Okay, I'm ready to analyze the provided policy text and generate the report.
**Report on Government Securities Reissue and Non-Competitive Bidding Facility Amendment**
**1. Executive Summary:**
This report analyzes a notification from the Ministry of Finance, Department of Economic Affairs, concerning the reissue of Government Securities (GS) and an amendment to the Scheme for Non-Competitive Bidding Facility in the Auctions of Government Securities. The core purpose is to reissue specific Government Securities and encourage wider participation in government securities auctions through a non-competitive bidding process. Key findings include specific details regarding the securities being reissued, revised guidelines for non-competitive bidding, and the roles of the Reserve Bank of India (RBI) and Primary Dealers (PDs) in the implementation. This appears to be an *amendment* to an existing non-competitive bidding facility, adding operational details and expanding eligibility.
**2. Introduction:**
The purpose of this report is to provide a comprehensive overview of a government notification pertaining to the reissue of Government Securities and an amendment to the existing Scheme for Non-Competitive Bidding Facility in the Auctions of Government Securities. This analysis is based solely on the provided text of the notification.
**3. Policy Overview:**
* The core objective, based on the text, is to facilitate the sale/reissue of specific government securities (4.48 GS 2023, GoI FRB 2033, 6.22 GS 2035, and 6.67 GS 2050) and to broaden participation in these auctions through the Non-Competitive Bidding Facility. The Non-Competitive Bidding facility appears to be a pre-existing program, thus this document represents an amendment.
**4. Background and Rationale:**
* This document focuses on operational amendments and specific security re-issuances. The underlying policy goal, inferred from the original "Scheme for Noncompetitive Bidding Facility," is to encourage wider participation and retail holding of Government securities. The text suggests the *reason for this specific amendment* is to refine the operational aspects of the non-competitive bidding scheme, clarify eligibility, and specify procedures for banks and PDs involved in the process. This might be in response to issues identified in the implementation of the original scheme.
**5. Key Provisions / Changes:**
Since the document includes an amended scheme, this section will focus on the changes introduced by the *provided amendment text.*
* **What specific part of the original policy is being changed:** The document amends the "Scheme for Noncompetitive Bidding Facility in the Auctions of Government Securities." It modifies the eligibility criteria and the operational guidelines for participating in non-competitive bidding.
* **What the *new* rule/provision *is*, based *only* on the amendment text:**
* **Eligibility:** Regional Rural Banks (RRBs) and Cooperative Banks are explicitly included under the scheme, regardless of whether they maintain a current account (CA) or Subsidiary General Ledger (SGL) account with the Reserve Bank of India. This appears to be to fulfill their statutory obligations.
* **Operational Guidelines:** Retail investors must maintain a constituent subsidiary general ledger (CSGL) account with the bank or PD through whom they wish to participate. Each bank/PD must submit a single, consolidated non-competitive bid electronically on behalf of its constituents. Allotment is based on the weighted average yield/price from the competitive bidding. The amendment also details the crediting of securities to SGL or CSGL accounts, transfer of securities to clients (within five working days), and permissible brokerage/commission charges. It limits the amount of bids to 5% of the notified amount. The amendment also details that no other costs, such as funding costs, should be built into the price or recovered from the client.
* **Explain the *difference* or the *effect* of this specific change:**
* **Eligibility:** The explicit inclusion of RRBs and Cooperative Banks expands the pool of eligible non-competitive bidders, particularly those with statutory obligations.
* **Operational Guidelines:** The detailed procedures for bid submission, allotment, security transfer, and fee structure aim to standardize the process, improve transparency, and ensure efficient implementation of the scheme. The explicit inclusion of the five-day transfer window suggests that this may have been an issue identified from the original scheme. The specific language around funding costs suggests this was a point of abuse in the past.
**6. Target Audience and Stakeholders:**
Based on the provided text, the target audience and stakeholders are:
* **Retail Investors:** Individuals and entities (firms, companies, corporate bodies, institutions, provident funds, trusts) interested in investing in Government Securities through non-competitive bidding.
