Mumbai: The ceiling on the proposed market stabilisation fund will be Rs 60,000 crore and bonds or bills for the fund would be issued over a one-year period, Union Expenditure secretary D Swaroop said today (Feb 23, 2004).

"We will announce the scheme for fund in a week's time and timing of the issue, amount and related details would be worked out by the Reserve Bank of India," Swaroop told reporters after the meeting of administered rate panel in Mumbai.

The interest rate for the financial instrument would be linked to the market rates, he added.

On the Government's borrowing programme, he said it would be lower in the first quarter of the 2004- compared to same period in 2003-04 as the Government hopes to end the fiscal with a cash surplus.