## Report on the Issuance of Special Government of India Securities (2031-2036)
**1. Executive Summary:**
This report analyzes the Government of India's notification regarding the issuance of six new series of Non-interest bearing Nontransferable Special Government of India (GoI) Securities, maturing annually from 2031 to 2036. The core purpose of this issuance is to provide a mechanism for specific public sector banks to manage their investment portfolios, likely in relation to asset-liability management or specific regulatory requirements. Key findings reveal that only a limited number of public sector banks are eligible to subscribe to these securities, with allocations predetermined. These securities are non-transferable and non-interest bearing, and will be held in the banks' Subsidiary General Ledger Accounts with the Reserve Bank of India (RBI). The investment in these special securities does not qualify as an eligible investment under statutory provisions for government securities.
**2. Introduction:**
This report aims to provide a comprehensive overview of the Government of India's policy, as detailed in the provided notification, concerning the issuance of Non-interest bearing Nontransferable Special GoI Securities maturing between 2031 and 2036. The analysis focuses solely on the information contained within the provided text.
**3. Policy Overview:**
This is a new policy concerning the issuance of new securities. The core objective, inferred from the text, is to provide a specific investment instrument tailored to a limited number of public sector banks. It appears to facilitate a specific financial arrangement or address a particular need within these banks.
**4. Background and Rationale:**
The policy likely addresses a need for specific public sector banks to manage their balance sheets or meet certain regulatory requirements related to investments. Given the non-interest bearing and non-transferable nature of the securities, it can be inferred that these securities are not intended for general market participation but rather for a specific purpose within the eligible banks' portfolio management strategies. The "HTM Status" provision further suggests a longer-term investment horizon for these securities, potentially to comply with specific investment portfolio regulations.
**5. Key Provisions / Changes:**
This is a new policy; therefore, we will cover the main components, rules, and actions mandated by the provided text:
* **Issuance of Securities:** The Government of India will issue six series of Non-interest bearing Nontransferable Special GoI Securities maturing annually from 2031 to 2036.
* **Eligibility for Subscription:** Only specifically named public sector banks (Central Bank of India, Indian Overseas Bank, Bank of India, and UCO Bank) are eligible to subscribe.
* **Subscription Limits:** The subscription amount for each bank is predetermined and specified in the Annexure.
* **Price and Date of Issue:** The securities will be issued at par, with the date of issue being the date of receipt of the subscription amount.
* **Form of Security:** The securities will be held in "Stock" form in the banks' Subsidiary General Ledger Accounts with the RBI in Mumbai.
* **Interest and Repayment:** The securities are non-interest bearing and repayable at par on their respective maturity dates at the Public Debt Office of the RBI in Mumbai.
* **Transferability and Conversion:** The securities are non-transferable and cannot be converted into other forms of security.
* **Statutory Provisions:** The Government Securities Act, 2006 and the Government Securities Rules, 2007 apply to matters not explicitly covered in the notification.
* **Tax Laws:** The value of the investment is subject to applicable tax laws.
* **HTM Status:** The securities can be held under the "Held to Maturity" (HTM) portfolio by investing banks without any limit, as per RBI guidelines.
* **Non-Eligible Investment:** The investment in these securities will not be considered eligible for statutory investment requirements in government securities.
**6. Target Audience and Stakeholders:**
The primary target audience and direct stakeholders are:
* **Central Bank of India**
* **Indian Overseas Bank**
* **Bank of India**
* **UCO Bank**
* **Reserve Bank of India (RBI)** - Specifically, the Public Debt Office in Mumbai.
These are the only entities directly affected by this policy based on the information provided in the document.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency:** The Ministry of Finance, Department of Economic Affairs, Budget Division is responsible for the issuance. The RBI, specifically the Public Debt Office in Mumbai, is responsible for managing the securities accounts and repayment.
* **Timeline:** The securities were issued on March 31, 2021, as mentioned in the notification. The maturity dates are fixed annually from March 31, 2031, to March 31, 2036, for each respective series.
* **Procedure:** The eligible banks need to subscribe to the securities at par, and the date of issue is contingent upon the receipt of the subscription amount.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of this policy are:
* **Specific Investment Avenue:** Providing a specific investment avenue for the designated public sector banks to meet their unique financial requirements.
