## Report on the Issuance of Non-Interest Bearing, Non-Transferable Special Government of India Securities
**1. Executive Summary:**
This report analyzes a newly issued government policy regarding the issuance of Non-Interest Bearing, Non-Transferable Special Government of India (GoI) Securities. The core purpose of this policy is to issue specific securities to Punjab Sind Bank, a Public Sector Bank. The key findings indicate that these securities are non-transferable, non-interest-bearing, and have varying maturity dates between 2032 and 2037. The investment in these securities will not be considered as eligible investment which is required to make in Government securities in pursuance of any statutory provisions or directions applicable to the investing bank but can be held under HTM portfolio without any limit.
**2. Introduction:**
The purpose of this report is to provide a comprehensive overview of the newly issued policy by the Ministry of Finance, Department of Economic Affairs, regarding the issuance of Non-Interest Bearing, Non-Transferable Special GoI Securities. This analysis is based solely on the text provided.
**3. Policy Overview:**
* **Core Objective(s):** The primary objective is to facilitate the issuance of specific non-interest bearing, non-transferable special GoI securities to Punjab Sind Bank, with defined maturity dates and allocated amounts.
**4. Background and Rationale:**
* **New Policy:** Based on the provided text, the likely issue the policy addresses is a specific financial arrangement with Punjab Sind Bank. The issuance of these special securities likely serves to meet a specific financial need or obligation related to this bank. Further details as to the rationale for using this specific type of security and offering it to a single institution is absent from this text.
**5. Key Provisions / Changes:**
* **New Policy:** The following key components, rules, and actions are mandated by the policy:
* **Issuance of Securities:** The Government of India will issue Non-Interest Bearing, Non-Transferable Special GoI Securities maturing annually from 2032 to 2037.
* **Eligibility:** Only Punjab Sind Bank is eligible to subscribe to these securities.
* **Subscription Limit:** The subscription amount is limited to the specific allocation outlined in the Annexure to the policy (totaling 4,600 crore).
* **Issuance Price and Date:** The securities will be issued at par on February 24, 2022, corresponding to the date of receipt of the subscription amount.
* **Form of Security:** The securities will be held in the investing bank’s Subsidiary General Ledger Account with the Public Debt Office, Reserve Bank of India (RBI), Mumbai.
* **Interest and Repayment:** The securities are non-interest bearing and will be repaid at par on their respective maturity dates at the Public Debt Office of RBI, Mumbai.
* **Transferability and Conversion:** The securities are non-transferable and cannot be converted into any other form of security.
* **Statutory Provisions:** The Government Securities Act, 2006, and the Government Securities Rules, 2007, will govern any matters not explicitly covered in this notification.
* **Eligibility of Investment in Special Securities:** The investment in the special securities by Punjab Sind Bank Public Sector Bank 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.
* **HTM Status:** As per RBI Circular DBR No BP.BC.6 21.04.141201516 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.
**6. Target Audience and Stakeholders:**
Based on the provided text, the primary directly affected stakeholder is:
* **Punjab Sind Bank:** The sole eligible subscriber to these special securities.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:**
* Ministry of Finance (Department of Economic Affairs, Budget Division): Responsible for issuing the notification.
* Reserve Bank of India (Public Debt Office, Mumbai): Handles the issuance, maintenance, and repayment of the securities.
* **Timelines/Procedures:**
* Issue Date: February 24, 2022.
* Repayment: At par on the specified maturity dates (2032-2037).
* Punjab Sind Bank is required to apply for the securities.
**8. Expected Outcomes / Impact of Changes:**
* **New Policy:** The likely intended outcomes are:
* Providing a specific financial instrument to Punjab Sind Bank.
* Managing the bank's investment portfolio, given the HTM status provision and that it would not be considered an eligible investment which is required to make in Government securities.
* Meeting potentially pre-existing commitments or agreements with the bank.
