For the convenience of income tax (IT) assessees, arrangements have been made for receipt of advance income tax at all the computerised branches of all the public sector banks (approximately 810) in Mumbai and Navi Mumbai, the Reserve Bank of India has stated in a press release. The designated branches are authorised by the income tax department to accept payment of income tax dues. The Reserve Bank has advised assessees to take advantage of these standing arrangement

On a further review, it has been decided to further reduce the Bank Rate from ‘7.5 per cent per annum’ to ‘7.0 per cent per annum’ effective close of business on March 1, 2001. The Reserve Bank of India had, on February 16, 2001, announced inter alia a reduction in the Bank Rate from 8 per cent to 7.5 per cent after a review of developments in the international and domestic financial markets. Alpana Killawala General ManagerPress Release: 2000-2001/1220

March 1, 2001The Reserve Bank of India’s Reference Rate for the US dollar is Rs.46.53 on 01.03.2001. Based on the Reference Rate for US dollar and middle rates of the cross currency quotes at 12 noon, the exchange rates of major currencies against the rupee are given below : DateCURRENCY 1 USD1 GBP1 EURO100 YEN28 February, 200146.610067.227942.804340.161 March, 200146.530067.259142.949539.7000Note : The reference rate is based on 12 noon rates of a few select banks in

The results of the RBI Repos/Reverse Repo auctions held on March 01, 2001 are :ItemRepo Auction (Sale of securities by RBI)Reverse Repo Auction (Purchase of securities by RBI)1. Applications received for one day repo period (i) Number (ii) Amount (Face value in Rs. crore) 1 6500 Nil NA2. Applications accepted for one day repo period (i) Number (ii) Amount (Face Value in Rs.crore) (iii) Cut-off Rate (per cent) 1 6500 7.50 NA NA NA

The Reserve Bank of India under the Scheme of Liquidity Adjustment Facility, has announced three-day repo auction and reverse repo auction in Government of India dated securities and treasury bills of all maturities of 91, 182 and 364 day Treasury Bills on March 2, 2001 (Friday) for scheduled commercial banks and Primary Dealers holding SGL Account and Current Account with it at Mumbai. The eligible banks/institutions may submit separate applications before 11.00 a.m.

--------------------------------------------------------------------------- Nomenclature Amount Price * YTM % (Face Value) Per Rs.100 Indicative (in Rs.Crore) nominal --------------------------------------------------------------------------- I. Outright Transactions A.Government of India Dated Securities Contract Date : February 22, 2001 12.08 % 2001 1.00 100.206 9.8855 Contract Date : February 23, 2001 11.03 % 2012 0.70 104.69 10.3177 11.03 % 2012 1.00 104.69 10.317

(Amount in Rupees crore and rate in per cent per annum)1. Call/Notice Money Market*(i) Volumes BanksPrimary DealersNon-Bank InstitutionsTotalBorrowings1522310574025797Lendings119692654542520048(ii) Interest RatesBorrowingsLendings (a)Weighted average rate7.767.78 (b) Range of rates7.20-8.007.60-9.002 Term Money Market*Volume(Turnover)Range of Rates22209.50-12.003. Liquidity Support availed from RBI # Amount (outstanding)Rate of Interest 7109at Bank Rate4. Liquidity Ad

February 28, 2001The Reserve Bank of India’s Reference Rate for the US dollar is Rs. 46.61 on 28.02.2001. Based on the reference rate for US dollar and middle rates of the cross currency quotes at 12 noon, the exchange rates of major currencies against the rupee are given below: : DateCURRENCY 1 USD1 GBP1 EURO100 YEN27 February, 200146.670067.498842.605040.1928 February, 200146.610067.227942.804340.1600Note : The reference rate is based on 12 noon rates of a few selec

Date of Auction : February 28, 2001 I.Notified amount: Rs.100.00 crore II.Bids received (a) Competitive bids Number:21 Amount:Rs.229.50 crore (b) Non-competitive bids Number:0 Amount:Nil III.Cut-off price:Rs.95.96 IV.Competitive bids accepted Number:10 Amount:Rs.100.00 crore V.Partial Allotment Percentage:20.00 (2 bids) VI .Devolvement on RBI:Nil VII.Non-competitive bids accepted (a) Number:0 Amount:Nil (b)Partial Allotment Percentage:NA VIII.Weighted Average Price:96

The results of the RBI Repos/Reverse Repo auctions held on February 28, 2001 are :ItemRepo Auction (Sale of securities by RBI)Reverse Repo Auction (Purchase of securities by RBI)1. Applications received for one day repo period (i) Number (ii) Amount (Face value in Rs. crore) 2 7150 Nil NA2. Applications accepted for one day repo period (i) Number (ii) Amount (Face Value in Rs.crore) (iii) Cut-off Rate (per cent) 2 7150 7.50 NA NA NA