## Report on Government Securities Reissue and Non-Competitive Bidding Facility
**1. Executive Summary:**
This report analyzes a Government of India notification (F. No. 45BWM2020) regarding the sale/reissue of government securities (GS) and an associated scheme for non-competitive bidding. The core purpose of this policy is to raise funds through the issuance of government securities with varying maturity dates and coupon rates, while also promoting wider participation in the government securities market, especially among retail investors, through a non-competitive bidding facility. Key findings include details on the specific government securities being offered, the auction process, and the eligibility criteria and operational guidelines for non-competitive bidding.
**2. Introduction:**
This report provides an informative overview of a Government of India policy, based solely on the provided text, pertaining to the sale/reissue of government securities and the implementation of a non-competitive bidding facility. The report aims to outline the key aspects of the policy, including its objectives, provisions, and potential impact, as interpreted from the document itself.
**3. Policy Overview:**
This is a *new* policy regarding the sale and reissue of Government Securities and a linked scheme for non-competitive bidding.
* **Core Objective(s):**
* To raise funds for the Government of India through the sale/reissue of dated Government Securities.
* To encourage wider participation and retail holding of Government Securities via a non-competitive bidding facility.
**4. Background and Rationale:**
* As a *new* policy: The policy addresses the need for the Government of India to raise capital through the issuance of debt instruments. The inclusion of a non-competitive bidding facility suggests a desire to broaden the investor base for these securities, specifically targeting individuals and smaller institutions that may not have the resources or expertise to participate in competitive auctions. This facility likely aims to provide a simpler and more accessible avenue for these investors to invest in government securities.
**5. Key Provisions / Changes:**
* As a *new* policy: This section details the main components of the entire policy based on the provided text:
* **Sale/Reissue of Government Securities:** The policy announces the sale/reissue of three government securities with specific characteristics:
* 5.15 GS 2025 (Maturity: Nov. 09, 2025; Notified Amount: ₹11,000 Crore)
* 5.85 GS 2030 (Maturity: Dec. 01, 2030; Notified Amount: ₹11,000 Crore)
* 6.76 GS 2061 (Maturity: Feb. 22, 2061; Notified Amount: ₹7,000 Crore)
* The Government has the option to retain additional subscription up to ₹2,000 crore against each security.
* **Auction Process:** The securities will be sold through an auction conducted by the Reserve Bank of India (RBI) in Mumbai on March 19, 2021. Bids are to be submitted electronically via the RBI's Core Banking Solution (EKuber).
* Non-competitive bids should be submitted between 10:30 am and 11:00 am.
* Competitive bids should be submitted between 10:30 am and 11:30 am.
* The securities are eligible for "When Issued" trading.
* The results of the auction will be published on the RBI website on March 19, 2021.
* Payment by successful bidders is due on March 22, 2021 (the date of reissue), including accrued interest.
* **Non-Competitive Bidding Facility:** Up to 5% of the notified amount of each security is reserved for non-competitive bidders.
* **Eligibility:**
* Investors who do not maintain a current account or Subsidiary General Ledger (SGL) account with the RBI. Exceptions are made for Regional Rural Banks (RRBs) and Cooperative Banks.
* Investors making a single bid for an amount not exceeding ₹2 crore face value per auction.
* Bids must be submitted indirectly through a bank or Primary Dealer (PD) offering this scheme. Exceptions are made for RRBs and Cooperative Banks that maintain SGL accounts and current accounts with the RBI.
* **Coverage:** The facility is open to individuals, firms, companies, corporate bodies, institutions, provident funds, trusts, and other entities.
* **Operational Guidelines:**
* Retail investors must maintain a constituent subsidiary general ledger (CSGL) account with the bank or PD.
* The minimum bid amount is ₹10,000 face value, and bids must be in multiples of ₹10,000.
* Allotment to non-competitive bidders will be at the weighted average yield/price of the competitive auction.
* If non-competitive bids exceed the reserved amount, pro-rata allotment will be applied.
* Banks/PDs can charge up to six paise per ₹100 as brokerage/commission/service charges.
**6. Target Audience and Stakeholders:**
The primary target audience includes:
* **Retail Investors:** Individuals who are interested in investing in government securities.
* **Smaller Institutions:** Firms, companies, corporate bodies, institutions, provident funds, and trusts.
* **Banks and Primary Dealers (PDs):** These entities act as intermediaries for non-competitive bidders.
