Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
73 views
in GK by (115k points)
closed by
Ad hoc Treasury Bill System of meeting budget deficit in India was abolished on
1. 1st April, 1992
2. 1st April, 1994
3. 31st March, 1996
4. 31st March, 1997

1 Answer

0 votes
by (114k points)
selected by
 
Best answer
Correct Answer - Option 4 : 31st March, 1997

The correct answer is 31st March 1997.

  • Ad hoc Treasury Bill System of meeting budget deficit in India was abolished on 31st March 1997.
  • Ad hoc Treasury Bill System:
    • All treasury bills, ad hoc or ordinary, are sold by the RBI on behalf of the central government.
    • Until July 12, 1965, they used to be sold by lenders at weekly auctions.
    • From that date, they are made available ‘on tap’ throughout the week at a rate of discount fixed by the RBI.
    • This change was made to make the ready supply of bills available to all investors at all times for investment of their temporary surpluses and also to mop up larger amounts of such surpluses for the government.
    • The latter, of course, has been eager to borrow all the funds offered to it.

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...