**9. Conclusion:**
The issuance of these Non-Interest Bearing, Non-Transferable Special GoI Securities represents a specific financial arrangement between the Government of India and Punjab Sind Bank. The terms of the securities, including their non-transferability and non-interest-bearing nature, suggest a tailored solution to a specific financial need. The policy's significance lies in its direct impact on Punjab Sind Bank's financial portfolio and the government's financial management strategy.
Key Entities Referenced
Ministry of Finance: The ministry responsible for the notification.
Department of Economic Affairs: A department within the Ministry of Finance.
Budget Division: A division within the Department of Economic Affairs.
Noninterest bearing Nontransferable Special Gol Security, 2032: A special government security maturing in 2032.
Noninterest bearing Nontransferable Special Gol Security 2033: A special government security maturing in 2033.
Noninterest bearing Nontransferable Special Gol Security 2034: A special government security maturing in 2034.
Noninterest bearing Non transferable Special Gol Security 2035: A special government security maturing in 2035.
Noninterest bearing Nontransferable Special Gol Security 2036: A special government security maturing in 2036.
Noninterest bearing Non transferable GoI Security 2037: A special government security maturing in 2037.
Punjab Sind Bank: A Public Sector Bank eligible to subscribe to the special securities.
Public Debt Office, Reserve Bank of India, Mumbai: Office where the special securities will be held and repaid; located in Mumbai, Maharashtra.
Government Securities Act, 2006: The governing act for the Special Securities.
Government Securities Rules, 2007: The rules governing the Special Securities.
RBI Circular DBR No BP.BC.6 21.04.141201516 July 1, 2015: RBI Circular on Prudential Norms for Classification, Valuation and Operation of Investment Portfolio
New Delhi: Location of notification, New Delhi, Delhi
Ashish Vachhani: Joint Secretary.
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
xxxGIDHxxx
सी.जी.-डी.एलxx.x-GअID.-E2x3x0x 22022-233693
CG-DL-E-23022022-233693
असाधारण
EXTRAORDINARY
भाग I—खण्ड 1
PART I—Section 1
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 58] नई ददल्ली, बधु िार, फरिरी 23, 2022/फाल्ग नु 4, 1943
No. 58] NEW DELHI, WEDNESDAY, FEBRUARY 23, 2022/PHALGUNA 4, 1943
जित्त म्ं ालय
(आर्थथक काय यजिभाग)
(बजट प्रभाग)
अजधसचू ना
नई ददल् ली, 23 फ़रिरी, 2022
(i) ब्याज रजित (अिस्ट्त ातं रणीयि जििाे भारत सरकार प्रजतभजू त, 2032; (ii) ब्याज रजित (अिस्ट्त ातं रणीयि जििाे भारत
सरकार प्रजतभजू त, 2033; (iii) ब्याज रजित (अिस्ट्त ातं रणीयि जििाे भारत सरकार प्रजतभजू त, 2034; (iv) ब्याज रजित
(अिस्ट्त ातं रणीयि जििाे भारत सरकार प्रजतभजू त, 2035; (v) ब्याज रजित (अिस्ट्त ातं रणीयि जििाे भारत सरकार प्रजतभजू त,
2036; तथा (vi) ब्याज रजित (अिस्ट्त ातं रणीयि जििाे भारत सरकार प्रजतभजू त, 2037 का जनगमय ।
फा. स.ं 4(17)–बी(डब्ल् य एू डं एम)/2020.—भारत सरकार, ददनांक 24 फ़रिरी, 2022 को (i) ब्याज रजित
(अिस्ट्त ातं रणीयि जििेा भारत सरकार प्रजतभूजत, 2032; (ii) ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार
प्रजतभूजत, 2033; (iii) ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2034; (iv) ब्याज रजित
(अिस्ट्त ातं रणीयि जििेा भारत सरकार प्रजतभूजत, 2035; (v) ब्याज रजित (अिस्ट्त ांतरणीयि जििेा भारत सरकार
