How to Participate in the Non-Competitive Bidding for GS 2036

Auction for Sale (Issue / Re-issue) of Government Security (GS)

F. No. 4(1)-B(W&M)/2026. Government of India (Gol) hereby notifies sale (re-issue) of the following Government Security.

Name of the Security	Date of Original Issue	Original Tenure (yy-mm-dd)	Date of Maturity	Base	Method	Notified Amount (in Crore)
6.94% GS 2036	May 11, 2026	10-00-00	May 11, 2036	Price	Multiple	34,000

Gol will have the option to retain additional subscription up to ₹2,000 Crore against the security mentioned above. The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’). The Security will be sold through Reserve Bank of India, Mumbai Office, Fort, Mumbai – 400 001 as per the terms and conditions specified in the General Notification F.No.4(2)-B(W&M)/2018, dated March 26, 2025 issued by Government of India.

Allotment to Non-competitive Bidders

2. The Government Security up to 5% of the notified amount of the sale will be allotted to eligible individuals and institutions as per the enclosed Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities (Annex).

Place and date of auction

3. The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, Mumbai-400 001 on August 28, 2026. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber system) on August 28, 2026. The non-competitive bids should be submitted between 10:30 a.m. and 11:00 a.m. and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m.

When Issued Trading

4. The Security will be eligible for “When Issued” trading in accordance with the guidelines issued by the Reserve Bank of India.

Date of issue and payment for the security

5. The result of the auction shall be placed by the Reserve Bank of India on its website (www.rbi.org.in) on August 28, 2026. The payment by successful bidders will be on August 31, 2026 i.e. the date of re-issue. The payment for the security will include accrued interest on the nominal value of the Security allotted in the auction from the date of original issue / last coupon payment date to the date upto which accrued interest is due as mentioned in the table in para 6.

Payment of Interest and Re-payment of security

6. Interest will accrue on the nominal value of the Security from the date of original issue / last coupon payment and will be paid half yearly. The Security will be repaid at par on date of maturity.

Name of the Security	Coupon rate (%)	Date of Last Coupon payment	Date up to which accrued interest is due	Date of Coupon payments (month/date)
6.94% GS 2036	6.94	New Security	Aug 30, 2026	Nov 11 and May 11

Scheme for Non-competitive Bidding Facility in the Auction of Government of India Dated Securities and Treasury Bills

I. Scope: With a view to encouraging wider participation and retail holding of Government securities, retail investors are allowed participation on “non-competitive” basis in select auctions of dated Government of India (Gol) securities and Treasury Bills.

II. Definitions: For the purpose of this scheme, the terms shall bear the meaning assigned to them as under:

a. Retail investor is any person, including individuals, firms, companies, corporate bodies, institutions, provident funds, trusts, and any other entity as may be prescribed by RBI.

b. Aggregator/Facilitator’ means a Scheduled Bank or Primary Dealer or Specified Stock Exchange or any other entity approved by RBI, permitted to aggregate the bids received from the investors and submit a single bid in the non-competitive segment of the primary auction.

c. Specified stock exchange’ means SEBI recognized Stock Exchange, which have received No Objection Certificate (NOC) from SEBI to act as aggregator/facilitator in the primary auction segment.

d. ‘Eligible Provident Funds’ are those non-government provident funds governed by the Provident Funds Act, 1925 whose investment pattern is decided by the Government of India.

III. Eligibility:

a. Participation on a non-competitive basis in the auctions will be open to a retail investor who:

1. Does not maintain current account (CA) or subsidiary General Ledger (SGL) account with the Reserve Bank of India; and

2. Submits the bid indirectly through an Aggregator/Facilitator permitted under the scheme; or

3. Maintains the ‘Retail Direct Gilt Account’ (RDG Account) with RBI

Exceptions:

a. Regional Rural Banks (RRBs) and Cooperative Banks:

i. Regional Rural Banks (RRBs) and Cooperative Banks shall be covered under this Scheme only in the auctions of dated securities in view of their statutory obligations.

ii. Since these banks maintain SGL account and current account with the Reserve Bank of India, they shall be eligible to submit their non-competitive bids directly.

b. State Governments, eligible provident funds and Others:

i. State Governments, eligible provident funds in India, the Nepal Rashtra Bank, Royal Monetary Authority of Bhutan and any Person or Institution, specified by the Bank, with the approval of Government, shall be covered under this scheme only in the auctions of Treasury Bills.

ii. These bids will be outside the notified amount.

iii. There will not be any restriction on the maximum amount of bid for these entities.

