Repayment of 9.02% Maharashtra State Development Loan, 2024 Raised from Open Market on August 13.

Mumbai, Dt. 12: The repayment of the outstanding balance of the 9.02% Maharashtra State Development Loan, 2024, raised by the Government of Maharashtra from the open market, will be carried out on August 13, 2024. This was announced by the Secretary of the Finance Department (Financial Reforms), Mrs. Shaila A, through a press release.

If a holiday is declared on August 13, the loan will be repaid on the preceding working day. No interest will be paid on this loan from August 13, 2024, onwards.

The maturity proceeds for the registered holders of the Government Bonds will be provided by depositing the funds into the holder’s bank account through electronic means, along with the relevant bank account details. The original subscriber or successor holder of the securities must provide the necessary bank account details to the Bank, Treasury, or Sub-Treasury of the State Bank of India or its subsidiary banks, where they are registered to receive interest.

However, holders of the 9.02% Maharashtra State Development Loan, 2024, should submit their bonds to the Public Credit Office 20 days in advance to facilitate repayment on the due date. In the absence of relevant bank account details or an electronic deposit order, the bonds should be presented for repayment with the words “Received the principal amount on the certificate” written on the reverse side of the bonds.

It should be noted that where treasury work is done through the State Bank of India or any of its associate banks, bond certificates should be presented at the branch of the concerned bank and not at the treasury or sub-treasury. Bondholders wishing to receive proceeds at locations other than the designated places for bond delivery should send the bonds by registered and insured post to the concerned Public Credit Office as soon as practicable. The Public Credit Office will provide the proceeds by way of a draft payable to the treasury/sub-treasury at any branch of the State Bank of India or its associate bank acting as Government Treasury in the State of Maharashtra.