DBOD.No. FSC. BC. 65/24.76.002/97-98

June 29, 1998

Aashadha 8, 1920 (Saka)

The Chairmen/Chief Executives of all Commercial Banks

Dear Sir,

Ready Forward Transactions

Please refer to our circular DBOD. No. FSC. BC. 57/24.76.002/97-98 dated June 12, 1998 on the above subject.

2. Reserve Bank of India in consultation with the Government of India has now approved the following two Government dated securities for the purpose of ready forward contracts, in addition to the dated securities approved earlier, provided the transactions are effected at Mumbai and the deals are put through the Subsidiary General Ledger (SGL) Accounts.

11.75 per cent Government Stock, 2004

12.10 per cent Government Stock, 2008

3. A directive DBOD.No.FSC. BC. 64/24.76.002/97-98 dated June 29, 1998 issued in this regard is enclosed.

Yours faithfully,

(Shyamala Gopinath)

Additional Chief General Manager