* **Regional Rural Banks (RRBs) and Cooperative Banks:** These institutions have specific provisions within the non-competitive bidding scheme.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency:** Reserve Bank of India (RBI) is responsible for conducting the auction and implementing the non-competitive bidding scheme. The Ministry of Finance, Department of Economic Affairs, Budget Division, has issued the notification.
* **Timelines and Procedures:**
* Auction Date: March 19, 2021
* Bid Submission: Electronic submission via RBI's EKuber system on March 19, 2021.
* Payment Date: March 22, 2021
* Banks/PDs are expected to transfer securities to clients within five working days from the date of issue.
* Banks and PDs are required to furnish information relating to operations under the Scheme to the Reserve Bank of India.
**8. Expected Outcomes / Impact of Changes:**
* **Likely Intended Outcomes:**
* Successful raising of funds for the government through the sale of government securities.
* Increased participation of retail investors in the government securities market.
* Wider distribution of government debt among a more diverse investor base.
* Providing smaller investors with a low-risk investment opportunity.
**9. Conclusion:**
The Government of India's policy regarding the sale/reissue of government securities and the associated non-competitive bidding facility represents a dual approach: securing necessary funding while also fostering broader public engagement in government debt instruments. The scheme aims to lower barriers to entry for retail investors, potentially leading to a more inclusive and resilient government securities market. The active participation of Banks and PDs is crucial to the success of the scheme.
Key Entities Referenced
NEW DELHI: The city where the notification was issued.
Reserve Bank of India: The central bank of India, responsible for conducting the auction and placing the results on its website.
Mumbai: City in Maharashtra where Reserve Bank of India office is located, which conducts the auction
Government Securities: Securities being sold/reissued through auction.
Ministry of Finance: The ministry under which the Department of Economic Affairs and Budget Division operate.
Department of Economic Affairs: A department within the Ministry of Finance.
Budget Division: A division within the Department of Economic Affairs.
Government of India: The issuer of the Government Securities.
5.15 GS 2025: Government Security with a coupon rate of 5.15% maturing in 2025.
5.85 GS 2030: Government Security with a coupon rate of 5.85% maturing in 2030.
6.76 GS 2061: Government Security with a coupon rate of 6.76% maturing in 2061.
General Notification F.No.42WM2018: A general notification issued by the Government of India on March 27, 2018, related to the terms and conditions of the sale of securities.
