Terms and conditions for the sale and issuance of government securities issued by the Government of Uttar Pradesh notified.

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y[kuÅ] 19 ebZ] 2026 ———— lkekU; vf/klwpuk jkT; ljdkj dh izfrHkwfr;ksa dk foØ; vkSj fuxZeu

mRrj çns'k ljdkj] viuh vf/klwpuk la[;k ch&4&1157@nl-10¼41½@2003] fnukad 20 tqykbZ] 2007] ds lkFk ifBr vf/klwpuk la[;k ch&4&137@nl-2019&10¼41½@2003] fnukad 17 tqykbZ] 2019 vkSj vf/klwpuk la[;k ch&4&188@nl-2019&10¼41½@2003 fnukad 3 vDVwcj] 2019 dk vf/kØe.k djds mRrj çns'k ljdkj }kjk fuxZr ljdkjh çfrHkwfr;ksa ¼,rn~}kjk ftls ^çfrHkwfr;k¡* dgk x;k gS½ ds foØ; rFkk fuxZeu ds fucU/kuksa vkSj 'krksaZ dks vf/klwfpr djrh gSaA

2& uke vkSj ç;ksT;rk

¼,d½ ;g vf/klwpuk ^mRrj çns'k ljdkj }kjk ljdkjh çfrHkwfr;ksa ds foØ; vkSj fuxZeu gsrq lkekU;

vf/klwpuk* dgyk,xh ¼,rn~}kjk ftls ^lkekU; vf/klwpuk* dgk x;k gS½A

¼nks½ çfrHkwfr;ksa dk foØ; vkSj fuxZeu bl vf/klwpuk esa varfoZ"V lkekU; fuca/ku vkSj 'krksaZ rFkk fdlh fof'k"V çfrHkwfr ds l`tu ,oa fuxZeu ds lEca/k esa le;-le; ij fuxZr dh tkus okyh fdlh vU; vf/klwpuk ds v/khu gksxk ¼,rn~}kjk ftls ^fof'k"V vf/klwpuk* dgk x;k gS½A

3& mn~ns';

bl vf/klwpuk dk mn~ns'; çfrHkwfr;ksa ds fuxZeu ij ç;ksT; gksus okys fuca/ku vkSj 'krksaZ] fofHkUu çdkj dh çfrHkwfr;ksa dh fo'ks"krkvksa rFkk muds fuxZeu dh fof/k;ksa dk mYys[k djuk gSA çfrHkwfr;k¡ Hkkjr ds lafo/kku ds vuqPNsn 293¼1½ ds vuqlkj] mRrj çns'k jkT; dh lafpr fuf/k dh lqj{kk ij fuxZr dh tk,axhA

4& çfrHkwfr;ksa ds çdkj

mRrj çns'k ljdkj] le;-le; ij fuEufyf[kr çdkj dh çfrHkwfr;k¡ fuxZr dj ldrh gS%&153 RPH 2026 (vitt vibhag) Data 1e 2 mŸkj izns'k vlk/kkj.k xtV] 19 ebZ] 2026 ¼i½ fuf'pr dwiu nj okyh çfrHkwfr;k¡&

¼d½ bu çfrHkwfr;ksa ij ,d fuf'pr dwiu nj gksxh] tks vafdr ewY; ij ykxw gksxh] ftldk fofu/kkZj.k uhykeh ls vFkok vU;Fkk] tSlk laxr fof'k"V vf/klwpuk esa fofufnZ"V gks] ds vuqlkj fd;k tk,xk rFkk ;g çfrHkwfr;ksa dh vof/k rd vifjofrZr jgsxhA

¼[k½ çfrHkwfr;k¡ vafdr ewY; ij NwV nsdj ¼fMLdkmaV½] leewY; ij vFkok vf/kd ewY; ¼çhfe;e½ ij fuxZr dh tk ldrh gSaA

¼x½ fuxZr dh tkus okyh çfrHkwfr;ksa dh ewy ifjiDork vof/k ,d o"kZ ls de ugha gksxhA ¼?k½ çfrHkwfr;k¡ vafdr ewY; ij vFkok fof'k"V vf/klwpuk esa fofufnZ"V vuqlkj dh tk,axhA

¼ii½ lqlaxr fofufnZ"V vf/klwpuk esa ;Fkk vf/klwfpr vU; fo'ks"krkvksa okyh çfrHkwfr;k¡ A

