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RIB Redemption Cell

Information You Can Use:
RIB Redemption Cell

Last updated on: July 12, 2003 11:17 IST
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SBI sets up RIB Redemption Cell

The State Bank of India has set up an RIB Redemption Cell to ensure smooth repayment of about Rs 25,000 crore to investors of Resurgent India Bonds from October 1.

The 'RIB - Redemption Cell' in Delhi local head office has started accepting the redemption applications, which should reach the bank by August 2.

"The last date for submission of redemption of the RIBs is August 22," G C Jashnani, who has been appointed as officer on special duty for RIBs, said.

The maturity proceeds would be paid in US dollars, UK pounds and Euro in case the bondholders continue to be NRIs or has become a resident in India before the maturity of the RIBs, he said.

Resident Indians can place their RIB proceeds as term deposits or in Resident Foreign Currency Account at SBI.

The bank would pay in Non-repatriable Indian rupees at the prevailing forex rates if the bondholder is a resident
 Indian.

Jashnani said bondholders would be advised to deploy the RIB funds in different schemes of SBI for getting an attractive return in future also.

RIB, the five-year tax-free bond offering an attractive 7.5 per cent return, was launched in 1998 in the wake of  economic sanctions imposed by many developed nations and multilateral funding agencies following nuclear tests conducted by India.

The quasi-sovereign bonds mopped up over $4 billion, mainly from Non-Resident Indians.

PTI

Science contest

DuPont India Pvt Limited has announced the launch of Dupont India Challenge, a nation-wide science paper contest for schools.

The DuPont India Challenge invites students to write a science paper of 700 to 1,000 words discussing a scientific or technological development, event or theory that has captured their interest and attention.

Students may choose their topic from one of the following areas of scientific
study:

Cloning
Genetics
Biotechnology
Bioengineering
Nutraceuticals

The contest closes on August 31.

For more details: http://in.dupont.com/incorp/science/2003contest/index.html

Pre-departure briefing for studying in the UK

Education UK invites students who have received an offer of admission from UK institutions for all the information required to prepare for student life in the UK. Contact mumbai.educationuk@in.britishcouncil.org
or 22823560 ext 171 for more information.

July 16, 2 pm to 6 pm, Ravi J Mathai Auditorium, IIM, Ahmedabad

 

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