The Government of India has announced the repurchase of “1.44 per cent Inflation Indexed Government Stock-2023” through reverse auction for an aggregate amount of ₹ 3298.72 crore (face value).

The repurchase by the Government of India will be undertaken to redeem the Government Stocks prematurely by utilizing surplus cash balances. The above repurchase of the Government Stocks is purely ad hoc in nature.

Auction for securities will be on price based auction format. The auctions will be conducted using multiple price method. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on March 28, 2016 (Monday) between 10.30 a.m. and 12.00 noon. The result of the auctions will be announced on the same day.

Buyback of inflation indexed bonds via reverse auction offers ad hoc early redemption under specified electronic bidding procedures. Repurchase of government inflation linked stock is announced as an ad hoc premature redemption using surplus cash balances via a price based reverse auction under a multiple price method. Bids must be submitted electronically on the central bank's Core Banking Solution (E Kuber) within the specified auction window, with results declared the same day, and the measure does not change the underlying security terms except to offer early redemption per the announced procedure.