Nagaland Additional Chief Secretary and Finance Commissioner Toshi Aier informed that this normal process is being carried out by all the states as per the procedure laid down by Union Finance Ministry and the RBI and the loan generally raised in branches each year within the ceiling fixed by the Union Ministry of Finance.
He further informed that during the current year 2010-2011, the Union Ministry of Finance had consented to raising of the total Open Market Borrowing of Rs 355.36 Crore as part of the scheme of financing the state, State Annual Plan for 2010-2011, as approved by the Planning Commission.
Out of this, borrowing of Rs 255.36 Crores has already been raised by the RBI on behalf of the state government on earlier occasions in three tranches and duly credited to the State’s accounts.
''The remaining balance of Rs 100 Crore is to be raised by the RBI on March 29 as the 4th and final tranche, he said.