IV. Quantum: Allocation of non-competitive bids from retail investors will be restricted to a maximum of five percent of the aggregate nominal amount of the issue within the notified amount as specified by the Government of India, or any other percentage determined by Reserve Bank of India.

V. Amount of Bid:

a. The minimum amount for bidding will be ₹10,000 (face value) and therefore in multiples in ₹10,000 as hitherto.

b. In the auctions of Gol dated securities, the retail investors can make a single bid for an amount not more than Rupees Two crore (face value) per security per auction.

VI. Other Operational Guidelines:

a. The retail investor desirous of participating in the auction under the Scheme would be required to maintain a depository account with any of the depositories or a gilt account under the constituent subsidiary general ledger (CSGL) account of Aggregator/Facilitator or ‘Retail Direct Gilt Account’ (RDG Account) with RBI.

b. Under the Scheme, an investor can make only a single bid in an auction. An undertaking to the effect that the investor is making only a single bid will have to obtained and kept on record by the Aggregator/Facilitator.

Submission of Bids:

c. Each Aggregator/Facilitator on the basis of firm orders received from their constituents with submit a single consolidated non-competitive bid on behalf of all its constituents in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. Except in extraordinary circumstances such as general failure of the Reserve Bank of India Core Banking Solution (E-Kuber) system, non-competitive bid in physical form will not be accepted.

Allotment of Bids:

d. Allotment under the non-competitive segment to the Aggregator/Facilitator will be at the weighted average rate of yield/price that will emerge in the auction on the basis of the competitive bidding. The securities will be issued to the Aggregator/Facilitator against payment on the date of issue irrespective of whether they have received payment from their clients.

e. In case the aggregate amount of bid is more than the reserved amount (5% of notified amount), pro rata allotment would be made. In case of partial allotments, it will be the responsibility of the Aggregator/Facilitator to appropriately allocate securities to their clients in a transparent manner.

f. In case the aggregate amount of bids is less than the reserved amount, the shortfall will be taken to competitive portion.

Issue of Security:

g. Security would be issued only in SGL form by RBI. The Aggregator/Facilitator has to clearly indicate at the time of tendering the non-competitive bids the amounts (face value) to be credited to their main SGL or CSGL account.

h. Delivery in physical form from the Main SGL account is permissible at the instance of the investor subsequently.

i. It will be the responsibility of the Aggregator/Facilitator to pass on the securities to their clients. Except in extraordinary circumstances, the transfer of securities to the client should b completed within five working days from the date of issue.

Commission/Brokerage charged to Clients:

j. The Aggregator/Facilitator can recover up to six paise per 100 as brokerage/commission/service charges for rendering this service to their clients. Such costs may be built into the sale price or recovered separately from the clients.

k. In case, the securities are transferred subsequent to the issue date of the security, the consideration amount payable by the client to the Aggregator/Facilitator will include accrued interest from the date of issue.

l. Modalities for obtaining payment from clients towards cost of the securities, accrued interest, wherever applicable, and brokerage/commission/service charges may be worked out by the Aggregator/Facilitator as per agreement with the client.

m. It may be noted that no other costs, such as funding costs, should be built into the price or recovered from the client.

VII. Reporting Requirements:

Aggregators/Facilitators will be required to furnish information relating to operations under the Scheme to the Reserve Bank of India (Bank) as may be called for from time to time within the time frame prescribed by the Bank.

