PANJIM: Even has the Chief Minister has estimated surplus Budget for last three years in succession, the State government has been making desperate efforts for loans and auctioning stocks for even paying salaries and development works.
Within a gap of just 14 days, the State government has twice notified sale of sale of Goa Government Stock (Securities) of 10-year tenure.
The total aggregate amount of both auctions is Rs 300 crore, which the government terms as nominal.
The first sale was on held on January 22, 2019 while the second is scheduled on February 5, 2019.
The government notification says that the proceeds of the loans would be utilized for financing capital expenditure in connection with the development programmes of the Government of Goa.
It further states that consent of Central Government has been obtained to float this loan as required by Article 293(3) of the Constitution of India.
Further, the notification says, the stock would be sold through the Reserve Bank of India, Mumbai by auction in the manner as prescribed.
The Governments stock up to 10% of the notified amount of the sale will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of the notified amount for a single bid as per the Revised Scheme for Non-competitive Bidding Facility in the Auctions of State Government Securities of the General Notification.
With mining closure and the slowdown in the tourism sector, the State seems to be reeling under financial stress; so much so that the debts have risen to above Rs 13,000 crore.