* **Regional Rural Banks (RRBs) and Cooperative Banks:** Now explicitly included in the scheme, allowing them to participate in non-competitive bidding to fulfill their statutory obligations.
* **Banks and Primary Dealers (PDs):** Responsible for facilitating non-competitive bids from their constituents, submitting consolidated bids, managing CSGL accounts, and transferring securities.
* **Reserve Bank of India (RBI):** Responsible for conducting the auctions, allotting securities, and overseeing the implementation of the scheme.
* **Ministry of Finance (Department of Economic Affairs):** The issuing authority for the notification and responsible for the overall policy.
**7. Implementation Aspects (Inferred):**
* **Responsible agency/bodies mentioned:** Reserve Bank of India (RBI), Banks, and Primary Dealers (PDs).
* **Timelines or procedures specified *in the text*?:** The auction will be conducted on January 15, 2021. Non-competitive bids should be submitted between 10:30 a.m. and 11:00 a.m., and competitive bids between 10:30 a.m. and 11:30 a.m. The payment by successful bidders will be on January 18, 2021. Transfer of securities to clients should be completed within five working days from the date of issue.
* **Implementation aspects related *specifically to the changes*:** Banks and PDs need to establish CSGL accounts for their clients, develop procedures for consolidated bid submission, ensure transparent allocation of securities in case of pro rata allotments, and comply with the specified timelines for security transfers. They also have to keep records of the undertakings provided by the investors that they are only making a single bid.
**8. Expected Outcomes / Impact of Changes:**
* The likely intended outcome *of these specific changes* is to:
* Increase participation from RRBs and Cooperative Banks in Government Securities auctions.
* Streamline the non-competitive bidding process through standardized procedures and electronic bid submissions.
* Improve transparency and fairness in the allocation of securities, particularly in case of pro rata allotments.
* Ensure timely transfer of securities to retail investors.
* Prevent hidden or unfair charges by explicitly banning funding costs from being passed down to the client.
* The overall impact should be greater retail participation in the government securities market.
**9. Conclusion:**
The notification outlines the reissue of specific Government Securities and introduces key amendments to the Scheme for Non-Competitive Bidding Facility. These amendments focus on broadening eligibility, standardizing procedures, and enhancing transparency in the non-competitive bidding process. The initiative aims to encourage wider participation from retail investors and specific banking institutions, ultimately contributing to a more robust and inclusive government securities market. The changes detailed in the amendment suggest a desire to address past issues and improve the operational efficiency of the non-competitive bidding scheme.
Key Entities Referenced
Government Securities: Refers to debt instruments issued by the Government of India.
Ministry of Finance: The ministry responsible for financial matters in the Government of India.
Department of Economic Affairs: A department within the Ministry of Finance.
Budget Division: A division within the Department of Economic Affairs.
New Delhi: Capital of India, location of the notification.
Reserve Bank of India: The central bank of India, responsible for conducting the auction of Government Securities.
Mumbai Office, Fort, Mumbai: The specific branch of Reserve Bank of India which will conduct the auction.
4.48 GS 2023: A specific Government Security with a coupon rate of 4.48% maturing in 2023.
GoI FRB 2033: A Floating Rate Bond issued by the Government of India maturing in 2033.
6.22 GS 2035: A specific Government Security with a coupon rate of 6.22% maturing in 2035.
6.67 GS 2050: A specific Government Security with a coupon rate of 6.67% maturing in 2050.
F.No. 45BWM2020: Reference number for the notification.
F.No.42 WM2018: Reference number of the general notification related to the terms and conditions.
Rajat Kumar Mishra: Addl. Secy who ordered the publication
Noncompetitive Bidding Facility: A scheme to encourage wider participation and retail holding of Government securities.
Regional Rural Banks RRBs: Financial institutions covered under the Scheme for Noncompetitive Bidding Facility.
Cooperative Banks: Financial institutions covered under the Scheme for Noncompetitive Bidding Facility.
