Government of India announces the repayment of ‘1.44% Inflation Index GS 2023’ on June 05, 2023, according to a press communique released by the Ministry of Finance, Department of Economic Affairs, Budget Division on May 11, 2023.
The outstanding balance of the issue will be repaid at par and no interest will accrue from the repayment date. If any State Government declares a holiday on the repayment day 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 the facility of receipt of funds through electronic means.
To receive 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 the bank account/mandate for receipt of funds through electronic means, holders may tender the securities, duly discharged, at the Public Debt Offices, Treasuries/Sub-Treasuries, and branches of State Bank of India (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.
Investors are advised to take note of the repayment date and ensure timely submission of bank account details or tendering of securities to avoid any delays in repayment.