The Government of India has offered to sell 12.60 per cent Government Stock, 2018 on tap from November 23, 1998 during banking hours at Public Debt Office, Reserve Bank of India, Mumbai. The Stock will be issued for a minimum amount of Rs.10,000 (Face Value) and in multiples of Rs.10,000 thereafter. Interest on the Government Stock will be paid half-yearly and the Stock repaid at par on November 23, 2018.

Applications accompanied by payment for the amount of Stock applied for in cash or cheque drawn on RBI or Bankers' Pay Order could be submitted in the prescribed form to the Public Debt Office of the Reserve Bank of India, Fort, Mumbai from November 23, 1998 during banking hours.

Payment for the Stock will include alongwith the nominal value of Stock applied for, accrued coupon from the date of commencement of tenure of the Stock, i.e., November 23, 1998 to the date of tendering application. The Reserve Bank of India will have full discretion to close the tap sale at any time during banking hours or after the close of banking hours on or after November 23, 1998 and also to make partial allotment for applications received at the time of closure of sale. Applications, if any, received after the closure of tap sale will be rejected.

The Stock will be eligible for ready forward facility.