RBI: Short form for Reserve bank of India
CSGL account: Constituent subsidiary general ledger account with the bank
EKuber: Reserve Bank of India Core Banking Solution
182 Day TBills: 182 day Treasury Bills
SGL account: Subsidiary General Ledger account with the Reserve Bank of India
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
xxxGIDHxxx
सी.जी.-डी.एलxx.x-GअID.-E1x1x0x 12021-224342
CG-DL-E-11012021-224342
ऄसाधारण
EXTRAORDINARY
भाग I—खण्ड 1
PART I—Section 1
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 13] नइ ददल्ली, सोमिार, जनिरी 11, 2021/ पौर् 21, 1942
No. 13] NEW DELHI, MONDAY, JANUARY 11, 2021/PAUSHA 21, 1942
जित्त मत्रं ालय
(अर्थथक काय यजिभाग)
(बजट प्रभाग)
ऄजधसचू ना
नइ ददल्ली, 11 जनिरी, 2021
सरकारी प्रजतभजूतयों )जीएस( की जबक्री (पनु र्थनगमय ) के जलए नीलामी
एफ. स.ं 4(5)–बी(डब्ल् य एू ंडएम)/2020.—भारत सरकार एतदद्वारा नीचे ददए गए ऄनुसार सरकारी प्रजतभूजतयों की जबक्री
(पुनर्थनगयम) ऄजधसूजचत करती है:
प्रजतभजूत का नाम मलू जनगमय की मलू ऄिजध पररपक्वता की नीलामी नीलामी की ऄजधसजूचत राजि
तारीख (िर्-यमाह-ददन) तारीख का अधार जिजध (करोड़ ₹ म)ें
4.48% सरकारी प्रजतभूजत, 2023 02 निंबर, 2020 03-00-00 02 निंबर, 2023 मूल्य जिजिध 6,000
भाoसo का ऄस्ट् थायी दर िाला बांड 22 जून, 2020
13-03-00 22 जसतम् बर, 2033 मूल्य जिजिध 2,000
2033
6.22% सरकारी प्रजतभूजत, 2035 02 निंबर, 2020 14-04-14 16 माच,य 2035 मूल्य जिजिध 9,000
6.67% सरकारी प्रजतभूजत, 2050 02 निंबर, 2020 30-01-15 17 ददसम् बर, 2050 मूल्य जिजिध 5,000
भारत सरकार के पास ईपरोक्त प्रजतभूजतयों में से प्रत्येक के पररपेक्ष् य में 2,000 करोड़ ोपए तक ऄजतररक्त ऄजभदान बनाए रखने का
जिकल्प होगा। यह जबक्री आस ऄजधसूचना (जजसे 'जिजिष् ट ऄजधसूचना' कहा गया ह)ै म ें ईजल्लजखत ितों के ऄधीन होगी। ईपयुयक् त
सरकारी प्रजतभूजतया,ं भारत सरकार द्वारा जारी सामान्य ऄजधसूचना एफ.संख्या.4(2)-डब् ल् यूएंडएम/2018, ददनांक 27 माच,य 2018 में
जनर्ददष्ट जनयमों और ितों के ऄनुसार, भारतीय ररजि यबैंक, मुंबइ कायायलय, फोटय, मुंबइ -400001 के माध्यम से 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 प्रजतभूजतया ंपात्र व् यजक्तयों और संस्ट्थाओं को अबंरटत दकया जाएगा ।
158 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1]
नीलामी का स्ट्थान एि ंतारीख
3. यह नीलामी भारतीय ररजि य बैंक, मुंबइ कायायलय, फोटय, मुंबइ-400001 द्वारा 15 जनिरी, 2021 को संचाजलत की जाएगी। नीलामी
हते ु बोजलयां भारतीय ररजि य बैंक कोर बैंककग सोल्यूिन (इ-कुबेर) प्रणाली संबंधी आलेक्रॉजनक प्रपत्र में 15 जनिरी, 2021 को प्रस्ट्तुत की
जानी चाजहए। ऄप्रजतस्ट्पधी पिू ाह्य न 10.30 बज े स े पिू ाह्य न 11.00 बज े के बीच और प्रजतस्ट्पधी बोजलयां पिू ाह्य न 10.30 बज े स े पिू ाह्य न
