Forex reserves fall to over 7-month-low, current account deficit moderates: RBI
The foreign exchange reserves fell for a third consecutive week as of December 20, data from the Reserve Bank of India said on Friday.
The Finance Ministry on Monday announced the sale of government bonds worth Rs 32,000 crore in two categories on April 26 (Friday).
The first lot comprises “7.1 per cent Government Security 2034” for an amount of Rs 20,000 crore while the second lot consists of “7.46 per cent Government Security 2073” worth Rs 12,000 crore.
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Both the bonds will be auctioned by the RBI in Mumbai through a price-based auction using the multiple price method.
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The government will have the option to retain additional subscriptions up to Rs 2,000 crore against each security.
Up to 5 per cent of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the scheme for non-competitive bidding facility in the auction of government securities.
Both competitive and non-competitive bids for the auction have to be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on April 26.
The non-competitive bids should be submitted between 10.30 a.m. and 11.00 a.m. and the competitive bids should be submitted between 10.30 a.m. and 11.30 a.m, according to the Finance Ministry statement.
The result of the auctions will be announced on April 26 (Friday) and payment by successful bidders will be on April 29 (Monday).
The securities will be eligible for “When Issued” trading in accordance with the RBI guidelines.
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