## Report on Government Securities Reissue Policy
**1. Executive Summary:**
This report analyzes a government policy notification regarding the reissue of Government Securities (GS). The core purpose of this policy is to conduct an auction for the sale of reissued Government Securities with varying maturities and interest rates. Key findings include the announcement of auctions for four specific GS, details on participation for both competitive and non-competitive bidders, and provisions to encourage retail investment in government securities. The policy emphasizes transparency and accessibility through electronic bidding and clear guidelines for aggregators and facilitators.
**2. Introduction:**
The purpose of this report is to provide an informative overview of a government policy notification concerning the sale and reissue of Government Securities (GS). The analysis is based solely on the provided policy text.
**3. Policy Overview:**
This is a new policy notification concerning the reissue of Government Securities.
* **Core Objective(s):** The primary objectives, as inferred from the text, are:
* To raise capital through the sale of reissued Government Securities.
* To provide investment opportunities with varying maturities and interest rates.
* To encourage wider participation and retail holding of Government securities, particularly through the Non-Competitive Bidding Facility.
**4. Background and Rationale:**
This is a new policy. The notification addresses the need for the government to raise funds through the issuance of Government Securities. The auction and reissue process aims to efficiently allocate these securities to investors while offering a range of investment options. The inclusion of a Non-Competitive Bidding Facility suggests a deliberate effort to broaden investor participation, potentially by appealing to retail investors who may not have the expertise or resources for competitive bidding.
**5. Key Provisions / Changes:**
This is a new policy, the key provisions include:
* **Auction Announcement:** Notifies the sale and reissue of the following Government Securities:
* 6.69 GS 2024 (Maturity: Jun 27, 2024; Notified Amount: ₹4,000 Crore)
* 7.10 GS 2029 (Maturity: Apr 18, 2029; Notified Amount: ₹7,000 Crore)
* 6.54 GS 2032 (Maturity: Jan 17, 2032; Notified Amount: ₹13,000 Crore)
* 6.95 GS 2061 (Maturity: Dec 16, 2061; Notified Amount: ₹9,000 Crore)
* **Auction Mechanism:** The securities will be sold through auctions conducted by the Reserve Bank of India (RBI), Mumbai. The method of the auction is Price based, Uniform for the first three securities and Multiple for the last one.
* **Bidding Process:** Bids must be submitted electronically through the RBI's Core Banking Solution (EKuber). Non-competitive bids have a specific time window (12:30 p.m. - 01:00 p.m.), as do competitive bids (12:30 p.m. - 01:30 p.m.).
* **Non-Competitive Bidding Facility:** Up to 5% of the notified amount is reserved for non-competitive bidders, targeting eligible individuals and institutions. This facility is governed by a specific scheme (Annex).
* **Eligibility for Non-Competitive Bidding:** The scheme defines who is a retail investor and the eligibility criteria to participate on a noncompetitive basis.
* **Interest Payment:** Interest accrues on the nominal value of the securities and is paid semi-annually.
* **Maturity:** Securities will be repaid at par on the date of maturity.
* **When Issued Trading:** The Securities will be eligible for When Issued trading in accordance with the guidelines issued by the Reserve Bank of India.
* **Additional Subscription:** GoI has the option to retain additional subscription up to 2,000 crore against each security mentioned.
**6. Target Audience and Stakeholders:**
The target audience and stakeholders include:
* **Retail Investors:** Individuals, firms, companies, and other entities interested in investing in government securities.
* **Financial Institutions:** Scheduled Banks, Primary Dealers, and Specified Stock Exchanges acting as Aggregator/Facilitators for non-competitive bids.
* **Provident Funds:** Eligible non-government provident funds.
* **Reserve Bank of India (RBI):** Responsible for conducting the auction and managing the issuance of securities.
* **Government of India (GoI):** Issuer of the securities and beneficiary of the funds raised.
* **State Governments:** Eligible to participate under the scheme only in the auctions of Treasury Bills.
* **Nepal Rashtra Bank, Royal Monetary Authority of Bhutan:** Eligible to participate under the scheme only in the auctions of Treasury Bills.
* **Eligible Provident Funds:** Eligible to participate under the scheme only in the auctions of Treasury Bills.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Reserve Bank of India (RBI) is the primary implementing agency, responsible for conducting the auction, managing the bidding process, and issuing the securities. The Ministry of Finance, Department of Economic Affairs, Budget Division is responsible for issuing the notification. Aggregator/Facilitators also have responsibilities for processing non-competitive bids.