11.30 बज ेके बीच प्रस्ट्तुत की जानी चाजहए।
कब जनगजयमत कारोबार
4. ये प्रजतभूजतया,ं भारतीय ररजिय बैंक द्वारा जारी ददिाजनदिे ों के ऄनुसार, 'कब जनगयजमत’ कारोबार के जलए पात्र होगा।
जनगमय की तारीख और प्रजतभजूतयों के जलए भगु तान
5. नीलामी का पररणाम भारतीय ररजिय बैंक द्वारा ऄपने फोटय जस्ट्थत मुंबइ कायायलय में 15 जनिरी, 2021 को प्रदर्थित दकया जाएगा।
सफल बोलीदाताओं द्वारा भुगतान 18 जनिरी, 2021 ऄथायत् पनु र्थनगमय की तारीख को दकया जाएगा। प्रजतभूजतयों के जलए भुगतान म ें
नीलामी में अबंरटत प्रजतभूजतयों के ऄंदकत मूल्य पर, मूलजनगयम/ऄंजतम कूपन भुगतान की तारीख से प्रोद्भूत ब्याज दये होने की तारीख
तक, प्रोद्भूत ब्याज िाजमल होगा। जैसा दक पैरा 6 में ताजलका में ईजल्लजखत है।
ब्याज का भगु तान और प्रजतभजूतयों का पनु भगुय तान
6. मलू र्थनगमय /ऄजंतम 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 ऄजंतम कूपन भगु तान की दकस तारीख तक प्रोद्भतू कूपन भगु तान की तारीख
(%) तारीख ब्याज दये ह ै (तारीख/माह)
4.48% सरकारी प्रजतभूजत, 2023 4.48 नइ प्रजतभूजत 17 जनिरी, 2021 02 मइ और 02 निंबर
भाoसo का ऄस्ट् थायी दर िाला बांड 2033 पररितयनीय# 22 जसतम् बर, 2020 17 जनिरी, 2021 22 माचय और 22 जसतम् बर
6.22% सरकारी प्रजतभूजत, 2035 6.22 नइ प्रजतभूजत 17 जनिरी, 2021 16 माचय और 16 जसतम् बर
6.67% सरकारी प्रजतभूजत, 2050 6.67 17 ददसम् बर, 2020 17 जनिरी, 2021 17 जून और 17 ददसम् बर
#: भारत सरकार का ऄस्ट् थायी दर िाला बांड 2033
(i) पररितयनीय दर पर ब् याज का भुगतान ऄधिय ार्थर्क अधार पर दकया जाएगा।
(ii) ऄस्ट्थायी दर िाले बांड की कूपन दर जो मूल दर होगी तथा यह 182 ददिसीय राजकोर्ीय हजं डयों की जपछली 3 नीलाजमयों )दर
जनधायररत करने के ददन से( की भाररत औसत अय )डब्ल्यू ए िाइ( की `औसत तथा नीलामी तंत्र द्वारा 122 अधार जबन्दओंु के जनयत प्रसार के समतुल्य होगी। यह प्रसार बांड की पूरी ऄिजध में जनयत रहगे ा। ऄंतर्थनजहत अय की गणना िर्य में 365 ददन को ध्य ान में रखकर की जाएगी।
(iii) बांड की समयािजध के दौरान भारत सरकार की 182 ददिसीय राजकोर्ीय हजं डयों की नीलाजमयों को बंद कर ददए जाने की जस्ट्थजत
में, कूपन की मूल दर, ऄधिय ार्थर्क कूपन ऄिजध की िुोअत से पहले के तीन नॉन-ररपोर्टटग िुक्रिारों को, छह माह तक भारत सरकार
प्रजतभूजत)यों( के जलए प्रचजलत पररपक्वता दर अय )िाइ टी एम( की औसत होगी। यदद दकसी िुक्रिार को कोइ जििेर् छुट्टी/छुरट्टयां हों, तो
पररपक्वता पर अय की दरें िही होंगी जो जपछले कायय ददिस पर थी।
(iv) कूपन ऄिजध 22 जसतंबर, 2020 से 21 माचय, 2021 के जलए अधार दर 3.48 प्रजतित प्रजत िर्य ह।ै तदनुसार, आस ऄिजध के जलए
ऄस्ट् थायी दर िाले बांड 2033 पर ब्याज दर 4.70 प्रजतित प्रजत िर् यहोगी। ऄनुिती िर्ों के दौरान बांडों पर ऄधयिार्थर्क रूप से दये ब्याज
