Repayment of ‘Government of India Floating Rate Bonds (FRB)2020’
Posted On: 20 NOV 2020 6:32PM by PIB Delhi
The outstanding balance of ‘GOI Floating Rate Bonds (FRB) 2020’is repayable at par on December 21, 2020. No interest will accrue there on from December 21, 2020.In the event of a holiday being declared on December 21, 2020 by any State Government under the Negotiable Instruments Act, 1881, the Loan/s will be repaid by the paying offices in that State on the previous working day.
As per sub-regulations 24 (2) and 24(3) of Government Securities Regulations, 2007 payment of maturity proceeds to the registered holder of Government Security held in the form of Subsidiary General Ledger or Constituent Subsidiary General Ledger account or Stock Certificate shall be made by a pay order incorporating the relevant particulars of his bank account or by credit to the account of the holder in any bank having facility of receipt of funds through electronic means. For the purpose of making payment in respect of the securities, the original subscriber or the subsequent holders of such Government Securities, shall submit the relevant particulars of their bank account well in advance.However, in the absence of relevant particulars of bank account / mandate for receipt of funds through electronic means, to facilitate repayment of the Loan on the due date, holders may tender the securities, duly discharged, at the Public Debt Offices, Treasuries / Sub-Treasuries and branches of State Bank of India and its Associate Banks (at which they are enfaced / registered for payment of interest) 20 days in advance of the due date for repayment.
Full details of the procedure for receiving the discharge value may be obtained from any of the aforesaid paying offices.