VIII. The aforesaid guidelines are subject to review by the Bank and accordingly, if and when considered necessary, the Scheme will be modified.

Government detects ₹104 crore tobacco tax evasion in 61 cases

The Government of India has uncovered ₹104 crore in tax evasion by 61 tobacco product dealers during the first quarter of the current financial year, authorities reported on Tuesday. Customs, GST intelligence, and state tax enforcement agencies jointly discovered the irregularities involving gutkha, cigarettes, and pan masala traders across multiple states.

Sweeping Enforcement Yields Seizures and Investigations

The crackdown coincided with seizures of nearly 3.93 crore illicit cigarette sticks by customs formations and the Directorate of Revenue Intelligence, signaling a robust response to the shadow supply chain. GST Intelligence units initiated action across 61 cases involving falsified invoices, under-reported sales, and circumvented duties. The total tax impact recorded stood at ₹104.38 crore, a striking indicator of deep-rooted violations in the tobacco distribution network.

Officials said the enforcement activity revealed a pattern of clandestine production aimed at evading heavy excise obligations, as well as trafficking of untaxed products through informal channels. Sources confirmed that dealers had often bypassed mandatory reporting systems and relied on forged documentation to understate turnover.

Policy Overhaul Targets Supply Chain Transparency

In response to these revelations, the government has introduced a series of regulatory reforms. New provisions under the Finance Act 2025 empower authorities with a track-and-trace system for all tobacco derivatives—from gutkha to unmanufactured tobacco—enabling real-time production and distribution monitoring. Manufacturers are now required to maintain blockchain-style registers, monthly production declarations, and technical validation for machinery inputs.

Enforcement agencies are focusing on institutionalizing mandatory machine registration, imposing substantial penalties for non-reporting or suspicious batch movements. India’s strategy is aligned with its commitment to the WHO Framework Convention on Tobacco Control’s Protocol to Eliminate Illicit Trade, aiming to curtail black-market circulation and fortify public health measures.

Balancing Revenue Recovery and Health Objectives

Experts view tobacco tax evasion not only as a loss of government revenue but as a threat to broader public health policy. Unregulated, low-cost products circumvent packaging and health-warning mandates and thereby undercut smoking cessation interventions. Observers say this quarterly enforcement outcome is a turning point, demonstrating the government’s intent to tackle entrenched supply-chain arbitrage and fraud.

Officials now plan nationwide audits, tighter licensing requirements, and cross-border tracking to weed out organized smuggling networks.

67 Tranches of Sovereign Gold Bonds Issued by Govt Until FY25

The government has issued a total of 67 tranches of Sovereign Gold Bonds (SGBs) amounting to 146.96 tonnes of gold till 2024-25, Parliament was informed on Tuesday.

The outstanding value as on March 20, 2025, on issue price is Rs 67,322 crore for 130 tonnes of gold, Minister of State for Finance Pankaj Chaudhary said in a written reply.Redemption of SGBs is based on the prevailing market price, he said.

The government has maintained a Gold Reserve Fund (GRF) in the Public Account where the price and interest differential amount is credited in time, he said.The SGBs, in addition to other borrowing instruments, have been an instrument for raising resources for financing fiscal deficit, it said. However, in addition to these, SGBs also served the purpose of savings/financial instruments as an alternative to physical gold, he said.

Due to the recent gold price volatility and global economic headwinds, this form of borrowing has become relatively expensive.“Therefore, based on maturing and deepening of Indian G-Sec market, which helped in mobilising relatively low-cost borrowing, resources were not raised through SGBs in FY 2024-25,” he said.

Replying to another question, Chaudhary said, more than 52.07 crore loans have been sanctioned, as on February 28, 2025, under Pradhan Mantri Mudra Yojana (PMMY), since the launch of the Scheme.The average non-performing assets (NPAs) for amount disbursed is 2.21 per cent (as on December 2024) as per data uploaded by Member Lending Institutions (MLIs) on the Mudra portal, he said.

Government to Introduce Digital Tracking Provisions in New I-T Bill Following WhatsApp Chats Uncovering Rs 200 Crore Scandal

The government has proposed new legal provisions to track and investigate digital assets under the Income Tax Bill, 2025. The existing Income Tax Act lacked adequate legal backing for probing digital transactions, prompting the government to introduce specific measures, Finance Minister Nirmala Sitharaman announced on March 25.

While addressing the Lok Sabha during discussions on the Finance Bill, the Finance Minister stated, “Income Tax Law did not give legal backing to check digital assets, so we have included it. Added checking of digital elements in the Income Tax Act; the law should give legal backing.” She further emphasized the growing role of digital forensics in uncovering unaccounted wealth, noting that “encrypted messages on mobile phones led to unearthing Rs 250 crore unaccounted money. Evidence from WhatsApp messages of crypto assets has been detected. WhatsApp communication helped unearth Rs 200 crore unaccounted money,” she elaborated, adding that authorities have utilized Google Maps history to track locations where cash was hidden and examined Instagram accounts to establish benami property ownership.

The proposed bill aligns tax enforcement with technological advancements, ensuring that virtual digital assets, including cryptocurrencies, do not escape scrutiny. The legislation will empower tax officials to access communication platforms such as emails, WhatsApp, and Telegram, along with enterprise software and cloud storage used for financial concealment. Sitharaman stressed that gathering digital evidence is essential for proving tax evasion in court and accurately computing evaded tax amounts.

Under the new framework, tax authorities will be permitted to investigate encrypted communications, digital asset exchanges, and cloud storage if they suspect tax evasion or undisclosed cryptocurrency holdings. The Income Tax Bill, 2025, significantly expands the powers of tax officials, particularly in search and seizure operations related to digital and electronic data, as reported by FE.com earlier this month. Under Section 247, investigations will no longer be confined to paper documents and physical premises, as the law now extends tax scrutiny into the digital realm.

Previously, tax officials needed separate approvals to access digital data during investigations. However, the new provisions grant them the authority to bypass passwords and access codes to retrieve crucial information directly. This change eliminates bureaucratic delays and strengthens enforcement against tax evasion through digital channels. Another major shift is in the attachment of property. Earlier, tax officials had to issue a separate notice before seizing assets. Now, they can attach a property immediately during a search, without prior notice. This attachment can remain in place for up to six months, preventing the owner from selling or transferring the asset during that period.

The Income Tax Bill, 2025, is currently under review by a select parliamentary committee, which will consult stakeholders before finalizing the legislation. Aimed at replacing the six-decade-old Income Tax Act of 1961, the bill seeks to modernize India’s tax framework, streamline compliance, and address the evolving challenges of digital transactions and financial concealment.

The government demanded ₹2,45,48,86,25,000 from Mukesh Ambani’s Reliance, what is the fight about?

Reliance Industries Faces $2.81 Billion Demand in Gas Drilling Dispute

India’s Reliance Industries (RELI.NS) announced on Tuesday that the country’s Petroleum and Natural Gas Ministry has raised a demand of $2.81 billion from the company, BP Exploration, and Niko in connection with a gas drilling dispute. This demand follows a ruling made by a division bench at the Delhi High Court on February 14, which went against Reliance and its partners regarding the extraction of gas in a deepwater field located in India’s KG D6 block in the Krishna Godavari basin on the eastern coast.

In an exchange filing, Reliance stated that it has received legal advice indicating that both the division bench judgment and the provisional demand are unsustainable. The company is taking steps to challenge this judgment and has expressed that it does not anticipate any liability arising from this case. Reliance has previously stated its intention to appeal the decision in the Supreme Court of India.

The dispute traces back to a notice sent by the Indian government in 2016, which requested Reliance and its partners to deposit around $1.55 billion, citing alleged gas migration from adjacent blocks operated by state-run ONGC (ONGC.NS). Reliance contested these claims, and in July 2018, an arbitral tribunal upheld the company’s position. However, the Indian government subsequently filed an appeal. In May 2023, a single judge of the Delhi High Court affirmed the arbitration award, dismissing the government’s appeal.