* **Timelines/Procedures:**
* Auction Date: August 05, 2022.
* Bidding Submission: Electronic submission through RBI's EKuber system on August 05, 2022.
* Payment Date: August 08, 2022.
* Non-competitive Bids: Submitted between 12.30 p.m. and 01.00 p.m.
* Competitive Bids: Submitted between 12.30 p.m. and 01.30 p.m.
* Aggregator/Facilitator's responsibility to transfer securities to clients within five working days from the date of issue.
**8. Expected Outcomes / Impact of Changes:**
* **Increased Government Revenue:** The primary intended outcome is to raise capital for the government through the sale of reissued Government Securities.
* **Wider Investor Participation:** The Non-Competitive Bidding Facility aims to attract a broader range of investors, particularly retail investors, leading to wider distribution of government securities.
* **Efficient Allocation of Securities:** The auction mechanism ensures an efficient allocation of securities to investors based on market demand.
* **Enhanced Transparency:** Electronic bidding and clear guidelines promote transparency in the auction process.
* **Investment Opportunities:** Provides investors with a variety of investment opportunities with different maturities and interest rates, matching their risk appetite and investment goals.
**9. Conclusion:**
The notification outlines the framework for the reissue of Government Securities through auctions, emphasizing transparency, accessibility, and wider investor participation. The policy is significant as it contributes to government revenue generation and offers diverse investment options while promoting retail investment in government securities. The specific details regarding auction dates, bidding procedures, and the Non-Competitive Bidding Facility are crucial for stakeholders planning to participate in the auction.
Key Entities Referenced
New Delhi: Place of Publication of the Gazette of India
Ministry of Finance: The Indian government ministry responsible for financial matters; the notification originates from the Department of Economic Affairs, Budget Division of this ministry.
Department of Economic Affairs: A department within the Ministry of Finance.
Budget Division: A division within the Department of Economic Affairs.
Government Security: Generic reference to types of securities being reissued through auction.
Reserve Bank of India: The central bank of India, responsible for conducting the auction and issuing guidelines.
Mumbai: City in Maharashtra, location of the Reserve Bank of India office.
Fort, Mumbai: Specific location of the Reserve Bank of India, Mumbai Office.
Government of India: The governing authority of India
Ashish Vachhani: Jt. Secy, signatory of the notification
Treasury Bills: A short-term debt obligation backed by the Government of India
Provident Funds Act, 1925: Law governing non-government provident funds.
Nepal Rashtra Bank: The central bank of Nepal, eligible to participate in Treasury Bill auctions under specific conditions.