दर, संबजन्धत ऄधयिार्थर्क कूपन ऄिजध की िुोअत से पूि,य भारतीय ररज़िय बैंक द्वारा घोजर्त की जाएगी।
भारत के राष्ट्रपजत के अदिे से,
रजत कुमार जमश्र, ऄपर सजचि
ऄनबु धं
सरकारी प्रजतभजूतयों की नीलामी म ेंऄप्रजतस्ट्पधी बोली सजुिधा स्ट्कीम
I. कायक्षय त्रे : सरकारी प्रजतभूजतयों की व्यापक भागीदारी और खुदरा धाररता को प्रोत्साहन दने े की दजृष्ट स े भारत सरकार की ददनांदकत
प्रजतभूजतयों की चयजनत नीलाजमयों म ें "ऄप्रजतस्ट्पधी" अधार पर भागीदारी की ऄनुमजत दने े का प्रस्ट्ताि दकया गया ह।ै तद्नुसार,
ददनांदकत प्रजतभूजतयों की नीलाजमयों में ऄजधसूजचत राजि के 5 प्रजतित तक की ऄप्रजतस्ट्पधी बोजलयां स्ट्िीकार की जाएंगी। प्रारजक्षत राजि
ऄजधसूजचत राजि के ऄन्तगतय होगी।[भाग I—खण् ड 1] भारत का राजपत्र : ऄसाधारण 3
II. पात्रता : भारत सरकार की ददनांदकत प्रजतभूजतयों की नीलाजमयों में ऄप्रजतस्ट्पधी अधार पर ऐसे जनिेिकों के जलए भागीदारी
खुली होगी जो जनम्नजलजखत ितों को पूरा करते ह:ैं
1. जो भारतीय ररजिय बैंक के पास चालू खाता (सीए) ऄथिा सहायक सामान्य बही (एसजीएल) खाता नहीं रखते हैं;
ऄपिाद: क्षेत्रीय ग्रामीण बैंकों (अरअरबी) और सहकारी बैंकों को ईनके सांजिजधक दाजयत्िों के दजृष्टगत 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 करने िाले दकसी एक बैंक ऄथिा प्राथजमक डीलर के माध्यम स े ऄपनी बोली ऄप्रत्यक्ष रूप से प्रस्ट्तुत
करते ह।ैं
ऄपिाद: ऐसे क्षेत्रीय ग्रामीण बैंक (अरअरबी) तथा सहकारी बैंक जो भारतीय ररजि य बैंक में एस.जी.एल.खाता और चालू
खाता रखते 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, भजिष् य जनजधयों, न्यासों
और भारतीय ररजिय बैंक द्वारा यथा-जनधारय रत दकसी ऄन्य कंपनी सजहत दकसी भी व्यजक्त के जलए भागीदारी खुली ह।ै बोली दने े की
न्यूनतम राजि 10,000 ोपए (ऄदं कत मूल्य) और ईसके बाद 10,000 ोपए के गुणजों म ें होगी जैसा ऄब तक ददनांदकत स्ट्टॉक के
जलए ह।ै
IV. ऄन्य प्रचालनात्मक ददिाजनदिे :
1. खुदरा जनिेिक के जलए ईस बैंक ऄथिा प्राथजमक डीलर, जजनके माध्यम से ि े भाग लेना चाहते 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 में केिल एक बोली में भाग ले सकता ह।ै आस अिय का िचन दक जनिेिक केिल एक बोली द े रहा है, बैंक
ऄथिा प्राथजमक डीलर द्वारा प्राप्त दकया जाना और ररकाडय में रखा जाना होगा।
2. ऄपन े ग्राहकों से प्राप्त पक्के अडयर के अधार पर प्रत्येक बैंक ऄथिा प्राथजमक डीलर भारतीय ररजिय बैंक कोर बैंककग
सोल्यूिन (इ-कुबेर) प्रणाली संबंधी आलेक्रॉजनक प्रपत्र में ऄपन ेग्राहकों की ओर स ेएक एकल समेदकत ऄप्रजतस्ट्पधी बोली प्रस्ट्तुत
करेगा। ऄसाधारण पररजस्ट्थजतयों, जैसे भारतीय ररजिय बैंक कोर बैंककग सोल्यूिन (इ-कुबेर) प्रणाली में सामान्य गड़बड़ी को
छोड़कर, भौजतक रूप में 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 दने े के अधार पर नीलामी में सामन े अएगी। आस बात पर ध्यान ददए जबना दक बैंक ऄथिा
