TEAM HERALD
PANJIM: In an admission that the State’s finances are not above the red, the Government will borrow Rs 200 crore by selling government securities of 10-year tenure in the first quarter of 2015.
The proceeds of this loan will finance capital expenditure relating to development programmes, government officials said.
As of today, the State has borrowed Rs 2,400 crore. During the 2012-13 financial year, the government had borrowed Rs 800 crore from its sanctioned borrowing of Rs 1,300. In 2013-14, the State borrowed Rs 800 crore from its limit of Rs 1,400 crore and in 2014-15, it borrowed Rs 800 crore from the sanctioned borrowing of Rs 1500 crore.
The stock will be auctioned through the Reserve Bank of India’s (RBI) Mumbai office on June 10 and the interest rate will be determined by RBI.
The stock, whose tenure will begin on April 29, 2015, will be repaid at par on April 29, 2025 and interest will be paid on October 29 and April 29 every year.
