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WMA limit at Rs 16,000 cr for 2003-04

Our Bureau

MUMBAI, April 7

THE limit for ways and means advances for the Union Government for fiscal 2003-2004 is Rs 10,000 crore for the first half of the year, and Rs 6,000 crore for the second half of the year, the RBI said, in a news release on Monday.

This arrangement follows a review of the WMA to the Union Government in consultation with it, said the news release.

When 75 per cent of the limit for WMA is utilised by the Government, the RBI may trigger fresh floatation of market loans depending on market conditions.

The interest rate of WMA will be the bank rate. The interest rate on overdraft beyond the WMA limit will be two per cent above the bank rate.

The minimum balance required to be maintained by the Government with the RBI is not less than Rs 100 crore on Fridays, on the due date of closure of Government of India's financial year and on June 30, that is, closure of the annual accounts of the RBI and not less than Rs 10 crore on other days, said the release.

As per the provision of the agreement dated March 26, 1997 between the Government and the RBI, overdrafts beyond 10 consecutive days will not be allowed.

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