THE
JHARKHAND GAZETTE
EXTRAORDINARY
PUBLISHED BY AUTHORITY
28 MAGH 1947 (S)
RANCHI TUESDAY 17TH FEBRUARY, 2026
FINANCE DEPARTMENT
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NOTIFICATION
28th January, 2026
Notification No.Loan/Artho. (15)32/2025/79/Budget.--
Sale and Issuance of State Government Securities
Government of Jharkhand, in supersession of its Notification No. W&M-13-
97/2006-281/OSD, dated 31-07-2007 hereby notifies the terms and conditions for
sale and issuance of Government Securities issued by the Government of
Jharkhand. (hereinafter referred to as “Securities”),
2.
Name and Applicability
i.
This Notification shall be called as the ‘General Notification for Sale and
Issuance of Government Securities by the Government of Jharkhand’
(hereinafter referred to as ‘General Notification’).
ii.
Sale and issuance of Securities shall be subject to the general terms and
conditions contained in this Notification and any other notification that
may be issued with respect to creation and issuance of any specific Security
(hereinafter referred to as “Specific Notification”).
No. 55
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Jharkhand Gazette (Extraordinary) Tuesday 17th February, 2026
3. Objective
The objective of this Notification is to list out the terms and conditions applicable
to issuance of Securities and certain features and methods of issue of different
types of Securities. The Securities will be issued upon the security of the
Consolidated Fund of the State of Jharkhand in accordance with Article 293(1) of
the Constitution of India.
4. Types of Securities
Government of Jharkhand may issue, from time to time, the following types of
Securities:
i.
Fixed Coupon Rate Securities
a) Securities carry a specific coupon rate, applied to the face value, determined
at auction or otherwise, as specified in relevant Specific Notification, and
remain fixed during the tenor of the Securities.
b) Securities may be issued at a discount, at par or at a premium to the face
value.
c) Securities may be issued with original maturity of not less than one year.
d) Securities may be redeemed at face value or as specified in the Specific
Notification.
ii.
Securities with other features as notified in the relevant Specific Notification
5. General Terms and Conditions
The general terms and conditions applicable to sale and issuance of all Securities
will be as under:
i.
Eligible Investors
a) Any person resident in India, including but not limited to firms, companies,
corporate bodies, institutions, other State Governments, Union Territories
with legislature, provident funds, pension funds, trusts, Hindu Undivided
Family and individuals.
b) Any person resident outside India permitted to invest in Securities in terms
of the Foreign Exchange Management (Debt Instruments) Regulations, 2019
issued under Foreign Exchange Management Act, 1999.
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Jharkhand Gazette (Extraordinary) Tuesday 17th February, 2026
ii.
Procedure of Sale and Issue of Securities
The operational procedure and other details such as date and place of
issuance, tenor, issuance method, etc., for sale and issue of securities, shall
be announced by the Reserve Bank of India (the Reserve Bank) through a
press release or such other means as may be considered necessary.
iii.
Form
Securities shall be issued to the investors by credit to their Subsidiary
General
Ledger
1 (SGL)
account
or
to
Constituents’
Subsidiary
Ledger2(CSGL) account, maintained with the Reserve Bank or in such other
form as may be permitted under the provisions of the Government
Securities Act, 2006.
iv.
Minimum Subscription
Securities will be issued for a minimum amount of ₹10,000 (Face Value) and
in multiples of ₹10,000/-thereafter, or any other amount as specified by the
Reserve Bank of India (RBI), in consultation with the State Government.
v.
Payment
Payment shall be made by the successful SGL/CSGL account holders on
such dates as mentioned in the Specific Notification or as specified by the
Reserve Bank, by means of an authority to debit their current account with
the Reserve Bank or by Electronic Fund Transfer or any other means as
stipulated by the Reserve Bank.
vi.
Coupon
a) Coupon on Securities will be paid by the Public Debt Offices (PDOs) of the
Reserve Bank. Coupon on Securities held in Bond Ledger Account with any
of the offices of the Reserve Bank/ Agency, as specified by the Reserve
Bank in this behalf, will be paid at such Office/Agency.
1 A subsidiary General Ledger (SGL) Account shall mean an account opened and held with the Reserve Bank
for holding or/and transacting in Government Securities.
2 CSGL is the SGL account opened and maintained with the Reserve Bank by an agent on behalf of the
constituent of such agent.
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Jharkhand Gazette (Extraordinary) Tuesday 17th February, 2026
b) Coupon will be paid after rounding off the amount to the nearest whole
rupee. For this purpose, amount of coupon less than fifty paise will be
ignored and fifty paise or more will be rounded off to the next rupee, unless
specified otherwise.
vii.
Repayment
a) Securities will be repaid at PDO of the Reserve Bank or at any other
institution at which they are registered at the time of repayment.
b) Securities will be repaid on the date of redemption as specified in the
Specific Notification or before their specified redemption dates in case of
exercise of option by the State Government / option holder in Securities
with embedded options, as the case may be.
c) Securities may be bought back before their specified redemption date, at a price
determined through a buyback auction, on any date determined by the Reserve
Bank, in consultation with the State Government.
viii.