Royal Monetary Authority of Bhutan: Eligible to participate in Treasury Bill auctions
Scheduled Bank: An aggregator/facilitator type as defined by RBI
Primary Dealer: An aggregator/facilitator type as defined by RBI
Specified Stock Exchange: An aggregator/facilitator type as defined by RBI
SEBI: Securities and Exchange Board of India
Regional Rural Banks: Banks covered under this Scheme only in the auctions of dated securities.
Cooperative Banks: Banks covered under this Scheme only in the auctions of dated securities.
www.rbi.org.in: Website of the Reserve Bank of India.
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-01082022-237798
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CG-DL-E-01082022-237798
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असाधारण
EXTRAORDINARY
भाग I—खण्ड 1
PART I—Section 1
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 189] नई ददल्ली, सोमिार, अगस्ट्त 1, 2022/श्रािण 10, 1944
No. 189] NEW DELHI, MONDAY, AUGUST 1, 2022/SHRAVANA 10, 1944
जित्त मत्रं ालय
(आर्थथक काय यजिभाग)
(बजट प्रभाग)
अजधसचू ना
नई ददल्ली, 1 अगस्ट्त, 2022
सरकारी प्रजतभजू तयों (जी एस) की जबक्री (पनु र्थनगमय ) के जलए नीलामी
एफ. स.ं 4(3)-बी(डब्ल् य एू ंडएम)/2022.—भारत सरकार एतद द्वारा नीचे ददए गए अनुसार सरकारी प्रजतभूजतयों की जबक्री
(पनु र्थनगमय ) अजधसूजचत करती है।
मूल जनगयम की मूल अिजध पररपक्वता की नीलामी का नीलामी की अ ज ध सूजचत राजि
प्रजतभूजत का नाम
तारीख (िर्य-माह-ददन) तारीख आधार जिजध (करोड़ ₹ में)
6.69% सरकारी प्रजतभूजत, 2024 27 जून, 2022 02-00-00 27 जून, 2024 मूल्य समान 4,000
7.10% सरकारी प्रजतभूजत, 2029 18 अप्रैल, 2022 07-00-00 18 अप्रैल, 2029 मूल्य समान 7,000
6.54% सरकारी प्रजतभूजत, 2032 17 जनिरी, 2022 10-00-00 17 जनिरी, 2032 मूल्य समान 13,000
6.95% सरकारी प्रजतभूजत, 2061 22 निम्बर, 2021 40-00-24 16 ददसम्बर, 2061 मूल्य जिजिध 9,000
5223 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
भारत सरकार के पास उपरोक्त प्रत्येक प्रजतभूजत में 2,000 करोड़ रुपए की सीमा तक, अजतररक्त अजभदान बनाए रखने का जिकल्प
होगा । यह जबक्री इस अजधसूचना (जजसे 'जिजिष् ट अजधसूचना' कहा गया ह)ै में उजल्लजखत ितों के अधीन होगी। उपयुयक् त सरकारी
प्रजतभूजतया,ं भारत सरकार द्वारा जारी सामान्य अजधसूचना एफ.सख्ं या.4(2)-डब् ल् यूएंडएम/2018, ददनांक 27 माचय, 2018 में जनर्ददष्ट
जनयमों और ितों के अनुसार, भारतीय ररजिय बैंक, मुंबई कायायलय, फोटय, मुंबई - 400001 के माध्यम से बेची जाएंगी।
अप्रजतस्ट्पधी बोलीदाताओं को आबटं न
2. सरकारी प्रजतभूजतयों की नीलाजमयों में अप्रजतस्ट्पधी बोली दने े की सुजिधा की संलग्न स्ट्कीम (अनुबंध) के अनुसार, जबक्री की
अजधसूजचत राजि का 5 प्रजतित तक सरकारी प्रजतभूजतयां पात्र व् यजक्तयों और संस्ट्थाओं को आबंरटत दकया जाएगा ।
नीलामी का स्ट्थान एिं तारीख
3. यह नीलामी भारतीय ररजिय बैंक, मुंबई कायायलय, फोटय, मुंबई-400001 द्वारा 05 अगस्ट्त, 2022 को संचाजलत की जाएगी।
नीलामी हते ु बोजलयां भारतीय ररजि य बैंक कोर बैंककग सोल्यूिन (ई-कुबेर) प्रणाली संबंधी इलेक्रॉजनक प्रपत्र में 05 अगस्ट्त, 2022 को
प्रस्ट्तुत की जानी चाजहए। अप्रजतस्ट्पधी बोजलयां अपराह्न 12.30 बजे से अपराह्न 01.00 बजे के बीच और प्रजतस्ट्पधी बोजलया ं
अपराह्न 12.30 बजे से अपराह्न 01.30 बजे के बीच प्रस्ट्तुत की जानी चाजहए।