* **Portfolio Management:** Enabling these banks to efficiently manage their investment portfolios and potentially address asset-liability mismatches.
* **Regulatory Compliance:** Facilitating compliance with regulations related to investment portfolios, particularly through the HTM status provision.
* **Liquidity and Capital Adequacy:** Could possibly improve liquidity positions, and help free up capital.
**9. Conclusion:**
The issuance of these Non-interest bearing Nontransferable Special GoI Securities represents a targeted financial instrument designed for specific public sector banks. The securities offer a means for these banks to manage their investment portfolios, potentially addressing specific regulatory or balance sheet management needs. The non-transferable and non-interest bearing nature, along with the HTM status provision, suggests a long-term investment strategy aligned with the specific requirements of these banks. The policy is significant in its targeted approach and the specific conditions attached to the securities.
Key Entities Referenced
New Delhi: Location of publication mentioned in the document.
Ministry of Finance: The ministry issuing the notification.
Department of Economic Affairs: Department within the Ministry of Finance.
Budget Division: A division within the Department of Economic Affairs, Ministry of Finance.
Noninterest bearing Nontransferable Special Gol Security, 2031: One of the special securities being issued.
Noninterest bearing Nontransferable Special Gol Security 2032: One of the special securities being issued.
Noninterest bearing Nontransferable Special Gol Security 2033: One of the special securities being issued.
Noninterest bearing Non transferable Special Gol Security 2034: One of the special securities being issued.
Noninterest bearing Nontransferable Special Gol Security 2035: One of the special securities being issued.
Noninterest bearing Non transferable Special GoI Security 2036: One of the special securities being issued.
Special Securities: Generic name used to describe all securities.
Public Debt Office, Reserve Bank of India, Mumbai: The location where the special securities are held and repaid.
Government Securities Act, 2006: The act governing the special securities.
Government Securities Rules, 2007: The rules governing the special securities.
RBI Circular DBR No BP.BC.6 21.04.141201516: Circular regarding Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by investing Bank.
Central Bank of India: One of the Public Sector Banks eligible for allocation of securities.
Indian Overseas Bank: One of the Public Sector Banks eligible for allocation of securities.
Bank of India: One of the Public Sector Banks eligible for allocation of securities.
UCO Bank: One of the Public Sector Banks eligible for allocation of securities.
Rajat Kumar Mishra: Addl. Secy.
Mayapuri, New Delhi: Location of the Dte. of Printing.
Delhi: Location of Controller of Publications
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-30032021-226256
xxxGIDHxxx
CG-DL-E-30032021-226256
xxxGIDExxx
असाधारण
EXTRAORDINARY
भाग I—खण्ड 1
PART I—Section 1
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 109] नई ददल्ली, मगं लिार, माच य30, 2021/च्ै 9, 1943
No. 109] NEW DELHI, TUESDAY, MARCH 30, 2021/CHAITRA 9, 1943
जित्त म्ं ालय
(आर्थथक काय यजिभाग)
(बजट प्रभाग)
