CENTER RECEIVES RS. 32,000 CRORE
UNDER DEBT SWAP SCHEME
Government of India
has received about Rs. 32,000 crore in the current year upto September,
2003 on account of pre-payment of high cost loans by the State
Governments under the Debt Swap Scheme. This includes Rs. 22,000
crore raised by the States through additional market borrowings
and Rs. 10,000 crore from their net small savings collections.
Government has decided to utilise these receipts to partly extinguish
its liability to the National Small Savings Fund (NSSF). NSSF,
in turn, will reinvest the amount received from such redemption
in fresh Government of India securities issued at market related
rates of interest.
