निम्नलिखित कथनों पर विचार कीजिए :
- 1.भारतीय रिज़र्व बैंक, भारत सरकार की प्रतिभूतियों का प्रबंधन और प्रयोजन करता है किन्तु किसी राज्य सरकार की प्रतिभूतियों का नहीं ।
- 2.भारत सरकार कोष-पत्र (ट्रेज़री बिल) जारी करती है और राज्य सरकारें कोई कोष-पत्र जारी नहीं करतीं ।
- 3.कोष-पत्र ऑफर अपने सममूल्य से बट्टे पर जारी किए जाते हैं ।
उपर्युक्त कथनों में से कौन-सा/से सही है/हैं ?
Read this question in English
Consider the following statements:
1. The Reserve Bank of India manages and services Government of India Securities but not any State Government Securities.
2. Treasury bills are issued by the Government of India and there are no treasury bills issued by the State Governments.
3. Treasury bills offer are issued at a discount from the par value.
Which of the statements given above is/are correct?
(a) 1 and 2 only · (b) 3 only · (c) 2 and 3 only · (d) 1, 2 and 3
उत्तर और व्याख्या · explanation in English
Answer: (c) केवल 2 और 3
Statements 2 and 3 are correct. Only the Central Government issues treasury bills, and they are issued at a discount to face (par) value and redeemed at par. Statement 1 is wrong because the RBI also manages the public debt of State Governments.
- ✗ 1. Under the RBI Act, the RBI can manage a State's public debt by agreement, and it has done so with State Governments for their State Development Loans (SDLs).
- ✓ 2. The Central Government issues both treasury bills and dated securities, while State Governments issue only dated securities (SDLs), so there are no State treasury bills.
- ✓ 3. T-bills are zero-coupon securities that pay no interest. They are sold below face value and redeemed at face value on maturity, and the difference is the investor's return.
Remember · T-bills: issued only by the Centre, at a discount, redeemed at par (91, 182 and 364 days). States issue only SDLs, which the RBI also manages.
Sources
- Reserve Bank of India: FAQs on Government Securities ↗ “the State Governments issue only bonds or dated securities, which are called the State Development Loans (SDLs). … Treasury bills are zero coupon securities and pay no interest. Instead, they are issued at a discount and redeemed at the face value at maturity. … the RBI may, by agreement with any State Government undertake the management of the public debt of that State.”
Question and answer: UPSC's official GS Paper I (2018, Series A) — paper ↗ · answer key ↗. Explanation: Minimalist IAS, checked 30 Sept 2026 (how we verify). Permalink ·