Scheme for Noncompetitive Bidding Facility in the Auctions of Government Securities: Scheme that allows eligible individuals and institutions to bid for Government Securities on a noncompetitive basis.
Regional Rural Banks: Banks which are covered under the Scheme for Noncompetitive Bidding Facility in the Auctions of Government Securities
Cooperative Banks: Banks which are covered under the Scheme for Noncompetitive Bidding Facility in the Auctions of Government Securities
RAJAT KUMAR MISHRA: Addl. Secy.
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
xxxGIDHxxx
सी.जी.-डी.एxलxx.G-अID.-E1x6xx0 32021-225918
CG-DL-E-16032021-225918
ऄसाधारण
EXTRAORDINARY
भाग I—खण्ड 1
PART I—Section 1
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 90] नइ ददल्ली, सोमिार, माच य15, 2021/फाल्ग नु 24, 1942
No. 90] NEW DELHI, MONDAY, MARCH 15, 2021/PHALGUNA 24, 1942
जित्त मंत्रालय
(अर्थथक काय य जिभाग)
(बजट प्रभाग)
ऄजधसचू ना
नइ ददल्ली, 15 माचय, 2021
सरकारी प्रजतभजू तयों )जीएस( की जबक्री (पनु र्थनगमय ) के जलए नीलामी
फा. स.ं 4(5)–बी(डब्ल् य एू डं एम)/2020.—भारत सरकार एतदद्वारा नीचे ददए गए ऄनुसार सरकारी प्रजतभूजतयों
की जबक्री (पुनर्थनगयम) ऄजधसूजचत करती ह:ै
प्रजतभजूत का नाम मूल जनगमय की मूल ऄिजध पररपक्वता की नीलामी का नीलामी की ऄ ज धसजूचत राजि
तारीख (िर्-यमाह-ददन) त ा र ीख अधार जिजध (करोड़ ₹ म)ें
5.15% सरकारी प्रजतभूजत, 2025 09 निंबर, 2020 05-00-00 09 निंबर, 2025 मूल्य जिजिध 11,000
5.85% सरकारी प्रजतभूजत, 2030 01 ददसम्बर,2020 10-00-00 01 ददसम्बर, 2030 मूल्य जिजिध 11,000
6.76% सरकारी प्रजतभूजत, 2061 22 फरिरी, 2021 40-00-00 22 फरिरी, 2061 मूल्य जिजिध 7,000
भारत सरकार के पास ईपरोक्त प्रजतभूजतयों म ें स े प्रत्येक के पररपेक्ष्य में 2,000 करोड़ ोपए तक ऄजतररक्त ऄजभदान बनाए
रखन े का जिकल्प होगा। यह जबक्री आस ऄजधसूचना (जजसे 'जिजिष्ट ऄजधसूचना' कहा गया ह)ै म ें ईजल्लजखत ितों के ऄधीन
होगी। ईपयुयक् त सरकारी प्रजतभूजतयां, भारत सरकार द्वारा जारी सामान्य ऄजधसूचना एफ.संख्या.4(2)-डब् ल् यएू डं एम/2018,
1625 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
ददनांक 27 माच,य 2018 म ें जनर्ददष्ट जनयमों और ितों के ऄनुसार, भारतीय ररजिय बैंक, मुंबइ कायायलय, फोट,य मुंबइ -
400001 के माध्यम स े बेचा जाएगा।
ऄप्रजतस्ट्पधी बोलीदाताओं को अबटं न
2. सरकारी प्रजतभूजतयों की नीलाजमयों म ें ऄप्रजतस्ट्पधी बोली देने की सुजिधा की संलग्न स्ट्कीम (ऄनुबंध) के ऄनुसार, जबक्री
की ऄजधसूजचत राजि का 5 प्रजतित तक सरकारी प्रजतभूजतयां पात्र व् यजक्तयों और संस्ट्थाओं को अबंरटत दकया जाएगा ।
नीलामी का स्ट्थान एि ंतारीख
3. यह नीलामी भारतीय ररजिय बैंक, मुंबइ कायायलय, फोट,य मुंबइ-400001 द्वारा 19 माच,य 2021 को संचाजलत की
जाएगी। नीलामी हते ु बोजलयां भारतीय ररजिय बैंक कोर बैंककग सोल्यूिन (इ-कुबेर) प्रणाली संबंधी आलेक्रॉजनक प्रपत्र म ें 19
माच,य 2021 को प्रस्ट्तुत की जानी चाजहए। ऄप्रजतस्ट्पधी बोजलयां पूिाह्य न 10.30 बज े स े पिू ाह्य न 11.00 बज े के बीच और
प्रजतस्ट्पधी बोजलयां पूिाह्य न 10.30 बज ेस ेपिू ाह्य न 11.30 बज ेके बीच प्रस्ट्ततु की जानी चाजहए।
कब जनगजय मत कारोबार
4. ये प्रजतभूजतयां, भारतीय ररजिय बैंक द्वारा जारी ददिाजनदेिों के ऄनुसार, 'कब जनगयजमत’ कारोबार के जलए पात्र होगा।
