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A quarterly indicative schedule for issuance of Treasury Bills/dated securities under MSS covering the period from October 1, 2004 to December 31, 2004 has been drawn up as under:
Indicative Schedule for Issuance of T-Bills/dated securities under MSS
Period
Nature of Instrument
Auction Amount (Indicative)
October 6, 2004
91-Day Treasury Bill
Rs. 1,500 crore
October 12, 2004
(i) 91-Day Treasury Bill
Rs.1,500 crore
(ii) 364-Day Treasury Bill
Rs. 1,000 crore
October 20, 2004
91-Day Treasury Bills
Rs. 1,500 crore
October 27, 2004
(i) 91-Day Treasury Bill
Rs. 1,500 crore
(ii) 364-Day Treasury Bill
Rs. 1,000 crore
November 3, 2004
91- Day Treasury Bill
Rs. 1,500 crore
November 10, 2004
(i) 91-Day Treasury Bill
Rs. 1,500 crore
(ii) 364-Day Treasury Bill
Rs. 1,000 crore
November 17, 2004
91-Day Treasury Bill
Rs. 1,500 crore
November 24, 2004
(i) 91-Day Treasury Bill
Rs. 1,500 crore
(ii) 364-Day Treasury Bill
Rs. 1,000 crore
December 1, 2004
91-Day Treasury Bill
Rs. 1,500 crore
December 8, 2004
(i) 91-Day Treasury Bill
Rs. 1,500 crore
(ii) 364-Day Treasury Bill
Rs. 1,000 crore
December 15, 2004
91-Day Treasury Bill
Rs. 1,500 crore
December 22, 2004
(i) 91-Day Treasury Bill
Rs. 1,500 crore
(ii) 364-Day Treasury Bill
Rs. 1,000 crore
December 29, 2004
91-Day Treasury Bill
Rs. 1,500 crore
Total
Rs. 25,500 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 July-September 2004. However, on account of certain shortfall in the absorption under MSS , the net proposed issuance of 91-day treasury Bills will be around Rs. 2,500 (face value) crore. The absorption in the 364-day Treasury Bills is proposed to be Rs. 6,000 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, two indicative quarterly schedules have been released on March 25, 2004 and June 29, 2004 . The current indicative schedule for October-December 2004 quarter is in continuation to the earlier schedules.
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