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Finance department clarifies
Published on 28 Mar. 2011 12:06 AM IST
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State finance department Saturday clarified that the auction of state development loan for Rs.100 core, to be done by the Reserve Bank of India, was part of normal process of raising open market borrowings (OMB) by all the states as per the procedures laid down by the union ministry of finance (MoF) and RBI. Stating that the loan was generally raised in tranches each year within the ceiling fixed by the MoF, the additional chief secretary & finance commissioner said during the current year 2010-11, the MoF had consented to the raising of a total OMB of Rs.355.36 crore as part of the scheme of financing the state annual plan for 2010-11 as approved by the planning commission. “Out of this, borrowing of Rs.255.36 crore has already been raised by the RBI on behalf of the state government on earlier occasions in 3 tranches and duly credited to the state’s accounts,” the finance commissioner said. He said the remaining balance of Rs.100 crore is to be raised by the RBI on March 29, 2011, as the 4th and final tranche.

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