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GoI borrowing calendar modified to meet GST Compensation Cess shortfall of Rs. 1,10,000 crores

Posted on 20 October 2020

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To operationalize the Special Window to States for meeting the GST Compensation Cess shortfall of` Rs. 1,10,000 crore the GoI borrowing calendar is being modified in consultation with RBI. For the remaining period of the fiscal year 2020-21 (October 19, 2020 to March 31, 2021) GoI will borrowan aggregate amount of Rs. 4,88,000 crore. The additional amount for meeting the GST compensation shortfall shall be raised equally @ Rs. 55,000 crore under the 3 year and 5 year tenors.

An indicative calendar for issuance of Government dated securities for remaining part of fiscal year 2020-21 (October 19, 2020 to March 31, 2021)is as under:

Calendar for Issuance of Government of India Dated Securities

(October 19, 2020 to March 31, 2021)

S.No

Week of Auction

Amount in

(Rs. Crore)

Security-wise Allocation

1

October 19-23, 2020

31,000

i) 02 Years for Rs. 3,000 crore

ii) 05 Years for Rs. 12,000 crore

iii)10 Years for Rs. 9,000 crore

iv) 40 Years for Rs. 7,000 crore

2

October 26-30, 2020

23,000

i) 03 Years for Rs. 6,000 crore

ii) FRBRs. 3,000 crore

iii) 14 Years for Rs. 9,000 crore

iv) 30 Years for Rs. 5,000 crore

3

November 02-06, 2020

29,000

i) 02 Years for Rs. 2,000 crore

ii) 05 Years for Rs. 11,000 crore

iii)10 Years for Rs. 9,000 crore

iv) 40 Years for Rs. 7,000 crore

4

November 16-20, 2020

22,000

i) 03 Years for Rs. 6,000 crore

ii) FRBRs. 2,000 crore

iii) 14 Years for Rs. 9,000 crore

iv) 30 Years for Rs. 5,000 crore

5

November 23-27, 2020

28,000

i) 02 Years for Rs. 2,000 crore

ii) 05 Years for Rs. 11,000 crore

iii)10 Years for Rs. 8,000 crore

iv) 40 Years for Rs. 7,000 crore

6

November 30, 2020 –December 04, 2020

22,000

i) 03 Years for Rs. 6,000 crore

ii) FRBRs. 2,000 crore

iii) 14 Years for Rs. 9,000 crore

iv) 30 Years for Rs. 5,000 crore

7

December 07-11, 2020

28,000

i) 02 Years for Rs. 2,000 crore

ii) 05 Years for Rs. 11,000 crore

iii)10 Years for Rs. 9,000 crore

iv) 40 Years for Rs. 6,000 crore

8

December 14-18, 2020

22,000

i) 03 Years for Rs. 6,000 crore

ii) FRBRs. 2,000 crore

iii) 14 Years for Rs. 9,000 crore

iv) 30 Years for Rs. 5,000 crore

S.No

Week of Auction

Amount in

(Rs. Crore)

Security-wise Allocation

9

December 21-25, 2020

28,000

i) 02 Years for Rs. 2,000 crore

ii) 05 Years for Rs. 11,000 crore

iii)10 Years for Rs. 9,000 crore

iv) 40 Years for Rs. 6,000 crore

10

December 28, 2020 –January 01, 2021

22,000

i) 03 Years for Rs. 6,000 crore

ii) FRBRs. 2,000 crore

iii) 14 Years for Rs. 9,000 crore

iv) 30 Years for Rs. 5,000 crore

11

January 04-08, 2021

27,000

i) 02 Years for Rs. 2,000 crore

ii) 05 Years for Rs. 11,000 crore

iii)10 Years for Rs. 8,000 crore

iv) 40 Years for Rs. 6,000 crore

12

January 11-15, 2021

22,000

i) 03 Years for Rs. 6,000 crore

ii) FRBRs. 2,000 crore

iii) 14 Years for Rs. 9,000 crore

iv) 30 Years for Rs. 5,000 crore

13

January 18-22, 2021

27,000

i) 02 Years for Rs. 2,000 crore

ii) 05 Years for Rs. 11,000 crore

iii)10 Years for Rs. 8,000 crore

iv) 40 Years for Rs. 6,000 crore

14

January 25-29, 2021

21,000

i) 03 Years for Rs. 6,000 crore

ii) FRBRs. 2,000 crore

iii) 14 Years for Rs. 8,000 crore

iv) 30 Years for Rs. 5,000 crore

15

February01-05, 2021

27,000

i) 02 Years for Rs. 2,000 crore

ii) 05 Years for Rs. 11,000 crore

iii)10 Years for Rs. 8,000 crore

iv) 40 Years for Rs. 6,000 crore

16

February08-12, 2021

20,000

i) 03 Years for Rs. 5,000 crore

ii) FRBRs. 2,000 crore

iii) 14 Years for Rs. 8,000 crore

iv) 30 Years for Rs. 5,000 crore

17

February15-19, 2021

27,000

i) 02 Years for Rs. 2,000 crore

ii) 05 Years for Rs. 11,000 crore

iii)10 Years for Rs. 8,000 crore

iv) 40 Years for Rs. 6,000 crore

18

February22-26, 2021

18,000

i) 03 Years for Rs. 4,000 crore

ii) FRBRs. 2,000 crore

iii) 14 Years for Rs. 7,000 crore

iv) 30 Years for Rs. 5,000 crore

19

March 01-05, 2021

27,000

i) 02 Years for Rs. 2,000 crore

ii) 05 Years for Rs. 11,000 crore

iii)10 Years for Rs. 8,000 crore

iv) 40 Years for Rs. 6,000 crore

20

March 08-12, 2021

17,000

i) 03 Years for Rs. 4,000 crore

ii) FRBRs. 2,000 crore

iii) 14 Years for Rs. 7,000 crore

iv) 30 Years for Rs. 4,000 crore

Total

4,88,000

As hitherto, all the auctions covered by the calendar will have the facility of non-competitive bidding scheme under which 5per cent of the notified amount will be reserved for the specified retail investors.

Like in the past, the Government of India, in consultation with the Reserve Bank of India, will continue to have the flexibility to bring about modifications in the above calendar in terms of notified amount, issuance period, maturities, etc. and to issue different types of instruments, including instruments having non-standard maturity and floating rate bonds (FRBs), including CPI linked inflation linked bonds, depending upon the requirement of the Government of India, evolving market conditions and other relevant factors, after giving due notice to the market. The calendar is subject to change, if circumstances so warrant, including for reasons such as intervening holidays. Such changes shall be communicated through Press Releases.

The Government of India, in consultation with the Reserve Bank of India, reserves the right to exercise the green-shoe option to retain additional subscription up to Rs. 2,000 crore each against one or more security/iesindicated in the auction notification.

RBI will also be conducting switches of dated securities through auction on every third Monday of the month. In case third Monday is a holiday, switch auction will be conducted on fourth Monday of the month.

The auction of dated securities will be subject to the terms and conditions specified inthe General Notification No. F.4(2)-W&M/2018 dated March 27, 2018 issued by the Government of India, as amended from time to time.

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