प्रजतभूजत, 2036; तथा (vi) ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2037 (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 इसके अनबु धं में उजल्लजखत प्रजतभूजतयों में केिल पंजाब एडं ससध बैंक (सरकारी ्े् का बैंकि इन जििेा प्रजतभूजतयों में
अजभदान करन े के जलए पा् िोगा तथा प्रजतभूजतयों में उसका अजभदान अनुबधं में उसके नाम के सामने दिायई गई राजि तक
सीजमत रिगे ा।
1292 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
(iiि उपयुयक् त अनुबंध में उजल्लजखत प्रजतभूजतयों में पंजाब एंड ससध बैंक (सरकारी ्े् का बैंकि के अलािा, दकसी अन् य बैंक,
कंप नी,कॉरपोरेिन अथिा दकसी अन् य जनकाय सजित कोई अन्य ् यजि इन जििेा प्रजतभूजतयों में अजभदान करने के जलए
पा् निीं िोगा।
2. जनगमय मल्ू य एि ंतारीख:-
(iि जििेा प्रजतभूजतयां पा् बैंक द्वारा दकए गए आिेदन म ें इंजगत दकए गए अनुसार, सममूल् य राजि पर जारी की जाएगं ी।
(iiि जििेा प्रजतभूजतयों को जारी करने की तारीख पा् बैंक से अजभदान राजि की प्राजि की तारीख़ अथायत फरिरी 24,
2022 िोगी ।
3. प्रजतभजू त का स्ट्ि रूप :-
इन जििेा प्रजतभूजतयों को लोक ऋण कायायलय, भारतीय ररजिय बैंक, मुंबई म ें अनुरज्त जनिेिकताय बैंक के अनुागं ी आम
बिी खाते के नामे करके ''प्रजतभूजत'' के रूप म ें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 करन े पर कोई व्यय देय निीं िोगा। जििेा प्रजतभूजतयों पर
चुक ती मुंबई जस्ट्थत भारतीय ररजिय बैंक के लोक ऋण कायायलय में दकया जाएंगी। सरकारी जििेा प्रजतभूजतयों का ब्य रा
जनम्न ानुसार िोगा:
क्रम पररपक्ि ता
प्रजतभजू त
सख्ं य ा की तारीख़
1. ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2032 24 फ़रिरी, 2032
2. ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2033 24 फ़रिरी, 2033
3. ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2034 24 फ़रिरी, 2034
4. ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2035 24 फ़रिरी, 2035
5. ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2036 24 फ़रिरी, 2036
6. ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2037 24 फ़रिरी, 2037
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:-
जिां तक दकसी ऐसे जिाय का संबंध ि,ै 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-प्रयोज्य कर कानूनों के प्रािधानों
द्वारा अजभिाजसत दकया जाएगा।
8. जििाे प्रजतभजू त म ेंजनििे की पा्ता :-
पंजाब एंड ससध बैंक (साियजजनक ्े् का बैंकि द्वारा जििेा प्रजतभूजत में दकए गए जनिेि को एक पा् जनिेि के रूप में निीं
माना जाएगा क्योंदक जनिेिकताय बैंक पर लाग ू सांजिजधक प्रािधानों अथिा जनदिे ों के अनसु रण 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 :-
बैंकों द्वारा जनिेि पोटयफोजलयो के िगीकरण, मूल् यन तथा पररचालन संबंधी जििेकपूणय मानदंडों के संबंध में भारतीय ररजि य
बैंक के ददनांक 01 जुलाई, 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
[सदं भ यफा.स.ं4(17)–बी(डब्ल् य एू डं एम)/2020 ददनाकं 23 फ़रिरी, 2022]
सरकारी ्े् के बैंक का नाम एिं प्रजतभूजतयों का आबंटन (i) ब्याज रजित (अिस्ट्त ांतरणीयि जििेा भारत सरकार प्रजतभूजत,
2032; (ii) ब्याज रजित (अिस्ट् तांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2033; (iii) ब्याज रजित (अिस्ट् तांतरणीयि
जििेा भारत सरकार प्रजतभूजत, 2034; (iv) ब्याज रजित (अिस्ट्त ांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2035; (v)
ब्याज रजित (अिस्ट्त ांतरणीयि जििेा भारत सरकार प्रजतभूजत, 2036; तथा (vi) ब्याज रजित (अिस्ट्त ांतरणीयि जििेा
भारत सरकार प्रजतभूजत, 2037, इस प्रकार ि:ै
पररपकस ि ता िा य आबरं टत राजि
क्र.स.ं बकैं का नाम
2032 2033 2034 2035 2036 2037 (₹ करोड़)
1 पंजाब एंड ससध बैंक 770 766 766 766 766 766 4,600
कुल 770 766 766 766 766 766 4,600
भारत के राष्टर पजत के आदेिानसु ार
आिीा िच्छानी, संयुक् त सजचि
MINISTRY OF FINANCE
(Department of Economic Affairs)
(BUDGET DIVISION)
NOTIFICATION
