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(Querist)
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?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
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.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
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.
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