Section 23   [ View Judgements ]

Payment of interest


Payment of interest on Government security shall be made and acknowledged in the following manner, namely,-



(1) Government promissory note - Where post dated interest warrants have not been issued, interest shall be paid by interest warrants issued by the Bank or if the holder so desires, by credit to his bank account through electronic means, on presentment of the Government promissory note.



(2) Stock or bond - Interest on stock or a bond held in a bond ledger account shall be paid by interest warrants issued by the Bank or its agent, as the case may be, or if the holder so desires, by credit to his bank account through electronic means.



(3) Bearer bond - Interest on a bearer bond, where applicable, shall be paid to any person who presents the coupon entitling him to such interest at the Public Debt Office or the treasury or sub-treasury, as the case may be, at which the bond is registered or enfaced for payment of interest.



(4) Notwithstanding anything contained in the provisions of this regulation, the Bank may arrange for payment of interest on a Government security at any place not provided herein or through any mode not provided herein.

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