Help-security law
This query is : Resolved
10 August 2011
Abhishek purchases 7.40% GOI 2012 for face value of Rs.10lacs @101.80 i.e., Abhishek pays Rs.101.80 for every unit of government security having a face value of Rs.100.Last interest payment date was October 3, 2009.The settlement is due on March 3, 2010.What is the amount to be paid by Abhishek?
10 August 2011
Correct me if i am worng in case the government security is being purchased at 101.80 then that is the amount to be paid by Abhishek.
12 August 2011
Principal Amount Payable =
Rs. (1000000*101.80/100)= Rs. 10,18,000/-
Interest Payable =
Rs. (1000000*7.40%)*150/360=Rs 30833
Total Amount Payable =
Rs. (10,18,000+30,833)=Rs 10,48,833/-
Note: For Government dated securities, the day count is taken as 360 days for a year and 30 days for every completed month.
Rs. (1000000*101.80/100)= Rs. 10,18,000/-
Interest Payable =
Rs. (1000000*7.40%)*150/360=Rs 30833
Total Amount Payable =
Rs. (10,18,000+30,833)=Rs 10,48,833/-
Note: For Government dated securities, the day count is taken as 360 days for a year and 30 days for every completed month.
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