जनगमय की तारीख और प्रजतभूजतयों के जलए भगु तान
5. नीलामी का पररणाम भारतीय ररजि य बैंक द्वारा ऄपन े िेबसाआट (www.rbi.org.in) पर 19 माच,य 2021 को प्रदर्थित
दकया जाएगा। सफल बोलीदाताओं द्वारा भुगतान 22 माच,य 2021 ऄथायत ् पनु र्थनगमय की तारीख को दकया जाएगा।
प्रजतभूजतयों के जलए भुगतान म ें नीलामी म ें अबंरटत प्रजतभूजतयों के ऄंदकत मूल्य पर, मूलजनगयम/ऄंजतम कूपन भगु तान की
तारीख से प्रोद्भूत ब्याज देय होने की तारीख तक, प्रोद्भूत ब्याज िाजमल होगा। जैसा दक पैरा 6 में ताजलका में ईजल्लजखत
ह।ै
ब्याज का भगु तान और प्रजतभजू तयों का पनु भगुय तान
6. मलू र्थनगमय /ऄजं तम कूपन भगु तान की तारीख से प्रजतभूजतयों के ऄंदकत मूल्य पर ब्याज प्रोद्भूत होगा तथा आसका
भुगतान ऄधयिार्थर्क अधार पर दकया जाएगा। प्रजतभूजतयों का पुनभुयगतान पररपक्वता की तारीख पर सममल्ू य पर दकया
जाएगा।
प्रजतभजूत का नाम कूपन दर ऄ जं त म कूपन भगु तान की दकस तारीख तक प्रोद्भतू कूपन भुगतान की तारीख
(%) तारीख ब्याज देय ह ै (तारीख/माह)
5.15% सरकारी प्रजतभूजत, 2025 5.15 नइ प्रजतभूजत 21 माचय, 2021 09 मइ और 09 निंबर
5.85% सरकारी प्रजतभूजत, 2030 5.85 नइ प्रजतभूजत 21 माचय, 2021 01 जून और 01 ददसम् बर
6.76% सरकारी प्रजतभूजत, 2061 6.76 नइ प्रजतभूजत 21 माचय, 2021 22 ऄगस्ट्त और 22 फरिरी
भारत के राष्ट्रपजत के अदेि से
रजत कुमार जमश्र, ऄपर सजचि
ऄनबु धं
सरकारी प्रजतभजू तयों की नीलामी म ेंऄप्रजतस्ट्पधी बोली सजु िधा स्ट्कीम
I. कायक्षय त्रे : सरकारी प्रजतभूजतयों की व्यापक भागीदारी और खुदरा धाररता को प्रोत्साहन दने े की दजृ ष्ट स े भारत सरकार
की ददनांदकत प्रजतभूजतयों की चयजनत नीलाजमयों म ें "ऄप्रजतस्ट्पधी" अधार पर भागीदारी की ऄनुमजत देन े का प्रस्ट्ताि[भाग I—खण् ड 1] भारत का राजपत्र : ऄसाधारण 3
दकया गया ह।ै तद्नुसार, ददनांदकत प्रजतभूजतयों की नीलाजमयों म ें ऄजधसूजचत राजि के 5 प्रजतित तक की ऄप्रजतस्ट्पधी
बोजलयां स्ट्िीकार की जाएंगी। प्रारजक्षत राजि ऄजधसूजचत राजि के ऄन्तगतय होगी।
II. पात्रता : भारत सरकार की ददनांदकत प्रजतभूजतयों की नीलाजमयों म ें ऄप्रजतस्ट्पधी अधार पर ऐसे जनिेिकों के जलए
भागीदारी खुली होगी जो जनम्नजलजखत ितों को पूरा करत े ह:ैं
1. जो भारतीय ररजिय बैंक के पास चालू खाता (सीए) ऄथिा सहायक सामान्य बही (एसजीएल) खाता नहीं रखते ह;ैं
ऄपिाद: क्षेत्रीय ग्रामीण बैंकों (अरअरबी) और सहकारी बैंकों को ईनके सांजिजधक दाजयत्िों के दजृ ष्टगत आस स्ट्कीम के
ऄधीन िाजमल दकया जाएगा।
2. जो प्रजत नीलामी दो करोड़ ोपए (ऄंदकत मूल्य) से ऄनजधक राजि के जलए एक ही बोली लगाते ह;ैं
3. जो यह स्ट्कीम प्रदान करन े िाले दकसी एक बैंक ऄथिा प्राथजमक डीलर के माध्यम से ऄपनी बोली ऄप्रत्यक्ष रूप से
प्रस्ट्तुत करते ह।ैं
ऄपिाद: ऐसे क्षेत्रीय ग्रामीण बैंक (अरअरबी) तथा सहकारी बैंक जो भारतीय ररजिय बैंक म ें एस.जी.एल.खाता और
चालू खाता रखत े ह,ैं ऄपनी ऄप्रजतस्ट्पधी बोजलयों को प्रत्यक्ष रूप से प्रस्ट्तुत करने के जलए पात्र होंगे।
III. व्यापकता: ईपयुयक्त ितों के ऄधीन "ऄप्रजतस्ट्पधी" अधार पर फमों, कंपजनयों, जनगजमत जनकायों, संस्ट्थाओं, भजिष्य
जनजधयों, न्यासों और भारतीय ररजिय बैंक द्वारा यथा-जनधायररत दकसी ऄन्य कंपनी सजहत दकसी भी व्यजक्त के जलए
भागीदारी खुली ह।ै बोली देने की न्यूनतम राजि 10,000 ोपए (ऄंदकत मूल्य) और ईसके बाद 10,000 ोपए के
गुणजों म ेंहोगी जैसा ऄब तक ददनांदकत स्ट्टॉक के जलए ह।ै
IV. ऄन्य प्रचालनात्मक ददिाजनदेि:
1. खुदरा जनिेिक के जलए ईस बैंक ऄथिा प्राथजमक डीलर, जजनके माध्यम स े िे भाग लेना चाहत े ह,ैं के पास एक
संघटक सहायक सामान्य बही (सीएसजीएल) खाता रखना ऄजनिाय य होगा। कोइ भी जनिेिक आस स्ट्कीम के ऄधीन
ददनांदकत प्रजतभूजत की दकसी नीलामी म ें केिल एक बोली म ें भाग ले सकता ह।ै आस अिय का िचन दक जनिेिक
केिल एक बोली दे रहा ह,ै बैंक ऄथिा प्राथजमक डीलर द्वारा प्राप्त दकया जाना और ररकाड य म ेंरखा जाना होगा।
2. ऄपन े ग्राहकों से प्राप्त पक्के अडरय के अधार पर प्रत्येक बैंक ऄथिा प्राथजमक डीलर भारतीय ररजिय बैंक कोर
बैंककग सोल्यूिन (इ-कुबेर) प्रणाली संबंधी आलेक्रॉजनक प्रपत्र म ें ऄपन े ग्राहकों की ओर स े एक एकल समेदकत
ऄप्रजतस्ट्पधी बोली प्रस्ट्तुत करेगा। ऄसाधारण पररजस्ट्थजतयों, जैसे भारतीय ररजिय बैंक कोर बैंककग सोल्यूिन (इ-कुबेर)
प्रणाली म ेंसामान्य गड़बड़ी को छोड़कर, भौजतक रूप म ें ऄप्रजतस्ट्पधी बोली स्ट्िीकार नहीं की जाएगी।
3. बैंक ऄथिा प्राथजमक डीलर को ऄप्रजतस्ट्पधी खंड के ऄधीन अबंटन प्रजतलाभ/कीमत की ईस भारांजित औसत
दर पर होगा, जो प्रजतस्ट्पधी बोली देने के अधार पर नीलामी म ें सामन ेअएगी। आस बात पर ध्यान ददए जबना दक बैंक
ऄथिा प्राथजमक डीलर ने ऄपने ग्राहकों स े भुगतान प्राप्त कर जलया ह ै या नहीं, जनगयम की तारीख को भुगतान प्राप्त
करके बैंक या प्राथजमक डीलर को प्रजतभूजतयां जारी की जाएंगी।
4. ऐस े मामल े म,ें जहां बोली की राजि प्रारजक्षत राजि (ऄजधसूजचत राजि के 5 प्रजतित) से ऄजधक ह ै यथानुपात
अबंटन दकया जाएगा। अंजिक अबंटनों के मामले म,ें यह बैंक ऄथिा प्राथजमक डीलरों का दाजयत्ि होगा दक िह
ऄपन ेग्राहकों को प्रजतभूजतयों का ईजचत अबंटन एक पारदिी तरीके स े करें।
5. ऐस े मामल े म ेंजहां बोली राजि प्रारजक्षत राजि स े कम हो, कमी को प्रजतस्ट्पधी भाग में िाजमल दकया जाएगा।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
6. प्रजतभूजत को भारतीय ररजिय बैंक द्वारा केिल एसजीएल रूप म ें जारी दकया जाएगा। भारतीय ररजिय बैंक आस े
या तो बैंक ऄथिा प्राथजमक डीलर के मुख्य एसजीएल खाते ऄथिा सीएसजीएल खाते में जमा करेगा,जैसादक ईनके
द्वारा जनदेि ददया गया ह।ै मुख्य एसजीएल खाते म ें जमा करन े की सुजिधा एकमात्र ईन जनिेिकों की सेिा के
प्रयोजनाथय ह ै जो ईनके घटक नहीं ह।ैं ऄतः बैंक ऄथिा प्राथजमक डीलरों को ऄप्रजतस्ट्पधी बोजलयों की जनजिदा देत े
समय ईनके एसजीएल खाते और सीएसजीएल खाते म ें जमा होने िाली राजियों (ऄंदकत मूल्य) को स्ट्पष् ट रूप स े
दिायना होगा। बाद म ेंजनिेिक के ऄनरु ोध पर मुख्य एसजीएल खाते स ेिास्ट्तजिक रूप म ें की गइ सुपुदगय ी स्ट्िीकायय ह।ै
7. यह बैंक ऄथिा प्राथजमक डीलर का दाजयत्ि ह ै दक िह ग्राहक को प्रजतभूजतयां हस्ट्तांतररत करे। ऄसाधारण
पररजस्ट्थजतयों को छोड़कर, ग्राहकों को प्रजतभूजतयों का ऄंतरण जनगयम की जतजथ स े पांच काय य ददिसों के भीतर पूरा
दकया जाएगा।
8. बैंक ऄथिा प्राथजमक डीलर ऄपन े ग्राहकों को यह सेिा देने के जलए छह पैस े प्रजत सौ ोपए तक
दलाली/कमीिन/सेिा प्रभार के रूप म ें िसूल कर सकते ह।ैं ऐसी कीमत जबक्री मूल्य म ें िाजमल की जा सकती ह ै या
ग्राहकों स े ऄलग स े िसूल की जा सकती ह।ै ऐसे मामल े में जहां प्रजतभूजतयों का ऄंतरण प्रजतभूजत की जनगयम जतजथ के
बाद प्रभािी होता हो, बैंक या प्राथजमक डीलर को ग्राहक द्वारा दये प्रजतफल राजि म ें जनगयम जतजथ स े ईपजचत ब्याज
िाजमल होगा।