कब जनगजय मत कारोबार
4. ये प्रजतभूजतया,ं भारतीय ररजिय बैंक द्वारा जारी ददिाजनदिे ों के अनुसार, 'कब जनगयजमत’ कारोबार के जलए पात्र होंगी।
जनगमय की तारीख और प्रजतभजू त के जलए भुगतान
5. नीलामी का पररणाम भारतीय ररजिय बैंक द्वारा अपने िैबसाइट (www.rbi.org.in) पर 05 अगस्ट्त, 2022 को प्रदर्थित दकया
जाएगा। सफल बोलीदाताओं द्वारा भुगतान 08 अगस्ट्त, 2022 अथायत् पुनर्थनगयम की तारीख को दकया जाएगा। प्रजतभूजतयों के जलए
भुगतान में नीलामी में आबंरटत प्रजतभूजत के अंदकत मूल्य पर, मूलजनगयम/अंजतम कूपन भुगतान की तारीख से प्रोद्भूत ब्याज दये होने की
तारीख तक प्रोद्भूत ब्याज िाजमल होगा जैसा दक पैरा 6 में ताजलका में उजल्लजखत ह।ै
ब्याज का भगु तान और प्रजतभजू त का पनु भुयगतान
6. मूल र्थनगयम/अंजतम कूपन भुगतान की तारीख से प्रजतभूजत के अंदकत मूल्य पर ब्याज प्रोद्भूत होगा तथा इसका भुगतान अर्द्िय ार्थर्क
आधार पर दकया जाएगा। प्रजतभूजतयों का पुनभुयगतान पररपक्वता की तारीख पर सममूल्य पर दकया जाएगा।
जपछल ेकूपन भगु तान दकस तारीख तक प्रोद्भतू कूपन भुगतान की तारीख
प्रजतभजूत का नाम कूपन दर (%)
की तारीख ब्याज देय ह ै (तारीख/माह)
6.69% सरकारी प्रजतभूजत, 2024 6.69 नई प्रजतभूजत 07 अगस्ट्त, 2022 27 ददसम्बर और 27 जून
7.10% सरकारी प्रजतभूजत, 2029 7.10 नई प्रजतभूजत 07 अगस्ट्त, 2022 18 अक्तूबर और 18 अप्रैल
6.54% सरकारी प्रजतभूजत, 2032 6.54 17 जुलाई, 2022 07 अगस्ट्त, 2022 17 जनिरी और 17 जुलाई
6.95% सरकारी प्रजतभूजत, 2061 6.95 16 जून, 2022 07 अगस्ट्त, 2022 16 ददसम्बर और 16 जून
भारत के राष्ट्रपजत के आदेि से,
आिीर् िच्छानी, सयुंक्त सजचि
अनबु धं
भारत सरकार के ददनादं कत प्रजतभजू तयों और रेजरी जबलों की नीलामी म ें
गैर-प्रजतस्ट्पधी बोली सजु िधा के जलए योजना
I. क्षत्रे : सरकारी प्रजतभूजतयों की व्यापक भागीदारी और खुदरा होल्ल्डग को प्रोत्साजहत करने की दजृष्ट से, खुदरा जनिेिकों को
ददनांदकत भारत सरकार (जीओआई) प्रजतभूजतयों और रेजरी जबलों की चुल्नदा नीलाजमयों में "गैर-प्रजतस्ट्पधी" आधार पर
भागीदारी की अनुमजत ह।ै[भाग I—खण् ड 1] भारत का राजपत्र : असाधारण 3
II. पररभार्ाएं: इस योजना के प्रयोजन के जलए, पररभार्ा का अथ यजनम्नानसु ार है:
क. खुदरा जनिेिक कोई भी व्यजक्त है, जजसमें व्यजक्त, फमय, कंपजनया,ं कॉपोरेट जनकाय, संस्ट्थान, भजिष्य जनजध, रस्ट्ट और
आरबीआई द्वारा जनधायररत कोई अन्य संस्ट्था िाजमल ह।ै
ख. 'एग्रीगेटर/फैजसजलटेटर' का अथय अनुसूजचत बैंक या प्राथजमक डीलर या जनर्ददष्ट स्ट्टॉक एक्सचेंज या आरबीआई द्वारा
अनुमोददत कोई अन्य संस्ट्था ह,ै जजसे जनिेिकों से प्राप्त बोजलयों को एकजत्रत करने और प्राथजमक नीलामी के गैर-
प्रजतस्ट्पधी खंड में एकल बोली जमा करने की अनुमजत ह।ै
ग. 'जनर्ददष्ट स्ट्टॉक एक्सचेंज' का अथय सेबी से मान्यता प्राप्त स्ट्टॉक एक्सचेंज है, जजसे प्राथजमक नीलामी खंड म ें
एग्रीगेटर/सुजिधाकताय के रूप में कायय करने के जलए सेबी से अनापजत्त प्रमाण-पत्र (एनओसी) प्राप्त हुआ है।
घ. 'पात्र भजिष्य जनजध' ि े गैर-सरकारी भजिष्य जनजध ह ैं जो भजिष्य जनजध अजधजनयम 1925 और कमयचारी भजिष्य जनजध
और जिजिध द्वारा िाजसत ह।ैं प्रािधान अजधजनयम, 1952 जजसका जनिेि पैटनय भारत सरकार द्वारा तय दकया जाता
ह।ै
III. पात्रता:
क. नीलामी में गैर-प्रजतस्ट्पधी आधार पर भागीदारी एक खुदरा जनिेिक के जलए खुली होगी जो:
1. भारतीय ररजि यबैंक के साथ चालू खाता (सीए) या सहायक जनरल लेजर (एसजीएल) खाता नहीं रखता ह;ै तथा
2. योजना के तहत अनुमत एग्रीगेटर/फैजसजलटेटर के माध्यम से अप्रत्यक्ष रूप से बोली जमा करता है; या