अजधसचू ना
नई ददल् ली, 30 माचय, 2021
(i) ब्याज रजित (अिस्ट् तातं रणीयि जििेा भारत सरकार प्रजतभूजत, 2031; (ii) ब्याज रजित (अिस्ट्त ांतरणीयि जििेा भारत
सरकार प्रजतभूजत, 2032; (iii) ब्याज रजित (अिस्ट्त ांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2033; (iv) ब्याज रजित
(अिस्ट्त ातं रणीयि जििेा भारत सरकार प्रजतभूजत, 2034; (v) ब्याज रजित (अिस्ट्त ांतरणीयि जििेा भारत सरकार
प्रजतभूजत, 2035; तथा (vi) ब्याज रजित (अिस्ट्त ांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2036 का जनगयम।
फा. स.ं 4(17ि-बी(डब्ल्य ू एडं एमि/2020.—भारत सरकार, ददनांक 31 माच,य 2021 को (i) ब्याज
रजित(अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2031; (ii) ब्याज रजित (अिस्ट् तातं रणीयि जििेा भारत सरकार
प्रजतभूजत, 2032; (iii) ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2033; (iv) ब्याज रजित
(अिस्ट्त ातं रणीयि जििेा भारत सरकार प्रजतभूजत, 2034; (v) ब्याज रजित (अिस्ट्त ांतरणीयि जििेा भारत सरकार
प्रजतभूजत, 2035; तथा (vi) ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2036 (इसके पश् चातस संज् त
रूप स े ‘जििेा प्रजतभूजत’ के रूप में उजल्लजखत ििै के जनगयम को एतदद्वस ारा अजधसूजचत करती ि।ै
1. अजभदान के जलए पा्ता और अजभदान की सीमा :-
(iि केिल इसके अनबु धं म ें उजल्लजखत साियजजनक ्े् बैंक इन जििेा प्रजतभूजतयों म ें अजभदान करने के जलए पा् िोंगे तथा
प्रजतभूजतयों में उनका अजभदान अनुबंध म ेंउसके नाम के सामने दिायई गई राजि तक सीजमत रिगे ा।
1945 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
(iiि उपयुयक् त अनुबंध में उजल्लजखत साियजजनक ्े् के बैंकों (जैसादक अनुबंध में दिायया गया ििै को छोड़कर, दकसी अन् य
बैंक, कंप नी, कॉरपोरेिन अथिा दकसी अन् य जनकाय सजित कोई अन् य ् यजि इन जििेा प्रजतभूजतयों में अजभदान करन े के
जलए पा् निीं िोगा।
2. जनगमय मल्ू य एि ंतारीख:-
(iि जििेा प्रजतभूजतयां पा् बकैं ों द्वारा दकए गए आिेदन म ेंइंजगत दकए गए अनुसार, सममूल्य राजि पर जारी की जाएंगी।
(iiि जििेा प्रजतभूजतयों को जारी करने की तारीख पा् बैंक से अजभदान राजि की प्राजि की तारीख़ िोगी ।
3.प्रजतभजू त का स्ट्ि रूप :-
इन जििेा प्रजतभूजतयों को, लोक ऋण कायायलय, भारतीय ररजिय बैंक, मुंबई म ें अनुरज्त जनिेिकताय साियजजनक ्े् बैंकों
(जैसादक अनुबंध म ेंदिायया गया ििै के अनाु ंगी सामान्य बिी खाते के साख पर “स्ट्टॉक” के रूप में जारी दकया जाएगा।
4.ब्य ाज एि ंचकु ती :-
जििेा प्रजतभूजतयां सममूल् य पर प्रत् यके प्रजतभूजत के संबंध म ें इंजगत की गई पररपक्ि ता की तारीख़ को प्रजतदेय िोंगी।
जििेा प्रजतभूजतयां ब्याज रजित िोंगी और प्रजतभूजतयां जारी करने पर कोई ब्याज देय निीं िोगा। जििेा प्रजतभूजतयों पर
चुक ती मुंबई जस्ट्थत भारतीय ररजिय बैंक के लोक ऋण कायायलय में दकया जाएगा। सरकारी जििेा प्रजतभूजतयों का ब्य रा
जनम्न ानुसार िोगा:
क्रम सख्ं य ा प्रजतभजू त पररपक्ि ता की तारीख़
1 ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2031 31 माचय, 2031
2 ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2032 31 माच,य 2032
3 ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2033 31 माच,य 2033
4 ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2034 31 माच,य 2034
5 ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2035 31 माच,य 2035
6 ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2036 31 माच,य 2036
5. िस्ट्त ातं रणीयता एि ंपररितनय :-
जििेा प्रजतभूजत िस्ट्त ांतरणीय निीं िोगी तथा इन प्रजतभूजतयों को दकसी भी अन् य स्ट् िरूप म ें पररितयन करन े की भी अनुमजत
निीं िोगी।
6. साजं िजधक प्रािधान:-
ऐसे दकसी भी मामले के संबंध में, जजसका इस अजधसूचना के तित प्रािधान निीं दकया गया ि,ै ऐसी जििेा प्रजतभूजतयां
लोक ऋण अजधजनयम, 2006 तथा उसके तित बनाई गई लोक ऋण जनयमािली, 2007 द्वारा अजभिाजसत िोगी।