5& lkekU; fuca/ku vkSj 'krsaZ leLr çfrHkwfr;ksa dh foØ; ,oa fuxZeu ij ykxw lkekU; fuca/ku ,oa 'krsaZ fuEufyf[kr gksaxh%&

¼,d½ ik= fuos'kd

¼d½ Hkkjr esa fuokl djus okyk dksbZ Hkh O;fDr] QeZ] dEiuh] fuxfer fudk;] laLFkku] vU; jkT; ljdkjsa] fo/kkueaMy okys dsaæ 'kkflr çns'k] Hkfo"; fuf/k] isa'ku fuf/k] U;kl] fganw vfoHkkftr ifjokj rFkk O;fDr dks lfEefyr djrs gq, ijarq bu rd lhfer ughaA

¼[k½ Hkkjr ds ckgj fuokl djus okyk dksbZ Hkh O;fDr] ftls fons'kh eqæk çca/ku vf/kfu;e] 1999 ds varxZr tkjh fons'kh eqæk çca/ku ¼_.k lk/ku½ fofu;e] 2019 ds vuqlkj çfrHkwfr;ksa esa fuos'k djus dh vuqefr gksA ¼nks½ çfrHkwfr;ksa ds foØ; vkSj fuxZeu dh çfØ;k

çfrHkwfr;ksa ds foØ; vkSj fuxZeu ls lacaf/kr ifjpkyu çfØ;k rFkk vU; fooj.k] tSls fuxZeu dh frfFk ,oa LFkku] vof/k] fuxZeu dh fof/k vkfn dh ?kks"k.kk Hkkjrh; fjt+oZ cSad ¼^fjt+oZ cSad*½ }kjk çsl foKfIr tkjh djds vFkok ,sls vU; ek/;eksa ls dh tk,xh ftUgsa vko';d le>k tk,xkA

¼rhu½ çi=

çfrHkwfr;k¡ fuos'kdksa dks fjtoZ cSad esa jf{kr muds ,lth,y¹ ¼lgk;d lkekU; cgh [kkrk½ [kkrs vFkok lh,lth,y² ¼?kVd lgk;d lkekU; cgh [kkrk½ [kkrs esa tek ds :i esa ljdkjh çfrHkwfr vf/kfu;e] 2006 ds çko/kkuksa ds varxZr vuqeU; fdlh vU; Lo#i esa fuxZr dh tk,axhA ¼pkj½ U;wure va'knku

çfrHkwfr;k¡ U;wure ₹10]000 ¼vafdr ewY;½ dh jkf'k ds fy, rFkk mlds i'pkr ₹10]000 ds xq.kdksa esa] vFkok Hkkjrh; fjtoZ cSad }kjk jkT; ljdkj ds ijke'kZ ls fofufnZ"V fdlh vU; jkf'k esa fuxZr dh tk,axhA ¼ikap½ Hkqxrku

lQy lgk;d lkekU; cgh [kkrk ¼,lth,y½@?kVd lgk;d cgh [kkrk ¼lh,lth,y½ /kkjdksa }kjk fof'k"V vf/klwpuk esa ;Fkkof.kZr vFkok fjt+oZ cSad }kjk fofufnZ"V frfFk;ksa ij] muds fjt+oZ cSad fLFkr pkyw [kkrs dks MsfcV fd;s tkus ds çkf/kdkj ;k bysDVª'fud fuf/k varj.k ;k fjt+oZ cSad }kjk fofufnZ"V vU; ek/;eksa ls Hkqxrku fd;k tk,xkA

¼N%½ dwiu

¼d½ çfrHkwfr;ksa ij ns; dwiu dk Hkqxrku fjt+oZ cSad ds yksd _.k dk;kZy;ksa ¼ihMhvks½ }kjk fd;k tk,xkA fjt+oZ cSad@,tsalh ds fdlh Hkh dk;kZy; esa c'UM ystj [kkrs esa /kkfjr çfrHkwfr;ksa ij dwiu dk Hkqxrku mlh dk;kZy;@,tsalh esa fd;k tk,xk] tSlk fd bl lEca/k esa fjt+oZ cSad }kjk fofufnZ"V fd;k tk,A

¼[k½ dwiu jkf'k dks fudVre iw.kZ #i;s esa iw.kkaZfdr ¼jkmaM v'Q½ djds Hkqxrku fd;k tk,xkA bl ç;kstukFkZ] ipkl iSls ls de jkf'k dks NksM+ fn;k tk,xk rFkk ipkl iSls ;k mlls vf/kd dks vxys #i;s esa iw.kkaZfdr fd;k tk,xk] tc rd fd vU;Fkk fofufnZ"V u gksA