3. आरबीआई के साथ 'ररटेल डायरेक्ट जगल्ट अकाउंट' (आरडीजी अकाउंट) रखता ह ै।
अपिाद:
क. क्षेत्रीय ग्रामीण बैंक (आरआरबी) और सहकारी बैंक:
1. क्षेत्रीय ग्रामीण बैंकों (आरआरबी) और सहकारी बैंकों को इस योजना के तहत उनके सांजिजधक दाजयत्िों को दखे ते हुए
ददनांदकत प्रजतभूजतयों की नीलामी में ही िाजमल दकया जाएगा।
2. चूंदक ये बैंक भारतीय ररजि य बैंक के पास एसजीएल खाता और चालू खाता रखते ह,ैं इसजलए ि ेअपनी गैर-प्रजतस्ट्पधी
बोजलयां सीधे जमा करने के पात्र होंगे।
ख. राज्य सरकारें, पात्र भजिष्य जनजध और अन्य:
1. राज्य सरकारें, भारत में पात्र भजिष्य जनजध, नेपाल राष्ट्र बैंक, भूटान की रॉयल मॉनेटरी अथॉररटी और बैंक द्वारा
जनर्ददष्ट कोई भी व्यजक्त या संस्ट्थान, सरकार के अनुमोदन से, इस योजना के तहत केिल रेजरी जबलों की नीलामी म ें
किर दकया जाएगा।
2. ये बोजलयां अजधसूजचत राजि से बाहर होंगी।
3. इन संस्ट्थाओं के जलए बोली की अजधकतम राजि पर कोई प्रजतबंध नहीं होगा।
IV. मात्रा: खदु रा जनििे कों स ेगैर-प्रजतस्ट्पधी बोजलयों का आिटं न भारत सरकार द्वारा जनर्ददष्ट अजधसजू चत राजि के
भीतर जनगयम की कुल नाममात्र राजि के अजधकतम पांच प्रजतित या भारतीय ररजिय बैंक द्वारा जनधायररत दकसी अन्य प्रजतित
तक सीजमत होगा।
V. बोली की राजि:
क. बोली लगाने के जलए न्यूनतम राजि ₹10,000 (अंदकत मूल्य) होगी और उसके बाद अब तक की तरह ₹10,000 के
गुणकों में होगी ।
ख. खुदरा जनिेिक भारत सरकार की ददनांदकत प्रजतभूजतयों की नीलामी में, प्रजत नीलामी प्रजत प्रजतभूजत दो करोड़ रुपये
(अंदकत मूल्य) तक की राजि के जलए एकल बोली लगा सकते हैं।
VI. अन्य पररचालन ददिाजनदिे :
क. योजना के तहत नीलामी में भाग लेने के इच्छुक खुदरा जनिेिक को दकसी भी जडपॉजजटरी के साथ एक जडपॉजजटरी खाता
या एग्रीगेटर/फैजसजलटेटर के घटक सहायक जनरल लेज़र (सीएसजीएल) खाते या 'ररटेल डायरेक्ट' के तहत 'जगल्ट खाता'
(आरडीजी खाता) आरबीआई के साथ एक जगल्ट खाता रखना होगा।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
ख. योजना के तहत, एक जनिेिक नीलामी में केिल एक ही बोली लगा सकता है। इस आिय का एक िचनपत्र दक जनिेिक
केिल एक ही बोली लगा रहा है, उसे एग्रीगेटर/फैजसजलटेटर द्वारा प्राप्त करना होगा और ररकॉडय में रखना होगा।
बोजलया ंलगाना:
ग. प्रत्येक एग्रीगेटर/फैजसजलटेटर अपने घटकों से प्राप्त दढ़ृ आदिे ों के आधार पर अपने सभी घटकों की ओर से भारतीय ररजि य
बैंक कोर बैंककग सॉल्यूिन (ई-कुबेर) प्रणाली पर इलेक्रॉजनक प्रारूप में एकल समेदकत गैर-प्रजतस्ट्पधी बोली प्रस्ट्तुत करेगा।
भारतीय ररजि य बैंक कोर बैंककग सॉल्यूिन (ई-कुबेर) प्रणाली की सामान्य जिफलता जैसी असाधारण पररजस्ट्थजतयों को
छोड़कर, भौजतक रूप में गैर-प्रजतस्ट्पधी बोली स्ट्िीकार नहीं की जाएगी।
बोजलयों का आिटं न:
घ. एग्रीगेटर/फैजसजलटेटर को गैर-प्रजतस्ट्पधी खंड के तहत आिंटन प्रजतफल/मूल्य की भाररत औसत दर पर होगा जो प्रजतस्ट्पधी
बोली के आधार पर नीलामी में सामने आएगा। प्रजतभूजतया ं एग्रीगेटर/फैजसजलटेटर को जारी करने की तारीख को भुगतान
के बदले जारी की जाएंगी, भले ही उन्होंने अपने ग्राहकों से भुगतान प्राप्त दकया हो।
ङ. यदद बोली की कुल राजि आरजक्षत राजि (अजधसूजचत राजि का 5%) से अजधक है, तो आनुपाजतक आिंटन दकया जाएगा।
आंजिक आिंटन के मामले में, यह एग्रीगेटर/फैजसजलटेटर की जजम्मेदारी होगी दक ि े अपने ग्राहकों को पारदिी तरीके स े
प्रजतभूजतयों का उजचत आिंटन करें।
च. यदद बोली की कुल राजि आरजक्षत राजि से कम है, तो कमी को प्रजतस्ट्पधी जहस्ट्से में ल ेजाया जाएगा।
