Repayment of 8% Savings (Taxable) Bonds, 2003
The 8% Savings (Taxable) Bonds, 2003 issued in terms of Government of India, Ministry of Finance, Department of Economic Affairs, Notification No, F.4(10)- W&M/2003 dated March 21, 2003 will start maturing for repayment with effect from April 21, 2009. The holders may note that “no interest would be payable on the Bonds after maturity date”.
As per sub regulations 24 (2) (b) and 24 (3) of Government Securities Regulations, 2007, payment of maturity proceeds to the registered holder of a Government security, held in the form of Bond Leger Account (BLA) with Agency banks 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. To facilitate repayment of the above bonds on the due dates, holders of BLAs may furnish the relevant particulars of their bank account to the Agency banks concerned well in advance so that the automatic redemption of BLAs can be made on due date without requiring to give any discharge upon the Annexure 1A. Holders may, therefore, submit the relevant particulars of their bank account for automatic redemption of the maturity value on the due date.
However, in the absence of relevant particulars of bank account / mandate for receipt of funds through electronic means (ECS Mandate), repayment will be made on receipt of discharge upon the Annexure-1A.
Full details of the procedure for receiving discharge value may be obtained from the Agency bank concerned.
