News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Circulars »
 Emerging Challenges to Financial Stability (Shri Shaktikanta Das, Governor, Reserve Bank of India - Monday, August 19, 2019 - at FIBAC 2019 – the Annual Global Banking Conference organised by IBA and FICCI, Mumbai)
 Foreign Exchange Management (Deposit) (Amendment) Regulations, 2019 – Acceptance of Deposits by issue of Commercial Papers
 Direct Benefit Transfer (DBT) Scheme – Implementation
 Clarification in respect of filling-up of the ITR forms for the Assessment Year 2019-20
 Here's how you can file your income tax this year ITR Filing
  RBI-Auction of Government of India Dated Securities August 09, 2019
 RBI-Edited Transcript of Reserve Bank of India’s Third Bi-Monthly Monetary Policy Press Conference
 RBI-Task Force on Offshore Rupee Markets submits report to the Governor
 Notification No. 56/2019 Central Board Of Indirect Taxes And Customs
  RBI-Statement on Developmental and Regulatory Policies
 Financial Inclusion - Access to Banking Services - Basic Savings Bank Deposit Account (BSBDA)

Auction for Sale (Re-issue) of Government of India Floating Rate Bonds 2024
April, 04th 2017

Government of India
Ministry of Finance
Department of Economic Affairs
Budget Division

New Delhi, dated April 3, 2017

NOTIFICATION

Auction for Sale (Re-issue) of Government of India Floating Rate Bonds 2024

F. No.4 (3) W&M/2017: Government of India hereby notifies sale (re-issue) of Floating Rate Bonds (hereinafter called 'the Bonds') for an aggregate amount of  3,000 crore (nominal). The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’) as also the terms and conditions specified in the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 issued by Government of India.

Method of Issue
2. The Bonds will be sold through Reserve Bank of India, Mumbai Office, Fort, Mumbai- 400 001 in the manner as prescribed in paragraph 5.1 of the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 by a price based auction using multiple price auction method.

Allotment to Non-competitive Bidders
3. The Bonds up to 5% of the notified amount of the sale will be allotted to eligible individuals and institutions as per the enclosed Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities (Annex).

Place and date of auction
4. The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, Mumbai-400 001 on April 7, 2017. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on April 7, 2017. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon.

When Issued Trading
5. The Stock will be eligible for “When Issued” trading in accordance with the guidelines issued by the Reserve Bank of India.

Tenure
6. The Floating Rate Bonds will be of eight years tenure commencing from November 07, 2016. The Bonds will be repaid at par on November 07, 2024.

Date of issue and payment for the stock
7. The result of the auction shall be displayed by the Reserve Bank of India at its Fort, Mumbai Office on on April 7, 2017. The payment by successful bidders will be on April 10, 2017. i.e. the date of re-issue. The payment for the Stock will include accrued interest on the nominal value of the Stock allotted in the auction from the date of original issue i.e., November 07, 2016 to April 09, 2017.

Interest
8. (i) Interest at a rate of 6.51% will accrue from November 07, 2016 (date of original issue) and will be paid on May 07, 2017. For the subsequent periods, the interest at a variable rate will be paid every half-yearly on May 07 and November 07.

(ii) The variable coupon rate for payment of interest on subsequent semi-annual period shall be the average rate rounded off up to two decimal places, of the implicit yields at the cut-off prices of the last three auctions of Government of India 182 day Treasury Bills, held up to the commencement of the respective semi-annual coupon period. The implicit yields will be computed by reckoning 365 days in a year.

(iii) In the event of Government of India 182-day Treasury Bill auctions being discontinued during the currency of the Bonds, the coupon rate will be the average of Yield to Maturity (YTM) rates prevailing for six month Government of India Security/ies as on the last three non-reporting Fridays prior to the commencement of the semi-annual coupon period. In case particular Friday/s is/are holiday/s, the yield to maturity rates as on the previous working day shall be taken.

(iv) The rate of interest payable half yearly on the Bonds during the subsequent years shall be announced by the Reserve Bank of India before the commencement of the relative semi-annual coupon period.

By Order of the President of India

(Prashant Goyal)
Joint Secretary to the Government of India

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions