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Date: 2018-04-27 Category: Extra Ordinary State: Union Government Country: India

Government of India hereby notifies sale issue re issue of the following Government Stocks

Issued by Ministry of Finance · Department of Economic Affairs

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Executive Summary & Key Takeaways

Executive Summary: This notification announces the sale/issue/reissue of several Government Stocks (GS) through auction by the Reserve Bank of India (RBI) on May 4, 2018, with payment due on May 7, 2018. It specifies the terms and conditions for the auction, including details of the Government Stocks, interest payments, and a scheme for non-competitive bidding. The notification also includes operational guidelines for participation in the auction. Key Points / Main Content: Government Stock Auction Details: * Several Government Stocks (GS) are for sale/issue/reissue. * Auction Date: May 4, 2018, conducted by RBI in Mumbai. * Payment Date: May 7, 2018. * Stocks are eligible for "When Issued" trading. Specific Government Stocks: * Includes 6.65 GS 2020, 7.59 GS 2026, New GoI FRB 2031, 6.57 GS 2033, and 7.06 GS 2046. * Notified amount totals ₹12,000 crore, with an option to retain additional subscription up to ₹1,000 crore. Bidding Process: * Bids to be submitted electronically via RBI’s e-Kuber system. * Non-competitive bids: 10:30 a.m. to 11:30 a.m. * Competitive bids: 10:30 a.m. to 12:00 noon. Interest and Repayment: * Interest accrues from the original issue/last coupon payment date and is paid half-yearly. * Stocks repaid at par on maturity date. * Variable interest rate for New GoI FRB 2031 based on the average yield of the last three 182-day Treasury Bill auctions. Non-Competitive Bidding Scheme: * Up to 5% of the notified amount is reserved for non-competitive bids. * Open to investors without CA or SGL accounts with RBI (with RRB and Cooperative Bank exceptions). * Single bid limit: ₹2 crore face value per auction. * Minimum bid amount: ₹10,000 and multiples thereof. Operational Guidelines for Non-Competitive Bidding: * Retail investors need a CSGL account with a bank or PD. * Banks/PDs submit consolidated bids electronically. * Allotment at weighted average yield/price of the competitive bidding. * Securities issued in SGL form only. * Transfer to clients within five working days. * Brokerage/service charges capped at six paise per ₹100. Impact Analysis: Reserve Bank of India (RBI): * Impact: Responsible for conducting the auction, displaying results, and managing stock issuance and payments. * Action Required: Conduct the auction on May 4, 2018, display results, and ensure smooth processing of payments and stock issuance. Banks and Primary Dealers (PDs): * Impact: Act as intermediaries for non-competitive bids, manage CSGL accounts for retail investors, and ensure timely transfer of securities. * Action Required: Submit consolidated non-competitive bids, manage CSGL accounts, and ensure securities are transferred to clients within five working days. Provide information relating to operations under the Scheme to the Reserve Bank of India. Retail Investors (Non-Competitive Bidders): * Impact: Can participate in the auction without needing a direct account with RBI, potentially increasing access to government securities. * Action Required: Submit bids through a bank or PD offering the scheme, maintain a CSGL account, and ensure funds are available for payment on May 7, 2018. Government of India: * Impact: Raises funds through the issuance of government stocks. * Action Required: Monitor the auction process and overall subscription levels.

Key Entities Referenced

Reserve Bank of India: Central bank of India, responsible for conducting auctions of government stocks and regulating the banking system. Mumbai, Maharashtra: City in Maharashtra, location of the Reserve Bank of India office involved in the auction process. Government of India: The issuer of the government stocks being auctioned. New Delhi: The city of publication of the gazette notification. Ministry of Finance: The ministry responsible for the notification regarding the sale and reissue of government stocks. Department of Economic Affairs: A department under the Ministry of Finance involved in matters related to the sale of government stocks. PRASHANT GOYAL: Joint Secretary who signed the notification on behalf of the President of India. Government Securities: Securities being auctioned by the Government of India
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(cid:15)(cid:15)(cid:15)(cid:15)थथथथाााानननन एएएएवववव ंं ंंततततााााररररीीीीखखखख 3. यह नीलामी भारतीय ,रजव( ब9क, मुंबई काया(लय, फोट,( मुंबई-400001 (cid:11)ारा 4444 ममममईईईई,,,, 2222000011118888 को संचािलत क(cid:25) जाएगी। नीलामी हते ु बोिलयां भारतीय ,रजव( ब9क कोर ब9Jकंग सो(cid:3)यूशन (ई-कुबेर) (cid:7)णाली संबंधी इले)Lॉिनक (cid:7)पE म. 4444 ममममईईईई,,,, 2222000011118888 को (cid:7)(cid:22)तुत क(cid:25) जानी चािहए। अ(cid:7)ित(cid:22)पधC बोिलयां पूवा(Mन 10.30 बजे से पूवा(Mन 11.30 बजे के बीच और (cid:7)ित(cid:22)पधC बोिलयां पूवा(Mन 10.30 बजे से दोपहर 12.00 बजे के बीच (cid:7)(cid:22)तुत क(cid:25) जानी चािहए। ककककबबबब ििििननननगगगगिि(cid:23)(cid:23)िि(cid:23)(cid:23)ममममतततत ककककााााररररोोोोबबबबाााारररर 4. यह (cid:22)टॉक, भारतीय ,रजव( ब9क (cid:11)ारा जारी (cid:1)दशािनदशN + के अनुसार, 'कब िनग(िमत’ कारोबार के िलए पाE होगा। ििििननननगगगग(cid:23)म(cid:23)म(cid:23)म(cid:23)म कककक(cid:18)(cid:18)(cid:18)(cid:18) ततततााााररररीीीीखखखख औऔऔऔरररर (cid:15)(cid:15)(cid:15)(cid:15)टटटटॉॉॉॉकककक ककककेेेे ििििललललएएएए भभभभगगुुगगुु तततताााानननन 5. नीलामी का प,रणाम भारतीय ,रजव( ब9क (cid:11)ारा अपने फोट( ि(cid:22)थत मुंबई काया(लय म. 4444 ममममईईईई,,,, 2222000011118888 को (cid:7)दPश(त (cid:1)कया जाएगा। सफल बोलीदाताH (cid:11)ारा भुगतान 7777 ममममईईईई,,,, 2222000011118888 अथा(त् ििििननननगगगग(cid:23)म(cid:23)म(cid:23)म(cid:23)म////पपपपननुुननुु (cid:26)(cid:26)(cid:26)(cid:26)ननननगग(cid:23)(cid:23)गग(cid:23)(cid:23) (cid:23)म(cid:23)म(cid:23)म(cid:23)म क(cid:25) तारीख को (cid:1)कया जाएगा। (cid:22)टॉक के िलए भुगतान म. नीलामी म . आबं,टत (cid:22)टॉक के अं(cid:1)कत मू(cid:3)य पर, मूलिनग(म/अंितम कूपन भुगतान क(cid:25) तारीख से (cid:7)ोRभूत ?याज दये होने क(cid:25) तारीख तक (cid:7)ोRभूत ?याज शािमल होगा। (cid:28)(cid:28)(cid:28)(cid:28)ययययााााजजजज ककककाााा भभभभगगुुगगुु तततताााानननन औऔऔऔरररर (cid:15)(cid:15)(cid:15)(cid:15)टटटटॉॉॉॉकककक ककककाााा पपपपननुुननुु भभभभगगु(cid:23)ु(cid:23)गगु(cid:23)ु(cid:23) तततताााानननन 6. मूल Pनग( (म/अंितम कूपन भुगतान क(cid:25) तारीख से (cid:22)टॉक के अं(cid:1)कत मू(cid:3)य पर ?याज (cid:7)ोRभूत होगा तथा इसका भुगतान अSव( ाPष(क आधार पर (cid:1)कया जाएगा। (cid:22)टॉक का पुनभु(गतान प,रपUता क(cid:25) तारीख पर सममू(cid:3)य पर (cid:1)कया जाएगा। (cid:1)(cid:1)(cid:1)(cid:1)ििििततततभभभभििूूििूूतततत ककककाााा ननननाााामममम ककककूूूूपपपपनननन ददददरररर अअअअ ििंंिि ंं तत तत मममम ककककूूूूपपपपनननन भभभभुगुगुगुगतततताााानननन (cid:26)(cid:26)(cid:26)(cid:26)ककककसससस ततततााााररररीीीीखखखख ततततकककक (cid:1)(cid:1)(cid:1)(cid:1)ोोोो(cid:28)(cid:28)(cid:28)(cid:28)भभभभततूूततूू (cid:29)(cid:29)(cid:29)(cid:29)ययययााााजजजज ककककूूूूपपपपनननन भभभभगगुुगगुु तततताााानननन कककक(cid:14)(cid:14)(cid:14)(cid:14) ततततााााररररीीीीखखखख ((((%%%%)))) कककक(cid:14)(cid:14)(cid:14)(cid:14) ततततााााररररीीीीखखखख ददददययेेययेे हहहह ैै ैै ((((ततततााााररररीीीीखखखख////ममममााााहहहह)))) 6.65% सरकारी (cid:1)ितभूित 2020 6.65 नया (cid:20)टॉक 06 मई, 2018 09 अ(cid:26)टूबर और 09 अ(cid:1)लै 7.59% सरकारी (cid:1)ितभूित 2026 7.59 11 जनवरी, 2018 06 मई, 2018 11 जुलाई और 11 जनवरी भारत सरकार के नए अ(cid:20)थ ायी दर वाले बांड 2031 6.33 नया (cid:20)टॉक नया (cid:20)टॉक 07 जून और 07 (cid:22)दसंबर 6.57% सरकारी (cid:1)ितभूित 2033 6.57 05 (cid:22)दसंबर, 2017 06 मई, 2018 05 जून और 05 (cid:22)दसंबर 7.06% सरकारी (cid:1)ितभूित 2046 7.06 10 अ(cid:1)ैल, 2018 06 मई, 2018 10 अ(cid:26)टूबर और 10 अ(cid:1)लै *भारत सरकार के अ(cid:22)थ ायी दर वाले बांड 2031: (i) अ(cid:22)थ ायी दर पर ?य ाज का भुगतान अध(वाPष(क आधार पर (cid:1)कया जाएगा। (ii) अ(cid:22)थायी दर वाले बांड म. ?याज दर होगी जो बुिनयादी दर होगी और 182 (cid:1)दवसीय राजकोषीय Zंिडय+ ((cid:22)पBीकरण के िलए कृपया अनुबंध दखे .) क(cid:25) िपछली 3 नीलािमय+ (दर िनधा(रण के (cid:1)दन से) क(cid:25) भा,रत औसत आय के समक‘ होगी तथा इसका दर अ;तर िनधा(,रत होगा जो नीलामी तंE (cid:11)ारा तय (cid:1)कया जाएगा। बांड क(cid:25) पूण( समय अविध म. दर-अ;तर िनधा(,रत होगा। (iii) बांड+ क(cid:25) समयाविध के दौरान भारत सरकार क(cid:25) 182 (cid:1)दवसीय राजकोषीय Zिंडय+ क(cid:25) नीलािमय+ को बंद कर (cid:1)दए जाने क(cid:25) ि(cid:22)थित म., कूपन क(cid:25) मूल दर अध(वाPष(क कूपन अविध क(cid:25) शु$आत से पहले तीन नॉन-,रपोbटगc शु(cid:28)वार को छह माह तक भारत सरकार (cid:7)ितभूित(य+) के िलए (cid:7)चािलत प,रपUता दर आय (वाईटीएम) क(cid:25) औसत होगी। य(cid:1)द (cid:1)कसी शु(cid:28)वार को कोईिवशेष छुdी/छु,dयां ह,9 तो प,रपUता पर आय क(cid:25) दर. वही ह+गी जो िपछले काय( (cid:1)दवस को थी। (iv) (cid:1)दनांक 07 जून, 2018 को समाh अविध के िलए पहले कूपन भुगतान क(cid:25) बुिनयादी दर 6.33 (cid:7)ितशत होगी।अनुवतC वष5 के दौरान बांड+ पर अध(वाPष(क kप से दये ?य ाज दर, संबंिधत अध(वाPष(क कूपन अविध क(cid:25) शु$आत से पूव( भारतीय ,रजव( ब9क (cid:11)ारा घोिषत क(cid:25) जाएगी। भारत के राmपित के आदेश से, (cid:7)शांत गोयल, संयु0 सिचव अअअअननननबबुुबबुु धधंंधधंं ----2222 ससससररररककककााााररररीीीी ििििततततभभभभििूूििूूततततयययय++++ कककक(cid:18)(cid:18)(cid:18)(cid:18) ननननीीीीललललााााममममीीीी मममम ,, ,,अअअअ िििितततत(cid:15)(cid:15)(cid:15)(cid:15)पपपपधधधध#### बबबबोोोोललललीीीी ससससुिुिुिुिववववधधधधाााा (cid:15)(cid:15)(cid:15)(cid:15)कककक(cid:18)(cid:18)(cid:18)(cid:18)मममम I.... ककककाााायययय--(cid:23)(cid:23)--(cid:23)(cid:23) े(cid:6)े(cid:6)े(cid:6)े(cid:6):::: सरकारी (cid:7)ितभूितय+ क(cid:25) nापक भागीदारी और खुदरा धा,रता को (cid:7)ो/साहन दने ेक(cid:25) दिृB से भारत सरकार क(cid:25) (cid:1)दना(cid:1)ं कत (cid:7)ितभूितय+ क(cid:25) चयिनत नीलािमय+ म. "अ(cid:7)ित(cid:22)पधC" आधार पर भागीदारी क(cid:25) अनुमित दने े का (cid:7)(cid:22)ताव (cid:1)कया गया ह।ै तRनुसार, (cid:1)दना(cid:1)ं कत (cid:7)ितभूितय+ क(cid:25) नीलािमय+ म. अिधसूिचत रािश के 5 (cid:7)ितशत तक क(cid:25) अ(cid:7)ित(cid:22)पधC बोिलयां (cid:22)वीकार क(cid:25) जाएंगी। (cid:7)ारि‘त रािश अिधसूिचत रािश के अअअअ////ततततगगगगतत(cid:23)(cid:23)तत(cid:23)(cid:23) होगी।¹Hkkx Iµ[k.M 1º Hkkjr dk jkti=k % vlk/kj.k 3 II. पपपपाााा(cid:6)(cid:6)(cid:6)(cid:6)तततताााा :::: भारत सरकार क(cid:25) (cid:1)दना(cid:1)ंकत (cid:7)ितभूितय+ क(cid:25) नीलािमय+ म. अ(cid:7)ित(cid:22)पधC आधार पर ऐसे िनवेशक+ के िलए भागीदारी खुली होगी जो िनoिलिखत शत5 को पूरा करते ह:9 1. जो भारतीय ,रजव( ब9क के पास चालू खाता (सीए) अथवा सहायक सामा;य बही (एसजीएल) खाता नहp रखते ह;9 अअअअपपपपववववाााादददद:::: ‘ेEीय qामीण ब9क+ (आरआरबी) और सहकारी ब9क+ को उनके सांिविधक दािय/व+ के दिृBगत इस (cid:22)क(cid:25)म के अधीन शािमल (cid:1)कया जाएगा। 2. जो (cid:7)ित नीलामी दो करोड़ $पए (अं(cid:1)कत मू(cid:3)य) से अनिधक रािश के िलए एक ही बोली लगाते ह;9 3. जो यह (cid:22)क(cid:25)म (cid:7)दान करने वाले (cid:1)कसी एक ब9क अथवा (cid:7)ाथिमक डीलर के मा यम से अपनी बोली अ(cid:2)(cid:3)य(cid:5) (cid:6)प से (cid:7)(cid:22)तुत करते ह।9 अअअअपपपपववववाााादददद:::: ऐसे ‘ेEीय qामीण ब9क (आरआरबी) तथा सहकारी ब9क जो भारतीय ,रजव( ब9क म. एस.जी.एल.खाता और चालू खाता रखते ह,9 अपनी अ(cid:7)ित(cid:22)पधC बोिलय+ को (cid:7)/य‘ kप से (cid:7)(cid:22)तुत करने के िलए पाE ह+गे। III. 0000ाााापपपपककककतततताााा:::: उपयु(0 शत5 के अधीन "अ(cid:7)ित(cid:22)पधC" आधार पर फम5, कंपिनय+, िनगिमत िनकाय+, सं(cid:22)थाH, भिव4 य िनिधय+, ;यास+ और भारतीय ,रजव( ब9क (cid:11)ारा यथा-िनधा(,रत (cid:1)कसी अ;य कंपनी सिहत (cid:1)कसी भी nि0 के िलए भागीदारी खुली ह।ै बोली दने ेक(cid:25) ;यूनतम रािश 10,000 $पए (अं(cid:1)कत मू(cid:3)य) और उसके बाद 10,000 $पए के गुणज+ म. होगी जैसा अब तक (cid:1)दना(cid:1)ंकत (cid:22)टॉक के िलए ह।ै IV. अअअअ////यययय चचचचााााललललननननाााा2222ममममकककक 3333ददददशशशशााााििििननननददददशश55शश55 :::: 1111.... खुदरा िनवेशक के िलए उस ब9क अथवा (cid:7)ाथिमक डीलर, िजनके मा यम से वे भाग लेना चाहत े ह,9 के पास एक संघटक सहायक सामा;य बही (सीएसजीएल) खाता रखना अिनवाय (होगा। कोई भी िनवेशक इस (cid:22)क(cid:25)म के अधीन (cid:1)दना(cid:1)ं कत (cid:7)ितभूित क(cid:25) (cid:1)कसी नीलामी म. केवल एक बोली म. भाग ले सकता ह।ै इस आशय का वचन (cid:1)क िनवेशक केवल एक बोली द ेरहा ह,ै ब9क अथवा (cid:7)ाथिमक डीलर (cid:11)ारा (cid:7)ाh (cid:1)कया जाना और ,रकाड (म. रखा जाना होगा। 2. अपने qाहक+ से (cid:7)ाh पrे आड(र के आधार पर (cid:7)/येक ब9क अथवा (cid:7)ाथिमक डीलर भारतीय ,रजव( ब9क कोर ब9Jकंग सो(cid:3)यूशन (ई-कुबेर) (cid:7)णाली संबंधी इले)Lॉिनक (cid:7)पE म. अपने qाहक+ क(cid:25) ओर से एक एकल समे(cid:1)कत अ(cid:7)ित(cid:22)पधC बोली (cid:7)(cid:22)तुत करेगा। असाधारण प,रि(cid:22)थितय+, जैसे भारतीय ,रजव( ब9क कोर ब9Jकंग सो(cid:3)यूशन (ई-कुबेर) (cid:7)णाली म. सामा;य गड़बड़ी को छोड़कर, भौितक kप म. अ(cid:7)ित(cid:22)पधC बोली (cid:22)वीकार नहp क(cid:25) जाएगी। 3. ब9क अथवा (cid:7)ाथिमक डीलर को अ(cid:7)ित(cid:22)पधC खंड के अधीन आबंटन (cid:7)ितलाभ/क(cid:25)मत क(cid:25) उस भारांिशत औसत दर पर होगा, जो (cid:7)ित(cid:22)पधC बोली दने े के आधार पर नीलामी म. सामने आएगी। इस बात पर यान (cid:1)दए िबना (cid:1)क ब9क अथवा (cid:7)ाथिमक डीलर न े अपने qाहक+ से भुगतान (cid:7)ाh कर िलया ह ै या नहp, िनग(म क(cid:25) तारीख को भुगतान (cid:7)ाh करके ब9क या (cid:7)ाथिमक डीलर को (cid:7)ितभूितया ंजारी क(cid:25) जाएंगी। 4. ऐसे मामले म., जहा ंबोली क(cid:25) रािश (cid:7)ारि‘त रािश (अिधसूिचत रािश के 5 (cid:7)ितशत) से अिधक ह ैयथानुपात आबंटन (cid:1)कया जाएगा। आंिशक आबंटन+ के मामले म., यह ब9क अथवा (cid:7)ाथिमक डीलर+ का दािय/व होगा (cid:1)क वह अपने qाहक+ को (cid:7)ितभूितय+ का उिचत आबंटन एक पारदशC तरीके से कर.। 5. ऐसे मामले म. जहां बोली रािश (cid:7)ारि‘त रािश से कम हो, कमी को (cid:7)ित(cid:22)पधC भाग म. शािमल (cid:1)कया जाएगा। 6. (cid:7)ितभूित को भारतीय ,रजव( ब9क (cid:11)ारा केवल एसजीएल kप म. जारी (cid:1)कया जाएगा। भारतीय ,रजव (ब9क इसे या तो ब9क अथवा (cid:7)ाथिमक डीलर के मु=य एसजीएल खाते अथवा सीएसजीएल खाते म. जमा करेगा,जैसा(cid:1)क उनके (cid:11)ारा िनदNश (cid:1)दया गया ह।ै मु=य एसजीएल खात ेम. जमा करने क(cid:25) सुिवधा एकमाE उन िनवेशक+ क(cid:25) सेवा के (cid:7)योजनाथ( ह ैजो उनके घटक नहp ह।9 अतः ब9क अथवा (cid:7)ाथिमक डीलर+ को अ(cid:7)ित(cid:22)पधC बोिलय+ क(cid:25) िनिवदा दते ेसमय उनके एसजीएल खाते और सीएसजीएल खाते म. जमा होन े वाली रािशय+ (अं(cid:9)कत मू(cid:14)य) को (cid:22)प4 ट kप से दशा(ना होगा। बाद म. िनवेशक के अनुरोध पर मु=य एसजीएल खाते से वा(cid:22)तिवक kप म. क(cid:25) गई सुपुदग( ी (cid:22)वीकाय( ह।ै 7. यह ब9क अथवा (cid:7)ाथिमक डीलर का दािय/व है (cid:1)क वह qाहक को (cid:7)ितभूितया ं ह(cid:22)तातं ,रत करे। असाधारण प,रि(cid:22)थितय+ को छोड़कर, qाहक+ को (cid:7)ितभूितय+ का अंतरण िनग(म क(cid:25) ितिथ से पांच काय ((cid:1)दवस+ के भीतर पूरा (cid:1)कया जाएगा। 8. ब9क अथवा (cid:7)ाथिमक डीलर अपने qाहक+ को यह सेवा दने ेके िलए छह पैसे (cid:7)ित सौ $पए तक दलाली/कमीशन/सेवा (cid:7)भार के kप म. वसूल कर सकते ह।9 ऐसी क(cid:25)मत िब(cid:28)(cid:25) मू(cid:3)य म. शािमल क(cid:25) जा सकती ह ैया qाहक+ से अलग से वसूल क(cid:25) जा सकती ह।ै ऐसे मामले म. जहा ं(cid:7)ितभूितय+ का अंतरण (cid:7)ितभूित क(cid:25) िनग(म ितिथ के बाद (cid:7)भावी होता हो, ब9क या (cid:7)ाथिमक डीलर को qाहक (cid:11)ारा दये (cid:7)ितफल रािश म. िनग(म ितिथ से उपिचत ?याज शािमल होगा। 9. (cid:7)ितभूितय+ क(cid:25) लागत, उपिचत ?याज जहा ं भी लागू हो, तथा दलाली/कमीशन/सेवा (cid:7)भार+ के िलए qाहक+ से भुगतान (cid:7)ाh करने क(cid:25) काय(-(cid:7)णाली,ब9क या (cid:7)ाथिमक डीलर (cid:11)ारा qाहक के साथ क(cid:25) गई सहमित के अनुसार तैयार क(cid:25) जाएगी। यह उ(cid:3)लेखनीय ह ै (cid:1)क (cid:1)कसी अ;य लागत, जैसे िनिधकरण लागत को मू(cid:3)य म. शािमल नहp (cid:1)कया जाना चािहए या qाहक+ से वसूल नहp (cid:1)कया जाना चािहए।