9. प्रजतभूजतयों की लागत, ईपजचत ब्याज जहां भी लाग ू हो, तथा दलाली/कमीिन/सेिा प्रभारों के जलए ग्राहकों स े
भुगतान प्राप्त करन े की कायय-प्रणाली,बैंक या प्राथजमक डीलर द्वारा ग्राहक के साथ की गइ सहमजत के ऄनुसार तैयार
की जाएगी। यह ईल्लेखनीय ह ै दक दकसी ऄन्य लागत, जैसे जनजधकरण लागत को मूल्य में िाजमल नहीं दकया जाना
चाजहए या ग्राहकों से िसूल नहीं दकया जाना चाजहए।
V. बैंकों और प्राथजमक डीलरों को भारतीय ररजिय बैंक (बैंक) द्वारा समय-समय पर मांगी गइ योजना के तहत
संचालनों से संबंजधत सूचना जनधायररत समय सीमा के ऄंतगयत बैंक को प्रस्ट्तुत करनी होगी।
VI. उपर ईजल्लजखत ददिाजनदेि बैंक द्वारा समीक्षा के ऄधीन ह ै और तद्नुसार, जब भी अिश्यकता होगी, योजना
को संिोजधत दकया जाएगा।
MINISTRY OF FINANCE
(Department of Economic Affairs)
(BUDGET DIVISION)
NOTIFICATION
New Delhi, the 15th March, 2021
Auction for Sale (Re-issue) of Government Securities (GS)
F. No. 4(5)-B(W&M)/2020.—Government of India hereby notifies sale (Re-issue) of the following
Government Securities:
Name of the Date of Original Original Tenure Date of Auction Auction Notified
Security Issue (yy-mm-dd) Maturity Basis Method Amount
(in Crore)
5.15% GS 2025 Nov.09, 2020 05-00-00 Nov.09, 2025 Price Multiple 11,000
5.85% GS 2030 Dec.01, 2020 10-00-00 Dec.01, 2030 Price Multiple 11,000
6.76% GS 2061 Feb. 22, 2021 40-00-00 Feb.22, 2061 Price Multiple 7,000
Government of India will have the option to retain additional subscription up to ` 2,000 crore against each of the above
securities. 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[भाग I—खण् ड 1] भारत का राजपत्र : ऄसाधारण 5
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 Securities 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
March 19, 2021. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core
Banking Solution (E-Kuber) system on March 19, 2021. 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.
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
March 19, 2021. The payment by successful bidders will be on March 22, 2021 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 up to 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.
Name of the Coupon rate Date of Last Coupon Date up to which Date of Coupon
Security (%) payment accrued interest is due payments (month/date)
5.15% GS 2025 5.15 New Security March 21, 2021 May 09 and Nov.09
5.85% GS 2030 5.85 New Security March 21, 2021 June 01 and Dec.01
6.76% GS 2061 6.76 New Security March 21, 2021 Aug. 22 and Feb.22,
By Order of the President of India
RAJAT KUMAR MISHRA, Addl. Secy.
Annex
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 percent of the notified amount will be accepted in the
auctions of dated securities. The reserved amount will be within the notified amount.
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 as6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
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 upto 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.
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.