Puducherry Government to Raise Rs 250 Crores
The Puducherry government will be borrowing Rs 250 crores from the open market once again. This was notified by Finance secretary Shurbir Singh through a press release.
- The Puducherry government is once again planning to borrow Rs 250 crores from the open market.
- The government has offered to sell four year dated securities to the public in the form of stock.
- This selling will be done by auction for an aggregate amount of Rs 250 crore.
- The auction will be conducted by the Reserve Bank of India, Mumbai on January 25.
- The minimum nominal amount for which the securities will be issued is Rs 10000 and it will be issued in the multiples of Rs 10000.
- The market borrowings have become important for the government for meeting its committed expenditure of pension and salary and welfare schemes for the poor.
Previous Market Borrowings by Puducherry government
Before this, in September 2020, the Puducherry government announced to borrow Rs 125 crore from the open market by selling auction dated securities. This was done to tackle the financial problem faced by the government due to COVID-19.