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1] V. ब9क+ और (cid:7)ाथिमक डीलर+ को भारतीय ,रजव( ब9क (ब9क) (cid:11)ारा समय-समय पर मांगी गई योजना के तहत संचालन+ से संबंिधत सूचना िनधा(,रत समय सीमा के अंतग(त ब9क को (cid:7)(cid:22)तुत करनी होगी। VI. ऊपर उि(cid:3)लिखत (cid:1)दशािनदशN ब9क (cid:11)ारा समी‘ा के अधीन ह ै और तRनुसार, जब भी आवsयकता होगी, योजना को संशोिधत (cid:1)कया जाएगा। ििििचचचच(cid:6)(cid:6)(cid:6)(cid:6)णणणण ििििचचचच(cid:6)(cid:6)(cid:6)(cid:6)णणणणःःःः अअअअ(cid:15)(cid:15)(cid:15)(cid:15)थथथथााााययययीीीी ददददरररर बबबबााााडडंंडडंं 2222000033331111 पपपपरररर ददददययेेययेे बबबबििुुििुुननननययययााााददददीीीी ददददरररर (cid:1)दनांक 07 जून, 2018 को समाh अविध के िलए पहले कूपन भुगतान हेतु बुिनयादी दर का प,रकलन (cid:28).सं. 182 (cid:1)दवसीय राजकोषीय Zिंडय+ क(cid:25) भा,रत औसत मू(cid:3)य भा,रत औसत (cid:7)ािhयां (%%%%)))) (cid:1)दना(cid:1)ंकत नीलामी 1 25 अ(cid:7)ैल, 2018 96.91 6.3971 2 18 अ(cid:7)ैल, 2018 96.95 6.3038 3 11 अ(cid:7)ैल, 2018 96.96 6.2878 ककककुुुुलललल 11118888....9999888888887777 365 (cid:1)दन के िलए वाPष(क दर पर बुिनयादी दर ==== ((((11118888....9999888888887777////3333)))) ==== 6666....3333222299996666 दो दशमलव (cid:22)थान+ तक पूणाc(cid:1)कत ==== 6666....33333333 (cid:7)ितशत (cid:7)ित वष( MINISTRY OF FINANCE (Department of Economic Affairs) (BUDGET DIVISION) NOTIFICATION New Delhi, the 27 th April, 2018 Auction for Sale (Issue/Re-issue) of Government Stock (GS) F. No. 4(6)W&M/2018.—Government of India hereby notifies sale (issue/re-issue) of the following Government Stocks: Name of the Security Date of Original Original Tenure Date of Maturity Auction Auction Notified Amount Issue (yy-mm-dd) Basis Method (in ` Crore) 6.65% GS 2020 Apr. 09, 2018 02-00-00 Apr. 09, 2020 Price Multiple 2,000 7.59% GS 2026 Jan. 11, 2016 10-00-00 Jan. 11, 2026 Price Multiple 3,000 New GoI FRB 2031 May 07, 2018 13-07-00 Dec. 07, 2031 Spread Multiple 3,000 6.57% GS 2033 Dec. 05, 2016 17-00-00 Dec.05, 2033 Price Multiple 1,000 7.06% GS 2046 Oct. 10, 2016 30-00-00 Oct. 10, 2046 Price Multiple 3,000 Subject to the limit of ` 12,000 crore, being total notified amount, GoI will have the option to retain additional subscription up to ` 1,000 crore against any one or more of the above securities. The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’). The Stock 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 Stock 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-2).¹Hkkx Iµ[k.M 1º Hkkjr dk jkti=k % vlk/kj.k 5 Place and date of auction 3. The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, Mumbai-400 001 on May 4, 2018. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on May 4, 2018. 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 4. The Stocks 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 stock 5. The result of the auction shall be displayed by the Reserve Bank of India at its Fort, Mumbai Office on May 4, 2018. The payment by successful bidders will be on May 7, 2018 i.e. the date of re-issue. The payment for the Stocks will include accrued interest on the nominal value of the Stock 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 Stock 6. Interest will accrue on the nominal value of the Stock from the date of original issue/last coupon payment and will be paid half yearly. The Stocks will be repaid at par on date of maturity. Name of the Security