The government today issued 6.35 per cent Oil Marketing Companies Government of India Special Bonds, 2024 for Rs 22,000 crore to three oil marketing companies.
These bonds were distributed to Indian Oil Corporation (Rs 11,975.51 crore), Hindustan Petroleum (Rs 4,693.73 crore)and Bharat Petroleum (Rs 5,330.76 crore).
These bonds have been issued for compensation towards estimated under-recoveries on account of sale of sensitive petroleum products in the current financial year.
The investment in the special bonds by the banks and insurance companies will not be eligible for their statutory requirements. Investment by the insurance firms will be reckoned as investment under “other Approved Securities”.
The RBI today bought oil bonds worth Rs 195 crore from BPCL and HPCL under special market operations. While BPCL sold Rs 65 crore, HPCL sold Rs 130 crore of bonds. The central bank is buying oil bonds to help oil marketing companies meet forex needs.
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