सरु क्षा का मद्दु ा:
छ. भारतीय ररजि य बैंक द्वारा प्रजतभूजत केिल एसजीएल रूप में जारी की जाएगी। एग्रीगेटर/फैजसजलटेटर को गैर-प्रजतस्ट्पधी
बोजलयों की जनजिदा के समय उनके मुख्य एसजीएल या सीएसजीएल खाते में जमा की जाने िाली राजि (अंदकत मूल्य)
को स्ट्पष्ट रूप से इंजगत करना होगा।
ज. बाद में जनिेिक के कहने पर मुख्य एसजीएल खाते से भौजतक रूप में जडलीिरी की अनुमजत ह।ै
झ. यह एग्रीगेटर/फैजसजलटेटर की जजम्मेदारी होगी दक ि े अपने ग्राहकों को प्रजतभूजतयां द।ें असाधारण पररजस्ट्थजतयों को
छोड़कर, ग्राहकों को प्रजतभूजतयों का हस्ट्तांतरण जारी होने की तारीख से पांच कायय ददिसों के भीतर पूरा दकया जाना
चाजहए।
ग्राहकों स ेजलया जान ेिाला कमीिन/ब्रोकरेज
ञ. एग्रीगेटर/सुजिधाकताय अपने ग्राहकों को यह से िा प्रदान करने के जलए ब्रोकरेज/कमीिन/सेिा िुल्क के रूप में प्रजत ₹ 100
पर छह पैसे तक की िसूली कर सकते ह।ैं ऐसी लागतों को जबक्री मूल्य में िाजमल दकया जा सकता ह ैया ग्राहकों से अलग
से िसूल दकया जा सकता ह।ै
ट. यदद प्रजतभूजतयां जारी होन े की जतजथ के बाद प्रजतभूजतयों को स्ट्थानांतररत दकया जाता ह,ै तो ग्राहक द्वारा
एग्रीगेटर/फैजसजलटेटर को दये प्रजतफल राजि में जारी होने की तारीख से अर्थजत ब्याज िाजमल होगा।
ठ. ग्राहकों से प्रजतभूजतयों की लागत, उपार्थजत ब्याज, जहां कहीं लागू हो, और दलाली/कमीिन/सेिा प्रभारों के जलए ग्राहक
से अनुबंध के अनुसार एग्रीगेटर/सुजिधाकताय द्वारा भुगतान प्राप्त करने के तौर-तरीके तय दकए जा सकते ह।ैं
ड. यह ध्यान ददया जा सकता है दक कोई अन्य लागत, जैसे दक फंल्डग लागत, को मूल्य में नहीं बनाया जाना चाजहए या
ग्राहक से िसूल नहीं दकया जाना चाजहए।
VII. ररपोर्टटग आिश्यकताएं:
एग्रीगेटसय/फैजसजलटेटरों को योजना के तहत संचालन से संबंजधत जानकारी भारतीय ररज़ि य बैंक (बैंक) को प्रस्ट्तुत करनी होगी,
जैसा दक समय-समय पर बैंक द्वारा जनधायररत समय सीमा के भीतर कहा जा सकता ह।ै
VIII. उपरोक्त ददिाजनदिे बैंक द्वारा समीक्षा के अधीन ह ैं और तदनुसार, यदद और जब आिश्यक समझा जाता ह,ै तो योजना म ें
संिोधन दकया जाएगा।[भाग I—खण् ड 1] भारत का राजपत्र : असाधारण 5
MINISTRY OF FINANCE
(Department of Economic Affairs)
(BUDGET DIVISION)
NOTIFICATION
New Delhi, the 1st August, 2022
Auction for Sale (re-issue) of Government Security (GS)
F.No. 4(3)-B(W&M)/2022.—Government of India (GoI) hereby notifies sale (re-issue) of the
following Government Securities
Name of the Date of Original Tenure Notified Amount
Date of Maturity Base Method
Security Issue (yy-mm-dd) (in ₹Crore)
6.69% GS 2024 Jun 27, 2022 02-00-00 Jun 27, 2024 Price Uniform 4,000
7.10% GS 2029 Apr 18, 2022 07-00-00 Apr 18, 2029 Price Uniform 7,000
6.54% GS 2032 Jan 17, 2022 10-00-00 Jan 17, 2032 Price Uniform 13,000
6.95% GS 2061 Nov 22, 2021 40-00-24 Dec 16, 2061 Price Multiple 9,000
GoI will have the option to retain additional subscription up to ₹2,000 crore against each security mentioned
above. The sale will be subject to the terms and conditions spelt out in this notification (called „Specific
Notification‟). The Securities will be sold through Reserve Bank of India, Mumbai Office, Fort, Mumbai- 400
001 as per the terms and conditions specified in the General Notification F. No. 4(2)–W&M/2018, dated
March 27, 2018 issued by Government of India.
