The Government of India has announced auction of 12.30 per cent Government Stock, 2016 for an aggregate amount of Rs.2,000 crore.

The auction will be price based and will be conducted by the Reserve Bank of India (RBI) at Mumbai on Thursday, July 29, 1999. Bids, in the prescribed form obtainable from Chief General Manager, Reserve Bank of India, Public Debt Office, Fort, Mumbai should be submitted on Thursday, July 29, 1999 during banking hours. On the basis of bids received, the Reserve Bank of India will determine the minimum price at which offers will be accepted. The results of the auction will be announced on July 29, 1999 and payment by successful bidders will be during banking hours on July 30, 1999. The Stock will qualify for ready forward facility.