Repayment of 8.44% Maharashtra State Development Loan of 2024

Mumbai : The outstanding balance of the 8.44% Maharashtra State Development Loan, 2024, raised by the Government of Maharashtra from the open market, will be repaid at par on November 26, 2024, with interest payable up to November 25, 2024, as announced by the Department of Finance (Financial Reforms). Secretary Mrs. Shaila A. conveyed this information through a press release.

If the Government of Maharashtra declares a holiday on the repayment date under the “Negotiable Instruments Act, 1881,” the State Grant Office will make the repayment on the previous working day. No interest shall be payable from and after November 26, 2024.

Maturity proceeds for the registered holders of Government Bonds will be credited to the holders’ accounts in any bank with deposit facilities through electronic means, along with the relevant details of their bank accounts. For provisions regarding securities, the original subscriber or successor holder must submit relevant details to the Bank, Treasury, or Sub-Treasury of a branch of the State Bank of India or their subsidiary banks, as applicable, if they are directed or registered to receive interest.

Holders of the 8.44% Maharashtra State Development Loan, 2024, should submit their bonds to the Public Credit Office at least 20 days in advance to facilitate repayment on the due date, especially if relevant bank account details or deposit orders via electronic means are not available. The bonds must be presented for redemption with the inscription “Received the principal amount on the certificate” on the reverse side.

It is important to note that where treasury operations are conducted through the State Bank of India or any of its associate banks, bonds in the form of certificates must be presented at the respective bank branch and not at the treasury or sub-treasury. Bondholders wishing to receive proceeds at locations other than those designated for bond delivery should send their bonds by registered and insured post to the appropriate Public Credit Office as soon as reasonably practicable. The Public Credit Office will process these bonds for cash disbursement payable to the treasury/sub-treasury at any branch of the State Bank of India or its associate bank acting as the Government Treasury in the State of Maharashtra, as stated in the Finance Department’s press release.