redemption.

It is important to note that if the treasury services are managed by the State Bank of India or any of its associate banks, bond certificates should be presented at the concerned bank branch and not at the treasury or sub-treasury. Bondholders who wish to receive payment at locations other than designated bond delivery points should send the bonds via registered and insured post to the relevant Public Credit Office in advance. The Public Credit Office will issue a draft payable at the treasury or sub-treasury at any State Bank of India branch or its associate banks serving as government treasuries in Maharashtra, according to the Finance Department’s press release.