प्राथजमक डीलर ने ऄपन े ग्राहकों से भुगतान प्राप्त कर जलया है या नहीं, जनगयम की तारीख को भुगतान प्राप्त करके बैंक या
प्राथजमक डीलर को प्रजतभूजतया ंजारी की जाएंगी।
4. ऐस े मामले म,ें जहां बोली की राजि प्रारजक्षत राजि (ऄजधसूजचत राजि के 5 प्रजतित) से ऄजधक ह ै यथानुपात अबंटन
दकया जाएगा। अंजिक अबंटनों के मामले में, यह बैंक ऄथिा प्राथजमक डीलरों का दाजयत्ि होगा दक िह ऄपने ग्राहकों को
प्रजतभूजतयों का ईजचत अबंटन एक पारदिी तरीके से करें।
5. ऐस ेमामल ेमें जहां बोली राजि प्रारजक्षत राजि स ेकम हो, कमी को प्रजतस्ट्पधी भाग म ेंिाजमल दकया जाएगा।
6. प्रजतभूजत को भारतीय ररजिय बैंक द्वारा केिल एसजीएल रूप में जारी दकया जाएगा। भारतीय ररजिय बैंक आसे या तो
बैंक ऄथिा प्राथजमक डीलर के मुख्य एसजीएल खाते ऄथिा सीएसजीएल खाते म ें जमा करेगा,जैसादक ईनके द्वारा जनदिे ददया
गया ह।ै मुख्य एसजीएल खात े में जमा करने 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 दते े समय ईनके एसजीएल खात े और सीएसजीएल
खात ेमें जमा होने िाली राजियों (ऄंदकत मूल्य) को स्ट्पष् ट रूप से दिायना होगा। बाद में जनिेिक के ऄनुरोध पर मुख्य एसजीएल
खात ेस ेिास्ट्तजिक रूप में की गइ सुपुदगय ी स्ट्िीकायय ह।ै
7. यह बैंक ऄथिा प्राथजमक डीलर का दाजयत्ि ह ैदक िह ग्राहक को प्रजतभूजतया ंहस्ट्तांतररत करे। ऄसाधारण पररजस्ट्थजतयों को
छोड़कर, ग्राहकों को प्रजतभूजतयों का ऄंतरण जनगयम की जतजथ से पांच कायय ददिसों के भीतर पूरा दकया जाएगा।
8. बैंक ऄथिा प्राथजमक डीलर ऄपने ग्राहकों को यह सेिा दने े के जलए छह पैसे प्रजत सौ ोपए तक दलाली/कमीिन/सेिा प्रभार
के रूप में िसूल कर सकते ह।ैं ऐसी कीमत जबक्री मूल्य में िाजमल की जा सकती ह ै या ग्राहकों से ऄलग से िसूल की जा सकती
ह।ै ऐसे मामले में जहां प्रजतभूजतयों का ऄंतरण प्रजतभूजत की जनगयम जतजथ के बाद प्रभािी होता हो, बैंक या प्राथजमक डीलर को
ग्राहक द्वारा दये प्रजतफल राजि में जनगयम जतजथ से ईपजचत ब्याज िाजमल होगा।
9. प्रजतभूजतयों की लागत, ईपजचत ब्याज जहां भी लागू हो, तथा दलाली/कमीिन/सेिा प्रभारों के जलए ग्राहकों से भुगतान
प्राप्त करने 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 म ें िाजमल नहीं दकया जाना चाजहए या ग्राहकों स े िसूल
नहीं दकया जाना चाजहए।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1]
V. बैंकों और प्राथजमक डीलरों को भारतीय ररजिय बैंक (बकैं ) द्वारा समय-समय पर मांगी गइ योजना के तहत संचालनों से संबंजधत
सूचना जनधायररत समय सीमा के ऄतं गयत बैंक को प्रस्ट्तुत करनी होगी।
VI. उपर ईजल्लजखत ददिाजनदिे बैंक द्वारा समीक्षा के ऄधीन है और तद्नुसार, जब भी अिश्यकता होगी, योजना को संिोजधत दकया
जाएगा।
MINISTRY OF FINANCE
(Department of Economic Affairs)
(BUDGET DIVISION)
NOTIFICATION