Allotment to Non-competitive Bidders
2. The Government Security 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
3. The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, Mumbai-400 001 on
August 05, 2022. Bids for the auction should be submitted in electronic format on the Reserve Bank of
India Core Banking Solution (E-Kuber) system on August 05, 2022. The non-competitive bids should be
submitted between 12.30 p.m. and 01.00 p.m. and the competitive bids should be submitted between
12.30 p.m. and 01.30 p.m.
When Issued Trading
4. The Securities will be eligible for “When Issued” trading in accordance with the guidelines issued by the
Reserve Bank of India.
Date of issue and payment for the securities
5. The result of the auction shall be placed by the Reserve Bank of India on its website (www.rbi.org.in) on
August 05, 2022.The payment by successful bidders will be on August 08, 2022 i.e. the date of re-issue.
The payment for the securities will include accrued interest on the nominal value of the Securities allotted in
the auction from the date of original issue / last coupon payment date to the date upto which accrued
interest is due as mentioned in the table in para 6.
Payment of Interest and Re-payment of securities
6. Interest will accrue on the nominal value of the Securities from the date of original issue / last coupon
payment and will be paid half yearly. The Securities will be repaid at par on date of maturity.
Date of Coupon
Name of the Coupon rate Date of Last Date up to which
payments
Security (%) Coupon payment accrued interest is due
(month / date)
6.69% GS 2024 6.69 New Security Aug 07, 2022 Dec 27 and Jun 27
7.10% GS 2029 7.10 New Security Aug 07, 2022 Oct 18 and Apr 18
6.54% GS 2032 6.54 Jul 17, 2022 Aug 07, 2022 Jan 17 and Jul 17
6.95% GS 2061 6.95 Jun 16, 2022 Aug 07, 2022 Dec 16 and Jun 16
By Order of the President of India,
ASHISH VACHHANI, Jt. Secy.6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
Annex
Scheme for Non-competitive Bidding Facility in the Auction of
Government of India Dated Securities and Treasury Bills
I. Scope: With a view to encouraging wider participation and retail holding of Government securities,
retail investors are allowed participation on “non-competitive” basis in select auctions of dated
Government of India (GoI) securities and Treasury Bills.
II. Definitions: For the purpose of this scheme, the terms shall bear the meaning assigned to them as
under:
a. Retail investor is any person, including individuals, firms, companies, corporate bodies,
institutions, provident funds, trusts, and any other entity as may be prescribed by RBI.
b. „Aggregator/Facilitator‟ means a Scheduled Bank or Primary Dealer or Specified Stock
Exchange or any other entity approved by RBI, permitted to aggregate the bids received from
the investors and submit a single bid in the non-competitive segment of the primary auction.
c. „Specified stock exchange‟ means SEBI recognized Stock Exchange, which have received No
Objection Certificate (NOC) from SEBI to act as aggregator/facilitator in the primary auction
segment.
d. „Eligible Provident Funds‟ are those non-government provident funds governed by the
Provident Funds Act, 1925 whose investment pattern is decided by the Government of India.