¼lkr½ iquHkqZxrku

¼d½ çfrHkwfr;ksa dk iquHkqZxrku fjt+oZ cSad ds yksd _.k dk;kZy;ksa vFkok ml fdlh vU; laLFkk esa fd;k tk,xk] tgk¡ os iquHkqZxrku ds le; iath—r gksaA

¼[k½ çfrHkwfr;ksa dk iquHkqZxrku fof'k"V vf/klwpuk esa fofufnZ"V ekspu frfFk ij vFkok jkT;

ljdkj@fodYi/kkjd }kjk varfuZfgr fodYi ds ç;ksx dh fLFkfr esa] fofufnZ"V ekspu frfFk ls iwoZ fd;k tk ldrk gSA

¼x½ çfrHkwfr;ksa dks muds fofufnZ"V ekspu frfFk ls iwoZ] fjt+oZ cSad }kjk jkT; ljdkj ls ijke'kZ ds i'pkr~ fofu/kkZfjr fdlh Hkh frfFk dks] ck;cSd uhykeh ds ek/;e ls fofu/kkZfjr ewY; ij okil [kjhnk tk ldrk gSA

¼vkB½ gLrkarj.kh;rk

¼d½ çfrHkwfr;ksa dk uohuhdj.k] mi-foHkktu] ,dhdj.k] :ikarj.k vFkok gLrkarj.k ljdkjh çfrHkwfr vf/kfu;e] 2006 rFkk mlds varxZr cuk, x, ljdkjh çfrHkwfr fofu;e] 2007 rFkk bl vf/klwpuk ,oa bl lEca/k esa tkjh dh tkus okyh vU; vf/klwpukvksa ds çko/kkuksa ds vuqlkj fd;k tk,xkA

¼[k½ ,d :i ls nwljs :i esa çfrHkwfr dk :ikarj.k lEcaf/kr fof'k"V vf/klwpuk esa fofufnZ"V 'krksaZ ds v/khu gksxkA

¼x½ Hkkjr ds ckgj fuokl djus okys O;fDr }kjk çfrHkwfr;ksa dk gLrkarj.k fons'kh eqæk çca/ku vf/kfu;e] 1999 ds varxZr cuk, x, fofu;eksa ,oa muds v/khu tkjh funsZ'kksa ds v/khu gksxkA

¼ukS½ ç;ksT; fof/k;k¡

¼d½ çfrHkwfr;ksa esa va'knku djus okys vFkok mUgsa /kkfjr djus okys lHkh O;fDr;ksa ds vf/kdkj] ljdkjh çfrHkwfr vf/kfu;e] 2006 rFkk mlds varxZr fofufeZr ljdkjh çfrHkwfr fofu;e] 2007 rFkk bl vf/klwpuk ,oa le;-le; ij tkjh dh tkus okyh vU; vf/klwpukvksa ds vuqlkj fofu/kkZfjr gksaxsA

¼[k½ Hkkjr esa rRle; çpfyr dj fof/k;ksa ds çko/kku] fuos'kd vFkok çfrHkwfr /kkjd dh dj ns;rk ds fofu/kkZj.k ,oa vkdyu ds ç;kstukFkZ ykxw gksaxsA

¼x½ çfrHkwfr;ksa ls lacaf/kr dksbZ Hkh fookn Hkkjr ds U;k;ky;ksa ds {ks=kf/kdkj ds v/khu gksxkA

6& çfrHkwfr;ksa ds fuxZeu dh jhfr

mÙkj çns'k ljdkj fuEufyf[kr jhfr;ksa ls çfrHkwfr;ksa dk fuxZeu dj ldrh gS%&

¼,d½ uhykeh ds ek/;e ls çfrHkwfr;ksa dk fuxZeu

¼d½ çfrHkwfr;ksa dk fuxZeu çfrQy ¼;hYM½ vk/kkj vFkok ewY; ¼çkbZl½ vk/kkj ij uhykeh ds ek/;e ls fd;k tk,xkA tgka vkof/kd dwiu ds Hkqxrku okyh çfrHkwfr dk fuxZeu çfrQy ds vk/kkj ij gS] dwiu dk fofu/kkZj.k fjt+oZ cSad }kjk vk;ksftr uhykeh tSlk ;gk¡ blds i'pkr~ çko/kkfur gS ;k fof'k"V vf/klwpuk esa mfYyf[kr gks] fd;k tk;sxkA tgk¡ vkof/kd dwiu ds Hkqxrku okyh çfrHkwfr;ksa dk fuxZeu ewY; vk/kkj ij gks] dwiu iwoZ&fofu/kkZfjr gksxkA

