Punjab to repay 12.30% Punjab State Development Loan

Chandigarh, Sept 6 (UNI) The Punjab Government today notified that the outstanding balance of 12.30 per cent of the Punjab State Development Loan would be repaid at par on October 6, with interest due up to October 5.

The loan was issued in terms of the state finance departments notification No 7/4/97-2FBII/8512 dated September 26, 1997.

According to an official spokesman, in the event of a holiday being declared on the foresaid date by state governments under the Negotiable Instruments Act, the loan will be repaid by the paying offices in that state on the previous working day. No interest will be accured on the loan from and after October 6.

The spokesman said that to facilitate repayment on the due date, holders of the loan should tender their securities at the Public Debt Office, Treasury and Sub-Treasury or branch of State Bank of India, or its subsidiary banks where they are nfaced/registered for payment of interest 20 days in advance. The securities should be tendered for repayment, duly discharged on the reverse.

It should be particularly noted that at places where the treasury work is done by a branch of the State Bank of India or any of its associate banks, the securities, if they are in the form of Stock Certificates, should be tendered at the branch of the bank concerned and not at the Treasury or Sub-Treasury, the spokesman added.

He said that holders who wish to receive payment at places other than those where the securities have been enfaced for payment should send them duly discharged to the Public Debt Office concerned by registered and insured post. The Public Debt office will make payment by issuing a draft payable at any Treasury/Sub-Treasury or branch of State Bank of India or its associate banks conducting Government treasury work in the state of Punjab.

UNI