The Hindu Business Line : Govt issues special bonds to liquidate oil pool account

THE Government has announced the issue of `5 per cent Oil Companies-Government of India Special Bonds, 2009' for liquidating the outstanding claims of oil companies aggregating Rs 348.63 crore against the Oil Pool Account.

The special bonds were issued at par to Oil and Natural Gas Corporation for Rs 257.60 crore and Oil India Ltd for Rs 91.03 crore on Tuesday, said a press release.

The investment in the special bonds will not be reckoned as an eligible investment for the purpose of statutory liquidity ratio, the release said.

The special bonds will be transferable and eligible for market ready forward transactions (repo). The bonds, however, will not be an eligible underlying security for ready forward transactions (repo or reverse repo) with the Reserve Bank of India, the release said.

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