Repayment of Maharashtra State Development Loan 2024 at 8.98 Percent

Mumbai – The Government of Maharashtra will repay the outstanding balance of the 8.98 percent Maharashtra State Development Loan, 2024, raised earlier through the open market, along with interest payable up to August 26, 2024. The repayment will be made at par on August 27, 2024, as informed by Finance Department (Financial Reforms) Secretary Smt. Shaila A. through a press release.

If the Government of Maharashtra declares a holiday on the mentioned date under the “Negotiable Instruments Act, 1881,” the State Grant Office will repay the loan on the preceding working day. No interest shall be payable on this loan from and after August 27, 2024.

According to sub-regulations 24(2) and 24(3) of the Government Securities Regulations, 2007, the maturity proceeds will be provided to the registered holder of Government securities in the form of a secondary general ledger account or bond certificate, credited to the holder’s account in any bank that facilitates electronic fund deposits. This will be done through the provision of the holder’s bank account details. For securities, the original subscriber or successor holder must submit relevant bank account details with the Bank, Treasury, or Sub-Treasury of a branch of the State Bank of India or its subsidiary banks, if directed/registered to provide interest.

In the absence of relevant bank account details or an order to deposit funds through electronic medium, holders of the 8.98 percent 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. The bonds should be presented for redemption with the words “Received the principal amount on the certificate” on the reverse side of the bonds.

It is important to note that where treasury work is conducted 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 desiring to receive payment at locations other than the designated places for bond delivery should send the bonds to the concerned Public Credit Office by registered and insured post. The Public Credit Office will then provide a draft payable to the treasury/sub-treasury at any branch of the State Bank of India or its associate banks acting as Government Treasury in the State of Maharashtra.