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Central Government decides to simplify the consent mechanism for Open Market Borrowings (OMBs) under Article 293(3) of the Constitution of India for raising OMBs by the States

News and Press Release - Dated:- 19-8-2016 - In the spirit of Co-operative federalism and in order to bring-in the transparency and predictability in the Open Market Borrowings (OMBs) by the States, the Central Government has decided to simplify the consent mechanism for OMBs under Article 293 (3) of the Constitution. Till now, the States were required to obtain quarterly consent from the Central Government for raising OMBs within the Net Borrowing Ceiling (NBC) fixed for each of the States as p .....

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