7. कर काननू ों की प्रयोजनीयता:-
जििेा प्रजतभूजत में जनिेजित राजि तथा उस पर देय ब् याज का मूल्य समय-समय पर यथा लाग ू कर कानूनों के प्रािधानों
द्वारा अजभिाजसत दकया जाएगा।
8.जििाे प्रजतभजू त म ेंजनििे की पा्ता :-
साियजजनक ्े् के बैंकों (जैसादक अनुबंध म ें दिायया गया ििै द्वारा जििेा प्रजतभूजत म ें दकए गए ऐसे जनिेि को एक पा्
जनिेि निीं माना जाएगा जो जनिेिकताय बैंक पर लाग ू सांजिजधक प्रािधानों अथिा जनदेिों के अनुसरण म ें जनिेिकताय बैंक
द्वारा ऐसा जनिेि सरकारी प्रजतभूजतयों में करना अपेज्त िोता ि।ै[भाग I—खण् ड 1] भारत का राजप् : असाधारण 3
9. एचटीएम प्राजस्ट्थजत :-
जनिेिकताय बैंकों द्वारा जनिेि पोटयफोजलयो के िगीकरण, मूल् याकं न तथा पररचालन संबंधी जििेकपूणय मानदंडों के संबंध में
भारतीय ररजिय बैंक के ददनांक 01 जलु ाई, 2015 के पररप् डीबीआर सं.बीपी.बीसी.6/21.04.141/2015-16 के
अनुसरण म,ें जििेा प्रजतभूजतयां जबना दकसी सीमा के एचटीएम पोटयफोजलयो के तित धाररत की जा सकती ि।ैं
अनबु धं
(संदभय फा. सं. 4(17ि-बी(डब्ल्यू एंड एमि/2020 ददनांक 30 माच,य 2021ि
सरकारी ्े् के बैंक का नाम एिं प्रजतभूजतयों का आबंटन (i) ब्याज रजित (अिस्ट्त ांतरणीयि जििेा भारत सरकार प्रजतभूजत,
2031; (ii) ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2032; (iii) ब्याज रजित (अिस्ट् तांतरणीयि
जििेा भारत सरकार प्रजतभूजत, 2033; (iv) ब्याज रजित (अिस्ट् तातं रणीयि जििेा भारत सरकार प्रजतभूजत, 2034;
(v) ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2035; तथा (vi) ब्याज रजित (अिस्ट् तातं रणीयि जििेा
भारत सरकार प्रजतभूजत, 2036, इस प्रकार ि:ै
क्र.स.ं पा् बकैं का नाम पररपक्ि ता िा य (₹ करोड़) (₹ करोड़)
आबरं टत
2031 2032 2033 2034 2035 2036 राजि
1 सेंरल बैंक ऑफ इंजडया 800 800 800 800 800 800 4800
2 इंजडयन ओिरसीज बैंक 685 683 683 683 683 683 4100
3 बैंक ऑफ इंजडया 500 500 500 500 500 500 3000
4 यूको बैंक 435 433 433 433 433 433 2600
कुल 2420 2416 2416 2416 2416 2416 14,500
भारत के राष्टर पजत के आदेिानसु ार,
रजत कुमार जमश्र, अपर सजचि
MINISTRY OF FINANCE
(Department of Economic Affairs)
(BUDGET DIVISION)
NOTIFICATION
New Delhi, the 30th March, 2021
Issue of (i) Non-interest bearing (Non-transferable) Special Gol Security, 2031;
(ii) Non-interest bearing (Non-transferable) Special Gol Security 2032; (iii) Non-interest
bearing (Non-transferable) Special Gol Security 2033; (iv) Non-interest bearing (Non-
transferable) Special Gol Security 2034; (v) Non-interest bearing (Non-transferable)
Special Gol Security 2035; and (vi) Non-interest bearing (Non- transferable) Special
GoI Security 2036.
F. No. 4(17)-B(W&M)/2020.—Government of India hereby notifies the issue of (i) Non-
interest bearing (Non-transferable) Special Gol Security, 2031; (ii) Non-interest bearing (Non-
transferable) Special Gol Security 2032; (iii) Non-interest bearing (Non-transferable) Special Gol
Security 2033; (iv) Non-interest bearing (Non-transferable) Special Gol Security 2034;
(v) Non-interest bearing (Non-transferable) Special Gol Security 2035; and (vi) Non-interest
bearing (Non- transferable) Special GoI Security 2036 (hereinafter briefly described as the
“Special securities”) on March 31, 2021.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
1. Eligibility for Subscription and Limit of Subscription:
(i) Public sector banks as referred to in the Annexure hereto shall only be eligible to subscribe to
the special securities and its subscription to the securities shall be limited to the extent of the
amount, as shown in the Annexure.
