The Hindu Business Line : H1 ways & means limit for Centre at Rs 10,000 cr

THE Reserve Bank of India (RBI) has fixed the ways and means advances (WMA) limit to the Union Government for the first half of the financial year (April to September) 2002-2003, at Rs 10,000 crore and at Rs 6,000 crore for the second half of the year (October to March).

The interest rate on WMA will be at bank rate (6.5 per cent) and on overdraft at bank rate plus two percentage points (8.5 per cent),said an RBI statement.

The minimum balance required to be maintained by the Government with the RBI is not less than Rs 100 crore on Fridays as at the close of the Governments financial year and on June 30 and not less than Rs 10 crore on other days.

As per the provisions of the agreement dated March 26,1997 between the Government and the RBI, overdrafts beyond ten consecutive working days would not be allowed, the statement said.

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