New Delhi, the 11th January, 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 Date of Auction Auction Notified
Security Original Issue Tenure Maturity Basis Method Amount
(yy-mm-dd) (in ` Crore)
4.48% GS 2023 Nov. 02, 2020 03-00-00 Nov. 02, 2023 Price Multiple 6,000
GoI FRB 2033 Jun. 22, 2020 13-03-00 Sep. 22, 2033 Price Multiple 2,000
6.22% GS 2035 Nov. 02, 2020 14-04-14 Mar.16, 2035 Price Multiple 9,000
6.67% GS 2050 Nov. 02, 2020 30-01-15 Dec. 17, 2050 Price Multiple 5,000
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 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
January 15, 2021. Bids for the auction should be submitted in electronic format on the Reserve Bank of
India Core Banking Solution (E-Kuber) system on January 15, 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 displayed by the Reserve Bank of India at its Fort, Mumbai Office on
January 15, 2021. The payment by successful bidders will be on January 18, 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.[भाग I—खण् ड 1] भारत का राजपत्र : ऄसाधारण 5
Name of the Coupon Date of Last Coupon Date up to which Date of Coupon
Security rate (%) payment accrued interest is due payments (month/date)
4.48% GS 2023 4.48 New Security Jan. 17, 2021 May 02 and Nov. 02
GoI FRB 2033 Variable# Sep. 22, 2020 Jan. 17, 2021 Mar. 22 and Sep. 22
6.22% GS 2035 6.22 New Security Jan. 17, 2021 Mar. 16 and Sep.16
6.67% GS 2050 6.67 Dec. 17, 2020 Jan. 17, 2021 Jun.17 and Dec.17
#: GoI FRB 2033:
(i) The interest at a variable rate will be paid half-yearly.
(ii) The Floating Rate Bond will carry the coupon, which will have a base rate, equivalent to the average of
the Weighted Average Yield (WAY) of last 3 auctions (from the rate fixing day) of 182 Day T-Bills, plus a
fixed spread of 122 basis points. The spread will be fixed throughout the tenure of the bond. 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 base rate of the coupon 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 coupon period September 22, 2020 to March 21, 2021 shall be 3.48 per cent per
annum. Accordingly, the rate of interest on FRB 2033 for this period shall be 4.70 per cent per annum. 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,
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 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.6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1]
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.