Repayment of 8.16% Maharashtra State Development Loan, 2024

Mumbai : The Government of Maharashtra will repay the outstanding balance of the 8.16% Maharashtra State Development Loan, 2024, which was previously raised through open market borrowing. The repayment, along with the interest due by December 9, 2024, will be made at par on December 10, 2024, as communicated through a press release by Mrs. Shaila A., Secretary of the Finance Department (Financial Reforms).

If a public holiday is declared on the above date by the Maharashtra government under the Negotiable Instruments Act, 1881, the repayment will be processed on the preceding working day by the Office of the Administrator of Stamps in the state. No interest will be payable on this loan from December 10, 2024, onwards.

According to Sub-Regulations 24(2) and 24(3) of the Government Securities Regulations, 2007, the maturity proceeds for government securities in the form of secondary general ledger accounts or stock certificates will be credited electronically to the holder’s bank account with appropriate banking details, or through a payment order. For such disbursements, the original subscriber or subsequent holders must submit the relevant bank account details to the bank, treasury, sub-treasury, or State Bank of India branch, as applicable, where the securities are registered for interest payments.

In the absence of specific banking details or instructions for electronic funds transfer, holders of the 8.16% Maharashtra State Development Loan, 2024, are advised to present their bonds at the Public Debt Office 20 days in advance to facilitate repayment on the due date. Bonds should bear the endorsement, “Principal amount due on this certificate has been received,” on the reverse side for submission.

Holders with physical bond certificates should present these at the branch of the designated bank, not at the treasury or sub-treasury, where the State Bank of India or its associated banks perform treasury functions. Holders who wish to receive payment outside of designated encashment locations should send their bonds by registered and insured mail to the Public Debt Office. The Public Debt Office will disburse the amount via authorized treasury or sub-treasury in any branch of the State Bank of India or its associates handling treasury functions in Maharashtra, as noted in the Finance Department’s press release.