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Finance Ministry seeks comments/suggestions on proposed structure of Capital Indexed Bonds
New Delhi: May 24, 2004

Government of India today placed on its website (www.finmin.nic.in) the proposed structure of Capital Indexed Bonds for comments/suggestions. It may be recalled that the Annual Policy Statement for the year 2004-05, announced by the Reserve Bank on May 18, 2004 stated that a discussion paper on the Capital Indexed Bonds detailing the product features would be placed in the public domain (para 105).

Comments/suggestions on the proposed structure of Capital Indexed Bonds may be forwarded to the Deputy Secretary (Budget), Ministry of Finance, Department of Economic Affairs, Government of India, North Block, New Delhi-110 001 (e-mail: chauhan@finance.nic.in)/(Fax No.011-23093273) or Internal Debt Management Department, Reserve Bank of India, Mumbai-400 001 (e-mail: cgmidmc@rbi.org.in)/(Fax 022-22659610) latest by June 12, 2004.

The Reserve Bank of India in consultation with Government of India has, over time, taken several measures to develop the Government securities market. Developing a menu of instruments to cater to the diverse investment and hedging needs of investors has been one of the components of these measures. Carrying this effort forward, the Reserve Bank, in consultation with the Government of India, proposes to introduce Capital Indexed Bonds.

One variant of Capital Indexed Bonds, viz., 6 percent Capital Indexed Bond 2002 was issued on December 29, 1997 for the first time in India. Subsequent to that, Capital Indexed Bonds were not issued on account of the lackluster response of market participants in both primary and secondary markets. One of the main reasons cited for the lackluster response to the bonds was the limited inflation protection they offered. Modified structure of the Bond takes into account the past experience as well as the internationally popular structure of Capital Indexed Bonds.

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