Chandigarh, Feb 12 (UNI) The Punjab Government, in line with the Reserve Bank of India (RBI) policies, has proposed to raise a part of its borrowings through a state loan of Rs 500 crore via the auction system.
Disclosing this here today an official spokesman said the consent of the Central Government has already been obtained to the raise this loan required under Article 293 (3) of the Constitution.
The loan would be of 10 years tenure and will commence on February 18.
The loan would be repaid at par on February 18, 2018. The interest, however, would be paid every half yearly on August 18 and February 18.
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