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INDIAN GUIDELINES FOR BUYBACK OF G-SECS FROM BANKS SOON.
NEW DELHI, April 1 Asia Pulse - The Indian government will soon come out with detailed guidelines for buying back high-cost securities worth over Rs 400 billion (US$8.4 billion) from banks and financial institutions during 2003-04, as part of efforts to reduce interest burden and fiscal deficit.
"In consultation with RBI, we are framing the guidelines for buying back of high-cost government securities from banks and financial institutions. It will be issued by RBI next month," a Finance Ministry official told PTI here.
Federal government targets to buy back about Rs 400 billion worth of high-cost debts from banks and FIs.
"The government will buy back the securities bearing high interest rate at the market price," he said.
The Government would provide tax exemptions to banks ...
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