III. Eligibility:
(a) Participation on a non-competitive basis in the auctions will be open to a retail investor who:
i. Does not maintain current account (CA) or subsidiary General Ledger (SGL) account with
the Reserve Bank of India; and
ii. Submits the bid indirectly through an Aggregator/Facilitator permitted under the scheme;
or
iii. Maintains the „Retail Direct Gilt Account‟ (RDG Account) with RBI
Exceptions:
a. Regional Rural Banks (RRBs) and Cooperative Banks:
i. Regional Rural Banks (RRBs) and Cooperative Banks shall be covered under this Scheme
only in the auctions of dated securities in view of their statutory obligations.
ii. Since these banks maintain SGL account and current account with the Reserve Bank of
India, they shall be eligible to submit their non-competitive bids directly.
b. State Governments, eligible provident funds and Others:
i. State Governments, eligible provident funds in India, the Nepal Rashtra Bank, Royal
Monetary Authority of Bhutan and any Person or Institution, specified by the Bank, with the
approval of Government, shall be covered under this scheme only in the auctions of
Treasury Bills.
ii. These bids will be outside the notified amount.
iii. There will not be any restriction on the maximum amount of bid for these entities.
IV. Quantum: Allocation of non-competitive bids from retail investors will be restricted to a maximum of
five percent of the aggregate nominal amount of the issue within the notified amount as specified by
the Government of India, or any other percentage determined by Reserve Bank of India.
V. Amount of Bid:
a. The minimum amount for bidding will be ₹10,000 (face value) and therefore in multiples in
₹10,000 as hitherto.
b. In the auctions of GoI dated securities, the retail investors can make a single bid for an amount
not more than Rupees Two crore (face value) per security per auction.
VI. Other Operational Guidelines:
a. The retail investor desirous of participating in the auction under the Scheme would be required
to maintain a depository account with any of the depositories or a gilt account under the
constituent subsidiary general ledger (CSGL) account of Aggregator/Facilitator or „Retail Direct
Gilt Account‟ (RDG Account) with RBI.[भाग I—खण् ड 1] भारत का राजपत्र : असाधारण 7
b. Under the Scheme, an investor can make only a single bid in an auction. An undertaking to the
effect that the investor is making only a single bid will have to obtained and kept on record by
the Aggregator/Facilitator.
Submission of Bids:
c. Each Aggregator/Facilitator on the basis of firm orders received from their constituents with
submit a single consolidated non-competitive bid on behalf of all its constituents in electronic
format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. Except in
extraordinary circumstances such as general failure of the Reserve Bank of India Core Banking
Solution (E-Kuber) system, non-competitive bid in physical form will not be accepted.
Allotment of Bids:
d. Allotment under the non-competitive segment to the Aggregator/Facilitator will be at the
weighted average rate of yield/price that will emerge in the auction on the basis of the
competitive bidding. The securities will be issued to the Aggregator/Facilitator against payment
on the date of issue irrespective of whether they have received payment from their clients.
e. In case the aggregate amount of bid is more than the reserved amount (5% of notified amount),
pro rata allotment would be made. In case of partial allotments, it will be the responsibility of the
Aggregator/Facilitator to appropriately allocate securities to their clients in a transparent
manner.
f. In case the aggregate amount of bids is less than the reserved amount, the shortfall will be
taken to competitive portion.
Issue of Security:
g. Security would be issued only in SGL form by RBI. The Aggregator/Facilitator has to clearly
indicate at the time of tendering the non-competitive bids the amounts (face value) to be
credited to their main SGL or CSGL account.
h. Delivery in physical form from the Main SGL account is permissible at the instance of the
investor subsequently.
i. It will be the responsibility of the Aggregator/Facilitator to pass on the securities to their clients.
Except in extraordinary circumstances, the transfer of securities to the client should be
completed within five working days from the date of issue.
Commission/Brokerage charged to Clients:
j. The Aggregator/Facilitator can recover up to six paise per ₹100 as brokerage/commission/
service charges for rendering this service to their clients. Such costs may be built into the sale
price or recovered separately from the clients.
k. In case, the securities are transferred subsequent to the issue date of the security, the
consideration amount payable by the client to the Aggregator/Facilitator will include accrued
interest from the date of issue.
l. Modalities for obtaining payment from clients towards cost of the securities, accrued interest,
wherever applicable, and brokerage/commission/service charges may be worked out by the
Aggregator/Facilitator as per agreement with the client.
m. It may be noted that no other costs, such as funding costs, should be built into the price or
recovered from the client.
VII. Reporting Requirements:
Aggregators/Facilitators will be required to furnish information relating to operations under the
Scheme to the Reserve Bank of India (Bank) as may be called for from time to time within the time
frame prescribed by the Bank.
VIII. The aforesaid guidelines are subject to review by the Bank and accordingly, if and when considered
necessary, the Scheme will be modified.
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