February 25, 2004
Phalguna 6, 1925 (S)
RBI/2004/76
Repayment Circular No. 3 /2003
- The Treasury Officers
All Treasury Offices in India
(Except in the State of Jammu & Kashmir
and Sikkim)
- The Regional Director,
Reserve Bank of India,
Public Debt Office,
Ahmedabad/Bangalore/Bhubaneswar/Chennai/Guwahati/Hyderabad/Jaipur/Kanpur/Kolkata/Fort,
Mumbai-1/Nagpur/New Delhi/Patna/Thiruvananthapuram.
- The Chief Managers of the branches of State
Bank of India
and its associate banks conducting Govt. treasury
business ( only for those branches at which stock certificates
stand registered for payment of interest)
Dear Sir,
Repayment of 12.50 per cent Government
Stock, 2004 on March 23, 2004
As you are aware 12.50 per cent
Government Stock, 2004 is due for repayment on March 23, 2004.
In this connection, we invite your attention to the Press Communique dated 10th
February 2004 issued by the Government of India. As stated therein the outstanding
balance of this Government Stock is repayable on March 23, 2004 and
no interest will accrue on it thereafter. In the event of a holiday being
declared on March 23, 2004 by any of the State Governments under the
Negotiable Instruments Act, 1881, the Government Stock will be repaid by the
paying offices in that State on the previous working day.
2. To facilitate repayment
of the above Government Stock on the due date, holders may tender the securities
duly discharged at the Public Debt Offices, Treasuries/Sub-Treasuries or branches
of State Bank of India or its Associate Banks (at which they are enfaced/registered
for payment of interest) 20 days in advance of the due date of repayment of
the Government Stock. Full details of the procedure for receiving the discharge
value may be obtained from any of the aforesaid paying offices.
3. (a) To facilitate
examination of the securities and payment of the discharge value thereof on
the due date, you should accept the securities pertaining to this Loan, interest
on which is being paid at your office, 20 days in advance of the due date of
repayment of the loan as indicated in the Press Communique. It should be
noted that actual payment of discharge value should not be made before the due
date.
The discharge value should be paid
in the ordinary course, if the securities are tendered on or after the due date.
(b) Please note that no interest
will accrue on this Government Stock from and after March 23, 2004 even
if the securities are presented for repayment thereafter.
4. (a) A list of Securities
pertaining to 12.50 per cent Government Stock 2004 which are under notice of
stoppage is enclosed.
(b) Notice of recording of
subsequent stops and/or removals thereof, if any, will be sent to you by the
Public Debt Office concerned.
5. The general procedure to be
followed in connection with the discharge operations will be the same as in
the case of repayment of terminable loans of Government of India and as stipulated
in Chapter VIII of the Government Securities Manual (4th Edition). In this connection,
you may also follow the procedure / instructions laid down in our Repayment
circular/s dated 14th September 1989.
6. In case any point in these instructions
requires further clarification a reference may please be made to the undersigned
immediately.
7. In the meantime please
acknowledge receipt.
Yours faithfully,
(P.Loganathan)
Asstt. General Manager