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Government converts Rs5,000 cr MSS bonds

Government converts Rs5,000 cr MSS bonds
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First Published: Sat, Mar 13 2010. 01 09 AM IST
Updated: Sat, Mar 13 2010. 01 09 AM IST
Mumbai: The government of India has decided to convert Rs5,000 crore of its market stabilization scheme (MSS) bonds into regular bonds. This means Rs5,000 will be transferred from a special account kept with the Reserve Bank of India to the government and will become part of its market borrowing programme.
The MSS bonds were issued to soak excess liquidity from the banking system but the money thus raised was not used to bridge the fiscal deficit.
With this, the government has converted Rs33,000 worth of MSS into regular bonds this fiscal year.
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First Published: Sat, Mar 13 2010. 01 09 AM IST