|
A quarterly indicative Schedule for issuance of Treasury Bills/dated securities under MSS covering the period from January 1, 2005 to March 31, 2005 has been drawn up in consultation with the Government of India. The indicative schedule is as under:
period
Nature of Instrument
Auction amount
January 5, 2005
(i) 91-day treasury bill
(ii) 364-day treasury bill
Rs.1,500 crore
Rs.1,000 crore
January 12, 2005
91 –day treasury bill
Rs.1,500 crore
January 19, 2005
(i) 91-day treasury bill
(ii) 364-day treasury bill
Rs.1,500 crore
Rs.1,000 crore
January 25, 2005
91 –day treasury bill
Rs.1,500 crore
February 2, 2005
(i) 91-day treasury bill
(ii) 364-day treasury bill
Rs.1,500 crore
Rs.1,000 crore
February 9, 2005
91 –day treasury bill
Rs.1,500 crore
February 16, 2005
(i) 91–day treasury bill
(ii) 364-day treasury bill
Rs.1,500 crore
Rs.1,000 crore
February 23, 2005
91 –day treasury bill
Rs.1,500 crore
March 2, 2005
(i) 91–day treasury bill
(ii) 364-day treasury bill
Rs.1,500 crore
Rs.1,000 crore
March 9, 2005
91 –day treasury bill
Rs.1,500 crore
March 16, 2005
(i) 91-day treasury bill
(ii) 364-day treasury bill
Rs.1,500 crore
Rs.1,000 crore
March 22, 2005
91–day treasury bill
Rs.1,500 crore
March 30, 2005
(i) 91–day treasury bill
(ii) 364-day treasury bill
Rs.1,500 crore
Rs.1,000 crore
Total
Rs.26,500 crore
As was notified in the earlier quarterly schedule, the issuance of treasury Bills under the MSS will be undertaken by increasing the notified amounts for the regular auctions of 91-day and 364-day treasury bills. Thus, the issuances under MSS covered by the above quarterly indicative schedule will be undertaken in addition to the regular issuances of treasury Bills and dated securities.
The issuance of 91 –day Treasury Bills in this quarter will essentially be the roll over of 91-day treasury Bills issued in the quarter October-December 2004. However, on account of cancellation of auctions of Treasury Bills under MSS during the period of November 10, 2004 to December 1, 2004, the net proposed issuance of 91-day Treasury Bills will be Rs. 6,000 crore (face value). The absorption in the 364 –day Treasury Bills is proposed to be Rs. 7,000 crore (face value) as there is no redemption of 364-day Treasury Bills issued under MSS earlier.
The above indicative schedule is subject to variations depending on market conditions and other relevant factors. In addition to the proposed issuances indicated in the schedule, the Reserve bank will also have the flexibility for additional issuances of treasury Bills and dated securities depending upon the prevailing liquidity conditions and other relevant factors.
It may be recalled that on March 25, 2004 a Memorandum of Understanding (MOU) between the Government of India and the Reserve Bank of India was signed for launching of MSS. The scheme was launched through a system of releasing quarterly indicative schedules for issuances of Treasury Bills/dated securities under MSS. So far, under the scheme three indicative quarterly schedules have been released on March 25, 2004, June 29, 2004 and September 29, 2004. The current indicative schedule for January-March 2005 quarter is in continuation to the earlier schedules.
|
