Consequent upon the approval of the second Supplementary Demands for Grants by the Parliament and the fiscal stimulus packages announced by the Government, it has become necessary for the Government of India to raise additional resources. Accordingly, in supersession of the issuance calendar announced through the Government of India Press Communiqué dated December 5, 2008, the Government of India, in consultation with the Reserve Bank of India, has decided to issue a new issuance calendar for marketable dated securities. Accordingly, the following indicative calendar for issue of dated securities covering the period from January 5, 2009 to March 31, 2009 (as given below) is being issued in consultation with the Reserve Bank of India.
| Period of auction | Amount (Rs. Crore) | Term of the Security |
|---|---|---|
| January 5-9 | 15,000 | i) 5-9 year security for Rs.7,000 crore ii) 15-19 security for Rs.4,000 crore iii) 20-year and above security for Rs.4,000 crore |
| January 12-16 | 10,000 | i) 5-9 year security for Rs.6,000 crore ii) 20-year and above security for Rs.4,000 crore |
| January 23-30 | 10,000 | i) 10-14 year security for Rs.6,000 crore ii) 20-year and above security for Rs.4,000 crore |
| February 6-9 | 7,000 | i) 5-9 year security for Rs.5,000 crore ii) 15-19 security for Rs.2,000 crore |
| February 13-20 | 8,000 | i) 10-14 year security for Rs.6,000 crore ii) 20-year and above security for Rs.2,000 crore |
| Total | 50,000 | - |
All the auctions covered by the calendar will have the facility of non-competitive bidding scheme under which 5 per cent of the notified amount will be reserved for specified retail investors.
Variable rate bonds may be issued depending upon market conditions.
As in the past, the Central Government/Reserve Bank reserves the right to have the flexibility to modify the above calendar in terms of notified amount, issuance period, maturity, etc., keeping in view the emerging requirements of the Government, market conditions and other relevant factors after giving due notice.
Government of India
Ministry of Finance
Department of Economic Affairs
New Delhi, dated January 6, 2009