Coupon rate Date of Last Coupon Date up to which Date of Coupon payments (%) payment accrued interest is due (month/date) 6.65% GS 2020 6.65 New Stock April 09 to May 06, 2018 Oct. 09 and Apr. 09 7.59% GS 2026 7.59 Jan. 11, 2018 May 06, 2018 Jul. 11 and Jan. 11 New GoI FRB 2031 Variable* New Stock New Stock Jun. 07 and Dec. 07 6.57% GS 2033 6.57 Dec. 05, 2017 May 06, 2018 Jun. 05 and Dec.05 7.06% GS 2046 7.06 April 10, 2018 May 06, 2018 Oct. 10 and Apr. 10 * New GoI FRB 2031: (i) The interest at a variable rate will be paid half-yearly. (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 (please see Illustration), 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 base rate for the first coupon payment for period ending June 07, 2018 shall be 6.33 per cent. 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, Jt. Secy. Annex-2 Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities I. Scope : With a view to encouraging wider participation and retail holding of Government securities, it is proposed to allow participation on “non-competitive” basis in select auctions of dated Government of India (GoI)securities. Accordingly, non-competitive bids up to 5 per cent of the notified amount will be accepted in the auctions of dated securities. The reserved amount will be within the notified amount.6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1] II. Eligibility: Participation on a non-competitive basis in the auctions of dated GOI securities will be open to investors who satisfy the following: 1. do not maintain current account (CA) or Subsidiary General Ledger (SGL) account with the Reserve Bank of India. Exceptions: Regional Rural Banks (RRBs) and Cooperative Banks shall be covered under this Scheme in view of their statutory obligations. 2. make a single bid for an amount not more than ` two crore (face value) per auction 3. submit their bid indirectly through any one bank or PD offering this scheme. Exceptions: Regional Rural Banks (RRBs) and Cooperative Banks that maintain SGL account and current account with the Reserve Bank of India shall be eligible to submit their non competitive bids directly. III. Coverage: Subject to the conditions mentioned above, participation on “non-competitive” basis is open to any person including firms, companies, corporate bodies, institutions, provident funds, trusts, and any other entity as may be prescribed by RBI. The minimum amount for bidding will be ` 10,000 (face value) and thereafter in multiples in ` 10,000 as hitherto for dated stocks. IV. Other Operational Guidelines: 1. The retail investor desirous of participating in the auction under the Scheme would be required to maintain a constituent subsidiary general ledger (CSGL) account with the bank or PD through whom they wish to participate. Under the Scheme, an investor can make only a single bid in an auction of a dated security. An undertaking to the effect that the investor is making only a single bid will have to obtained and kept on record by the bank or PD. 2. Each bank or PD on the basis of firm orders received from their constituents will submit a single consolidated non-competitive bid on behalf of all its constituents for each security 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. 