The state government will repay the outstanding balance of Rs 226.29 crore under Maharashtra State Development Loan (MSDL) 2003 at par on May 17. The loan bears an interest rate of 13.5 per cent.
A finance department spokesperson said, at places where treasury work is done by a branch of State Bank of India or any of its associate banks, the securities, if in the form of stock securities, should be tendered at the bank branch and not at the treasury or sub-treasury.
He said holders, who wish to receive the payment at places other than those where the securities have been slated for payment, should send the securities duly discharged to the public debt office by a registered and insured post.
The public debt office will make the payment through a draft payable at any treasury or sub-treasury or branch of State Bank of India (SBI) or its associate banks conducting government treasury work in Maharashtra, the finance department spokesperson added.
Holders of the 13.5 per cent MSD Loan, 2003, will have to tender their securities at the public debt office, treasury and sub-treasury or branch of the SBI or its subsidiary banks 20 days in advance to facilitate the repayment on the due date.
The spokesperson said in the event of a public holiday on May 17 by any other state government under the negotiable instruments Act, 1881, the loan will be repaid on the previous working day. No interest will accrue on the loan from and after May 17, he added.
