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of <h1>India Issues Rs 7,000 Crore Special Floating Rate Bond for Postal Insurance Funds; Not Eligible for Statutory Requirements.</h1> The Government of India has issued a Special Floating Rate Bond worth Rs 7,000 crore to the Department of Post as a conversion of the frozen corpus of the Post Office Life Insurance Fund and Rural Post Life Insurance Fund. These bonds, issued at par, are not considered eligible investments in government bonds for statutory requirements for banks and insurance companies, though insurance companies can count them under other Approved Bonds. Investments by Provident, Gratuity, and Superannuation Funds will be eligible under the Ministry of Finance's administrative order. The bonds are transferable and eligible for market transactions.
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