¼[k½ uhykeh gsrq çfrLi/kkZRed vkSj vçfrLi/kkZRed nksuksa çdkj dh cksfy;k¡ ¼fcM½ fjt+oZ cSad dh dksj cSafdax ç.kkyh vFkok fjt+oZ cSad }kjk fofu/kkZfjr fdlh vU; IysVQ'eZ@ç.kkyh ij bysDVª'fud çk:i esa çLrqr dh tk,axhA vkiokfnd ifjfLFkfr;ksa esa fjt+oZ cSad HkkSfrd :i ls cksyh Mkyus dh vuqefr ns ldrk gSA153 RPH 2026 (vitt vibhag) Data 1e 4 mŸkj izns'k vlk/kkj.k xtV] 19 ebZ] 2026 ¼x½ çfrLi/kkZRed cksyhnkrk leku vFkok fHkUu çfrQy njksa@ewY;ksa ij ,d ls vf/kd cksfy;k¡ çLrqr dj ldrk gSA fdlh uhykeh esa vkosnd }kjk çLrqr cksfy;ksa dh ldy jkf'k vf/klwfpr jkf'k ls vf/kd ugha gksxhA

¼?k½ çkIr cksfy;ksa ds vk/kkj ij fjt+oZ cSad çdj.kkuqlkj ml vf/kdre çfrQy nj vFkok U;wure ewY; dk fofu/kkZj.k djsxk] ftl ij çfrHkwfr;ksa dh [kjhn gsrq cksfy;k¡ Lohdkj dh tk,axhA vkof/kd dwiu Hkqxrku okyh çfrHkwfr;ksa dh çfrQy vk/kkfjr uhykeh esa fofu/kkZfjr vf/kdre çfrQy nj gh mu çfrHkwfr;ksa dh okf"kZd dwiu nj gksxhA

¼³½ [kqnjk fuos'kd] fjt+oZ cSad }kjk ?kksf"kr vçfrLi/kkZRed cksyh lqfo/kk ;kstuk ds varxZr ^vçfrLi/kkZRed^ vk/kkj ij uhykeh esa Hkkx ys ldrs gSaA

¼p½ fjt+oZ cSad] jkT; ljdkj ds ijke'kZ ls] ^fof'k"V vf/klwpuk* esa fofufnZ"V jkf'k rd vfrfjDr va'knku j[k ldrk gSA

¼N½ çfrHkwfr;ksa ds fuxZeu ¼çfrQy vk/kkj ;k ewY; vk/kkj½ gsrq uhykeh *,dleku ewY;* çfof/k ;k *cgqewY;* çfof/k vFkok fjt+oZ cSad }kjk jkT; ljdkj ls ijke'kZ ds i'pkr le;-le; ij fofu/kkZfjr fdlh vU; çfof/k ds vuqlkj vk;ksftr dh tk ldrh gSA

¼v½ tgk¡ uhykeh *,dleku ewY;* çfof/k ij vk;ksftr dh tkrh gS] çfrLi/kkZRed cksfy;k¡ fjt+oZ cSad }kjk fofu/kkZfjr vf/kdre çfrQy nj vFkok U;wure cksyh ewY; rd mlh vf/kdre çfrQy nj vFkok U;wure ewY; ij Lohdkj dh tk,axhA blls vf/kd çfrQy nj vFkok blls de ewY; ij nh xbZ cksfy;k¡ vLoh—r dh tk,axhA

¼c½ tgk¡ uhykeh ^cgqewY;* çfof/k ij vk;ksftr dh tkrh gS] çfrLi/kkZRed cksfy;k¡ fjt+oZ cSad }kjk fofu/kkZfjr vf/kdre çfrQy nj vFkok U;wure cksyh ewY; rd] rRlaca/kh cksyh nj ij Lohdkj dh tk,axhA çfrQy vk/kkj ij uhykeh esa] vf/kdre Lohdk;Z çfrQy nj ls de cksyh yxkus okys lQy cksyhnkrkvksa dks ewY; varj dk Hkqxrku djuk gksxkA blls vf/kd çfrQy nj vFkok blls de ewY; ij nh xbZ cksfy;k¡ vLoh—r dh tk,axhA

