SURAJ NANDREKAR
suraj@herald-goa.com
PANJIM: Even as the State’s debt has mounted to nearly Rs 13,500 cr, the government has decided to sell Goa Government Stock (Securities) of 10-year tenure for an aggregate amount of Rs 100 crore (Nominal).
As per a notification issued by the Finance Department, the proceeds of the loans will be utilised for financing capital expenditure in connection with government development programmes.
The notification signed by Secretary Finance Daulat Hawaldar says that the ‘consent of Central Government has been obtained to the floatation of this loan as required by Article 293(3) of the Constitution of India.
It further says that government stock will be sold through Reserve Bank of India, Mumbai Office (PDO) Fort, Mumbai – by auction in the manner prescribed in General Notification No. 5/2/2010/Fin.
“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” it says.
Further, it adds, the auction will be conducted by the Reserve Bank of India, at its Mumbai Office, Fort, Mumbai on September 25, 2018. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system as stated below on September 25, 2018.