Transferability
a) Securities can be renewed, sub-divided, consolidated, converted or
transferred in accordance with the provisions of the Government Securities
Act, 2006 and the Government Securities Regulations, 2007 framed there
under and the terms of this notification and any other notification which
may be issued in this regard.
b) The conversion of security from one form to another will be subject to the
conditions as per the Specific Notification.
c) The transfer of Securities by person resident outside India shall be subject
to Regulations framed under the Foreign Exchange Management Act, 1999
and the Directions issued there under.
ix.
Applicable Laws
a) The rights of all persons subscribing to or holding the Securities shall be
determined in accordance with the Government Securities Act, 2006 and the
Government Securities Regulations, 2007 framed there under, read with the
terms of this Notification and any other Notification as may be issued from
time to time.
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Jharkhand Gazette (Extraordinary) Tuesday 17th February, 2026
b) The provisions of the tax laws, for the time being in force in India, will be
applicable for the purpose of assessing and determining the tax liability of
the investor or holder of the Securities.
c) Any dispute in relation to the Securities shall be subject to the jurisdiction
of the Courts in India.
6. Modes of issue of Securities
Government of Jharkhand may issue Securities through following modes:
i.
Issue of Securities through auction
a) Securities will be issued through auction, either on yield basis or price
basis. Where the issue of the Securities paying periodic coupon is on yield
basis, the coupon is decided in an auction conducted by the Reserve Bank
in the manner as provided hereinafter or as stated in the Specific
Notification. Where the issue of the Securities paying periodic coupon is on
price basis, the coupon will be pre- determined.
b) Both competitive and non-competitive bids for the auction should be
submitted in electronic format on the Reserve Bank’s Core Banking Solution
or any other platform/ system as decided by the Reserve Bank. The Reserve
Bank may permit submission of physical bids under exceptional
circumstances.
c) Competitive bidder may submit multiple bids at same/different rates of
yield or prices, as the case may be. The aggregate amount of bids submitted
by an applicant in an auction should not exceed the notified amount.
d) On the basis of the bids received, the Reserve Bank will determine the
maximum rate of yield or the minimum price, as the case may be, at which
bids for purchase of Securities will be accepted in the auction. Maximum
rate of yield determined in a yield-based auction for the Securities paying
periodic coupon will be the per annum coupon rate for those Securities.
e) Retail Investors can participate in an auction on ‘non-competitive’ basis as
per the extant Scheme of Non-competitive Bidding Facility announced by
the Reserve Bank.
f) The Reserve Bank, in consultation with the State Government, may retain
additional subscription up to an amount as may be specified in the ‘Specific
Notification’.
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Jharkhand Gazette (Extraordinary) Tuesday 17th February, 2026
g) The auction for issue of Securities (yield basis or price basis) can be held as
per ‘Uniform price’ method or ‘Multiple price’ method or any other method
as decided by the Reserve Bank, in consultation with State Government
from time to time.
(A) Where an auction is held as per ‘Uniform price’ method,
competitive bids with rates up to and including the maximum rate of
yield or the prices up to and including the minimum bid price, as
determined by the Reserve Bank, will be accepted at the maximum
rate of yield or minimum bid price. Bids quoted higher than the
maximum rate of yield or lower than the minimum price, so
determined, will be rejected.
(B) Where an auction is held on ‘Multiple price’ method, competitive
bids up to the maximum rate of yield or the minimum bid price, as
determined by the Reserve Bank will be accepted at the respective bid
rate. In yield-based auction, successful bidders, whose quotes are
lower than the maximum rate of yield accepted, are required to pay
the price differential. Bids quoted higher than the maximum rate of
yield or lower than the minimum price, so determined, will be
rejected.
h) The Reserve Bank, in consultation with State Government, may reject any
or all bids either wholly or partially, without assigning any reason thereof.
ii.
Issue of Securities through On-tap sale
a) The amount of issuance may be/may not be indicated in the notification in
respect of the Securities sold on tap.
b) Applications, duly filled in and complete in all respect, should be submitted
to the office of the Reserve Bank or any other office notified for the purpose,
before the close of specified time/banking hours notified by the Reserve
Bank on the specified date(s).
c) Sale of such Securities may be extended to whole, or part of the year and
the sale may be closed at any time on any day or as specified by the Reserve
Bank, in consultation with the State Government.
d) The Reserve Bank, in consultation with the State Government, may reject
any or all bids either wholly or partially, without assigning any reason
thereof.
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Jharkhand Gazette (Extraordinary) Tuesday 17th February, 2026
iii.
Switching/ Issue of new Securities in conversion of existing Securities
a) The Reserve Bank, in consultation with the State Government, may provide
the holders of Securities an option to convert certain existing Securities into
other Securities at specified price or at a price as determined in auction.
b) The Reserve Bank may accept or reject any or all bids either wholly or
partially, without assigning any reason thereof.
iv.
Any other mode, as may be notified by the State Government, in
consultation with the Reserve Bank.
By order of the Governor of Jharkhand,
(Prashant Kumar),
Secretary to Government.
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Printed & Published by the Superintendent of Jharkhand Government Press, Doranda, Ranchi.
Jharkhand Gazette (Extraordinary) 55-- 50.