¼t½ fjt+oZ cSad] jkT; ljdkj ds ijke'kZ ls] fcuk dksbZ dkj.k crk, fdlh Hkh ;k leLr cksfy;ksa dks iw.kZ :i ls ;k vkaf'kd :i ls vLohdkj dj ldrk gSA

¼nks½ v'u&VSi foØ; ds ek/;e ls çfrHkwfr;ksa dk fuxZeu

¼d½ v'u&VSi foØ; dh tkus okyh çfrHkwfr;ksa ds lEca/k esa fofuxZfer dh tkus okyh jkf'k vf/klwpuk esa n'kkZbZ Hkh tk ldrh gS vFkok ugha HkhA

¼[k½ fof/kor Hkjs gq, ,oa lHkh –f"V;ksa ls iw.kZ vkosnu] fofufnZ"V frfFk;ksa dks fjt+oZ cSad }kjk vf/klwfpr le;@cSafdax le; dh lekfIr ls iwoZ] fjt+oZ cSad ds dk;kZy; ;k bl ç;kstukFkZ vf/klwfpr fdlh vU; dk;kZy; esa çLrqr fd, tk,axsA

¼x½ ,slh çfrHkwfr;ksa dk foØ; iwjs o"kZ vFkok mlds fdlh Hkkx ds fy, c<+kbZ tk ldrh gS rFkk foØ; fdlh Hkh fnu] fdlh Hkh le; ;k fjt+oZ cSad }kjk jkT; ljdkj ls ijke'kZ ds i'pkr~ tSlk fofu/kkZfjr fd;k tk;] can dh tk ldrh gSA

¼?k½ fjt+oZ cSad] jkT; ljdkj ls ijke'kZ ds i'pkr] fcuk dkj.k crk, fdlh Hkh ;k leLr cksfy;ksa dks iw.kZr% vFkok vkaf'kd :i ls vLohdkj dj ldrk gSA

¼rhu½ vfLrRoeku çfrHkwfr;ksa ds :ikarj.k esa uohu çfrHkwfr;ksa dh vnyk&cnyh@fuxZeu

¼d½ fjt+oZ cSad] jkT; ljdkj ds ijke'kZ ls] çfrHkwfr /kkjdksa dks] dqN vfLrRoeku çfrHkwfr;ksa dks fofufnZ"V ewY; ij vFkok uhykeh }kjk fofu/kkZfjr ewY; ij vU; çfrHkwfr;ksa esa :ikarfjr djus dk fodYi çnku dj ldrk gSA153 RPH 2026 (vitt vibhag) Data 1e mŸkj izns'k vlk/kkj.k xtV] 19 ebZ] 2026 5 ¼[k½ fjt+oZ cSad] fcuk dksbZ dkj.k crk;s] fdlh ;k leLr cksfy;ksa dks ;k rks iw.kZr% ;k va'kr% Lohdkj ;k vLohdkj dj ldrk gSA

¼pkj½ dksbZ vU; jhfr] ftls jkT; ljdkj }kjk fjtoZ cSad ds lkFk ije'kZ ls vf/klwfpr fd;k tk;sA

vkKk ls]

nhid dqekj] vij eq[; lfpo] foRr foHkkx] mRrj izns'k 'kkluA

&&&&&&

No. B-4-429/X-10(41)-2003

Dated Lucknow, May 19, 2026

Sale and Issuance of State Government Securities

Government of Uttar Pradesh, in supersession of its notification no. B-4-1157/X-10(41)/2003 dated July 20, 2007 read with notification no. B-4-137/X-2019-10(41)/2003 dated July 17, 2019 and notification no. B-4-188/X-2019-10(41)/2003 dated October 3, 2019 hereby notifies the terms and conditions for sale and issuance of Government Securities issued by the Government of Uttar Pradesh (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 Uttar Pradesh' (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").

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 Uttar Pradesh in accordance with Article 293(1) of the Constitution of India.

4. Types of Securities

Government of Uttar Pradesh 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.

(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 Ledger¹ (SGL) account or to Constituents Subsidiary General Ledger ² (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.

(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.

(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 Uttar Pradesh 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'.

(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.

(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,

DEEPAK KUMAR,

Apar Mukhya Sachiv,

Finance Department,

Government of Uttar Pradesh.

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