New Delhi, the 23rd February, 2022
Issue of (i) Non-interest bearing (Non-transferable) Special Gol Security, 2032;
(ii) Non-interest bearing (Non-transferable) Special Gol Security 2033; (iii) Non-interest
bearing (Non-transferable) Special Gol Security 2034; (iv) Non-interest bearing (Non-
transferable) Special Gol Security 2035; (v) Non-interest bearing (Non-transferable)
Special Gol Security 2036; and (vi) Non-interest bearing (Non- transferable) Special
GoI Security 2037.
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, 2032; (ii) Non-interest bearing (Non-
transferable) Special Gol Security 2033; (iii) Non-interest bearing (Non-transferable) Special Gol
Security 2034; (iv) Non-interest bearing (Non-transferable) Special Gol Security 2035; (v)
Non-interest bearing (Non-transferable) Special Gol Security 2036; and (vi) Non-interest
bearing (Non- transferable) Special GoI Security 2037, (hereinafter briefly described as the
“Special Securities”) on February 24, 2022.
1. Eligibility for Subscription and Limit of Subscription:
(i) Punjab & Sind Bank (Public Sector Bank) 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 Punjab
& Sind Bank (Public Sector Bank) as referred to in aforesaid Annexure shall be eligible to
subscribe to the special securities.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
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 bank.
(ii) The date of issue of the special securities will be the date of receipt of subscription amount
from the eligible bank i. e. February 24, 2022.
3. Form of Security:
The special securities will be issued in the form of "Security" to be held at credit of the investing
bank's 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. Nomenclature of the Securities Date of maturity
No.
1. Non-interest bearing (Non-Transferrable) Special Gol Security 2032 Feb.24, 2032
2. Non-interest bearing (Non-Transferrable) Special Gol Security 2033 Feb.24, 2033
3. Non-interest bearing (Non-Transferrable) Special GoI Security 2034 Feb.24, 2034
4. Non-interest bearing (Non-Transferrable) Special GoI Security 2035 Feb.24, 2035
5. Non-interest bearing (Non-Transferrable) Special Gol Security 2036 Feb.24, 2036
6. Non-interest bearing (Non-Transferrable) Special Gol Security 2037 Feb.24, 2037
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 Punjab & Sind Bank (Public Sector Bank) 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.
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.[भाग I—खण् ड 1] भारत का राजप् : असाधारण 5
Annexure
[Ref. F. No.4(17)-B(W&M)/2020 dated February 23, 2022]
Name of the Public Sector Bank and Allocation of Securities (i) Non-interest bearing (Non-
transferable) Special Gol Security, 2032; (ii) Non-interest bearing (Non-transferable) Special Gol
Security 2033; (iii) Non-interest bearing (Non-transferable) Special Gol Security 2034; (iv) Non-
interest bearing (Non-transferable) Special Gol Security 2035; (v) Non-interest bearing (Non-
transferable) Special Gol Security 2036; and (vi) Non-interest bearing (Non- transferable) Special
GoI Security 2037, is as under:
Maturing in Year (` crore)
S.
Name of the Bank 2032 2033 2034 2035 2036 2037 Amount
No.
Allocated
1 Punjab & Sind Bank 770 766 766 766 766 766 4,600
Total 770 766 766 766 766 766 4,600
By Order of the President of India
ASHISH VACHHANI, Jt. Secy.
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