Executive Summary:
The Government of India notifies the repurchase of specified government stocks (7.59 per cent Government Stock 2016, 10.71 per cent Government Stock 2016, and 7.02 per cent Government Stock 2016) for cash management operations. This repurchase will prematurely redeem the stocks using surplus cash balances. The Reserve Bank of India (RBI) will notify the repurchase procedure and settlement date.
Key Points / Main Content:
* **Purpose:** Prematurely redeem government stocks utilizing surplus cash balances.
* **Stocks to be Repurchased:**
* 7.59 per cent Government Stock 2016
* 10.71 per cent Government Stock 2016
* 7.02 per cent Government Stock 2016
* **Mode of Repurchase:** Reverse auction conducted by the Government of India in one or more tranches.
* **Procedure and Date:** The Reserve Bank of India (RBI) will notify the specific procedures and settlement date for the repurchase.
* **Aggregate Amount:** The total repurchase amount for all three government stocks is ₹20,000 crore.
* **Payment:** The Government of India will make payments from its cash balances maintained with the CAS, RBI, Nagpur.
* Payment includes accrued interest on successful bids/offers.
* Repurchased stocks will be prematurely redeemed, and interest will cease to accrue.
* **Statutory Provision:** Governed by the Government Securities Act, 2006, the Government Securities Regulations, 2007, and earlier corresponding Notifications issued by the Government of India for matters not explicitly covered in this notification.
Impact Analysis:
* **Government of India:**
* Impact: Manages cash balances and prematurely redeems government stocks.
* Action Required: Execute the repurchase through reverse auctions and make payments from cash balances.
* **Reserve Bank of India (RBI):**
* Impact: Oversees the repurchase process.
* Action Required: Notify the procedure and settlement date for the reverse auction.
* **Holders of Government Stocks:**
* Impact: Opportunity to sell government stocks back to the government.
* Action Required: Participate in the reverse auction process as per RBI guidelines.
Key Entities Referenced
Ministry of Finance: The ministry responsible for this notification.
Department of Economic Affairs: A department within the Ministry of Finance.
Government of India: The governing body undertaking the repurchase of government stocks.
Reserve Bank of India: The central bank that will notify the procedure and date of repurchase settlement.
7.59 per cent Government Stock 2016: One of the government stocks being repurchased.
10.71 per cent Government Stock 2016: One of the government stocks being repurchased.
7.02 per cent Government Stock 2016: One of the government stocks being repurchased.
Government Securities Act, 2006: The act governing government stock matters not covered in the notification.
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EXTRAORDINARY
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PART I—Section 1
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No. 44] NEW DELHI,TTUUEESSDAY, FEBRUARY 2, 2016/MAGHA 13, 1937
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अअअअििििधधधधससससचचचचूूूू ननननाााा
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जाएगी।
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(1)2 THE GAZETTE OF INDIA: EXTRAORDINARY [PART I—SEC. 1]
ससससााााििििंंंंववववििििधधधधकककक उउउउपपपपबबबबधधंंधधंं
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रा/0 पितकेआदशे ानुसार,%शांतगोयल, संयु2 तसिचव
MINISTRY OF FINANCE
(Department of Economic Affairs)
(BUDGET DIVISION)
NOTIFICATION
New Delhi, the2nd February, 2016
Repurchase of Government Stocks
F.No.4(5)-W&M/2015.—The Government of India hereby notifies repurchase of (i) 7.59 per cent Government
Stock 2016, (ii) 10.71 per cent Government Stock 2016, and (iii) 7.02 per cent Government Stock 2016 (herein after called
the Government Stocks) for its cash management operations. The repurchase by the Government of India will be
undertaken to prematurely redeem the Government stocks by utilising the current surplus cash balances.
Mode of Repurchase
2. The repurchase of the Government Stocks will be undertaken through reverse auction by the Government of India
in one or more tranches. The actual procedure to be followed in this regard and the date of repurchase/settlement will be
notified by the Reserve Bank of India.
Nominal Amount of Repurchase
3. The repurchase of “7.59 per cent Government Stock 2016”, “10.71 per cent Government Stock 2016”, and “7.02
per cent Government Stock 2016” will be for an aggregate amount of ` 20,000 crore.
Payment
4. The payment for the repurchase of the Government Stocks will be made by the Government of India from its cash
balances maintained with the CAS, RBI, Nagpur. Such payment will include the accrued interest on the nominal value of
the successful bids/offer accepted by the Reserve Bank of India. The Government stocks repurchased in this manner will
get prematurely redeemed and interest will cease to accrue on such redeemed Government stocks.
Statutory Provision
5. With respect to any such matter which has not been provided under this Notification, the Government Stock shall
be governed by the Government Securities Act, 2006 and the Government Securities Regulations, 2007 framed thereunder
and the earlier corresponding Notification(s) issued by the Government of India.
By Order of the President of India,
PRASHANT GOYAL, Jt. 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.