In view of the additional expenditure following the approval of the first Supplementary Demand for Grants by the Parliament, it has been considered necessary by the Government of India to raise additional resources. Therefore, in continuation of the Government of India Press Communiqué dated September 26, 2008, the Government of India, in consultation with the Reserve Bank of India, has decided to issue marketable dated securities for an amount of Rs. 45,000 crore during the remaining period of the current fiscal year. Accordingly, an indicative calendar for issue of dated securities covering the period from December 1, 2008 to March 31, 2009 (as given below) is being issued in consultation with the Reserve Bank of India.

Calendar for Issuance of Government of India Securities

(for the Period December 1, 2008 to March 31, 2009)

Sr. No.	Period of auction	Amount        (Rs. Crore)	Term of the Security
1	December 5-12	10,000	i) 5-9 year security for  Rs.6,000 crore ii) 20-year and above security for  Rs.4,000 crore
2	January 2-9	10,000	i) 5-9 year security for  Rs.6,000 crore ii) 20-year and above security for  Rs.4,000 crore
3	January 13-20	10,000	i) 5-9 year security for  Rs.6,000 crore ii) 20-year and above security for  Rs.4,000 crore
4	February 6-13	8,000	i) 5-9 year security for  Rs.5,000 crore ii) 20-year and above security for  Rs.3,000 crore
5	February 13-20	7,000	i) 5-9 year security for  Rs.4,000 crore ii) 20-year and above security for  Rs.3,000 crore
Total		45,000

            All the auctions covered by the calendar will have the facility of non-competitive bidding scheme under which 5 per cent of the notified amount will be reserved for specified retail investors.

            Variable rate bonds may be issued depending upon market conditions.

            As in the past, the Central Government/Reserve Bank will continue to have the flexibility to bring about modifications in the above calendar in terms of notified amount, issuance period, maturity, etc., keeping in view the emerging requirements of the Government, market conditions and other relevant factors after giving due notice.

BSC/SS/GN-312/08

Issuance calendar for government securities announced with auction schedule and retail reservation under non-competitive bidding. The Government, with the Reserve Bank, issued an indicative calendar for marketable dated securities from December 1, 2008 to March 31, 2009 allocating aggregate issuance across five auction periods into 5-9 year and 20-year-and-above tenors. All auctions include a non-competitive bidding facility reserving a portion for specified retail investors, variable rate bonds may be issued depending on market conditions, and the Government/Reserve Bank retain the flexibility to modify notified amounts, issuance periods or maturities after due notice.