(ii) No other person, including any bank, company, corporation or any other body except by
public sector banks (as appearing in the Annexure) as referred to in aforesaid Annexure shall be
eligible to subscribe to the special securities.
2. Price and Date of Issue:
(i) The special securities will be issued at par for the amount as per the application made by the
eligible banks.
(ii) The date of issue of the special securities will be the date of receipt of subscription amount
from the eligible banks.
3. Form of Security:
The special securities will be issued in the form of "Stock" to be held at credit of the investing
public sector bank’s (as appearing in the Annexure) Subsidiary General Ledger Account
maintained with Public Debt Office, Reserve Bank of India, Mumbai.
4. Interest and Repayment:
The special securities shall be repayable at par on the date of maturity as indicated against each
security. The special securities shall be Non-interest bearing and no interest shall be payable on
issue of the securities. Repayment of the Special securities will be made at Public Debt Office of
Reserve Bank of India at Mumbai. The details of Government Special Securities shall be as
follows:
S. No. Nomenclature of the Securities Date of maturity
1. Non-interest bearing (Non-Transferrable) Special Gol Security 2031 March 31, 2031
2. Non-interest bearing (Non-Transferrable) Special Gol Security 2032 March 31, 2032
3. Non-interest bearing (Non-Transferrable) Special GoI Security 2033 March 31, 2033
4. Non-interest bearing (Non-Transferrable) Special GoI Security 2034 March 31, 2034
5. Non-interest bearing (Non-Transferrable) Special Gol Security 2035 March 31, 2035
6. Non-interest bearing (Non-Transferrable) Special Gol Security 2036 March 31, 2036
5. Transferability and Conversion:
The special securities shall not be transferable and conversion in any other form of security shall
not be permitted.
6. Statutory Provisions:
With respect to any such matter which has not been provided under this Notification, the Special
Securities shall be governed by the Government Securities Act, 2006 and the Government
Securities Rules, 2007 framed there under.
7. Applicability of Tax Laws:
The value of the investment in the Special Security will be governed by the provisions of tax laws
as applicable from time to time.
8. Eligibility of Investment in Special Securities:
The investment in the special securities by public sector banks (as appearing in the Annexure)
would not be considered as an eligible investment which is required to make in Government
securities in pursuance of any statutory provisions or directions applicable to the investing bank.[भाग I—खण् ड 1] भारत का राजप् : असाधारण 5
9. HTM Status:
As per RBI Circular DBR No BP.BC.6 /21.04.141/2015-16 July 1, 2015 on Prudential Norms for
Classification, Valuation and Operation of Investment Portfolio by investing Bank, the special
securities can be held under HTM portfolio without any limit.
Annexure
(Ref. F. No.4(17)-B(W&M)/2020 dated March 30, 2021)
Name of the Public Sector Banks and Allocation of Securities (i) Non-interest bearing
(Non-transferable) Special Gol Security, 2031; (ii) Non-interest bearing (Non-transferable)
Special Gol Security 2032; (iii) Non-interest bearing (Non-transferable) Special Gol
Security 2033; (iv) Non-interest bearing (Non-transferable) Special Gol Security 2034;
(v) Non-interest bearing (Non-transferable) Special Gol Security 2035; and (vi) Non-
interest bearing (Non- transferable) Special GoI Security 2036, is as under:
Sl. Name of Eligible Maturing in Year (` crore) (` crore)
No. Bank 2031 2032 2033 2034 2035 2036 Amount
Allocated
1 Central Bank of India 800 800 800 800 800 800 4800
2 Indian Overseas Bank 685 683 683 683 683 683 4100
3 Bank of India 500 500 500 500 500 500 3000
4 UCO Bank 435 433 433 433 433 433 2600
Total 2420 2416 2416 2416 2416 2416 14,500
By Order of the President of India,
RAJAT KUMAR MISHRA, Addl. Secy.
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.