3. Allotment under the non-competitive segment to the bank or PD 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 bank or PD against payment on the date of issue irrespective of whether the bank or PD has received payment from their clients or not. 4. 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 bank or PD to appropriately allocate securities to their clients in a transparent manner. 5. In case the aggregate amount of bids is less than the reserved amount, the shortfall will be taken to competitive portion. 6. Security would be issued only in SGL form by RBI. RBI would credit either the main SGL account or the CSGL account of the bank or PD as indicated by them. The facility for affording credit to the main SGL account is for the sole purpose of servicing investors who are not their constituents. Therefore, the bank or PD would have to indicate clearly at the time of tendering the non-competitive bids the amounts (face value) to be credited to their SGL account and the CSGL account. Delivery in physical form from the main SGL account is permissible at the instance of the investor subsequently. 7. It will be the responsibility of the bank or the PD to pass on the securities to their clients. Except in extraordinary circumstances, the transfer of securities to the clients shall be completed within five working days from the date of issue. 8. The bank or PD 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. In case the transfer of securities is effected subsequent to the issue date of the security, the consideration amount payable by the client to the bank or PD would also include accrued interest from the date of issue. 9. 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 bank or PD as per agreement with the client. It may be noted that no other costs such as funding costs should be built into the price or recovered from the client. V. Banks and PDs 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. VI. The aforesaid guidelines are subject to review by the Bank and accordingly, if and when considered necessary, the Scheme will be modified.¹Hkkx Iµ[k.M 1º Hkkjr dk jkti=k % vlk/kj.k 7 Illustration Illustration: Base Rate payable on Floating Rate Bonds 2031 Calculation of base rate for the first coupon payment for period ending June 07, 2018: S. No. Date of auction of Weighted Average Price Weighted Average Yield (%) 182 Day Treasury Bills 1 April 25, 2018 96.91 6.3971 2 April 18, 2018 96.95 6.3038 3 April 11, 2018 96.96 6.2878 Total 18.9887 @ annualized for 365 day year Base Rate = (18.9887/3) = 6.3296 Rounded off to two decimal places = 6.33 per cent per annum Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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