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New T-bills to allow more flexibility: Finance Secy
August, 11th 2009

The government said its plans to raise funds through a new kind of instrument will provide more flexibility for its cash management.

"It (Cash Management Bills) will provide more flexibility for cash management," Finance Secretary Ashok Chawla said on the sidelines of annual conference of Chief Commissioners and Director Generals of income tax.

He said the new short-term treasury bills will be part of the government's same borrowing programme.

To meet its burgeoning expenditure, necessitated by the slowing down economy, the government has pegged its market borrowing at over Rs 4.5 lakh crore for the current fiscal, bulk of which is being raised in the first half.

The cash management bills will have maturities of less than 91 days and will have the broader features of treasury bills.

Treasury bills are also of short maturity of less than a year, but not as short as these new instruments. Treasury bills are issued for 91 days, 182 days and 364 days.

The new bills will be issued at discount to the face value through auctions, and the holder will get the full face value at the time of maturity. However, he can also trade the bills in the market.

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