In a subsequent turn of events, a division bench of the Delhi High Court ruled against Reliance and its partners in February 2025, setting aside the prior single judge order. This ongoing legal battle illustrates the complexities of regulatory challenges within India’s energy sector and the stakes involved for major companies like Reliance Industries.

Government’s big announcement for government employees

Unified Pension Scheme: If you are a government employee then this news can be special for you. Let us tell you that a big announcement has been made by the central government for all the employees. In this announcement, the government has introduced the Unified Pension Scheme i.e. UPS Pension Scheme in place of New Pension Scheme for government employees. The consent of the Union Cabinet meeting has been taken about this.

The special thing about this scheme is that if an employee works for at least 25 years, then 50 percent of the basic pay of the last 12 months of the job before retirement will be provided as pension. On the other hand, if a pensioner dies, then 60 percent of the pension will be provided to his family. Apart from this, if an employee leaves the job after 10 years, then he will be given Rs 10,000 as pension.

All the information about this decision taken by the cabinet was given by Railway Minister Ashwini Vaishnav. The Railway Minister said that after the implementation of UPS, about 23 lakh central employees will get the benefit. This scheme of the government will be implemented from 1 April 2025 next year. Let us tell you that the government will give the option to the government employees to choose either of the schemes in NPS and UPS.

At the same time, the existing NPS customers will be given the opportunity to choose UPS by the central government. A committee was formed by the same government to reform the NPS under the chairmanship of the then Finance Secretary TV Somanathan. This committee also studied many pensions of the whole country and the world.

Important things about UPS

Let us tell you that the employees were also demanding assured amount. Under UPS, 50 percent assured pension will be provided to the employees after retirement. This will be 50 percent of the average basic pay of 12 months before retirement. In this, all the employees will be provided pension in 25 years of service.

If the employee dies due to any reason, then provision of family pension will be available through this scheme. Under which 60 percent of the pension received will be given to his family. If an employee works for less than 25 years, he will be given Rs 10,000 as pension.

Government MSME Credit Schemes: Empowering Entrepreneurs with Collateral-Free Loans

The Government has taken a number of steps to facilitate access of credit to Micro, Small and Medium Enterprises (MSMEs). Some of these steps are as follows :

Credit Guarantee Scheme for Micro and Small Enterprises, under which Credit Guarantee Fund Trust for Micro and Small Enterprises provides guarantee to its Member Lending Institutions (MLIs) for the credit extended by them to Micro and Small Enterprises. Collateral free loan up to a limit of Rs. 500 lakh to Micro and Small Enterprises, with a guarantee coverage up to 85 % for various categories of loan is provided under Credit Guarantee Scheme. Since inception of the scheme till 30.06.2024, 91.76 lakh guarantees were approved involving an amount of Rs. 6.78 lakh crore.
Prime Minister’s Employment Generation Programme (PMEGP) is a major credit-linked subsidy programme which aims at generating self-employment opportunities through establishment of micro-enterprises in the non-farm sector by helping traditional artisans and rural/urban unemployed youth. A loan of upto Rs. 50 lakh for manufacturing sector and Rs. 20 lakh for service sector is provided under the scheme. Since inception, more than 9.69 lakh micro enterprises have been assisted with a Margin Money subsidy of more than Rs. 25,500 crore providing employment to an estimated 79 lakh persons.
PM Vishwakarma Scheme provide end-to-end support to artisans and craftspeople including credit support at 5% interest rate alongwith guarantee coverage.
Pradhan Mantri Mudra Yojana (PMMY) extends collateral free credit upto Rs. 10 lakh by Member Lending Institutions. Any individual who is otherwise eligible to take a loan and has a business plan for small business enterprise can avail loan under the Scheme for income generating activities in the manufacturing, trading, service sectors including activities allied to agriculture across three loan categories, viz. Shishu (loans up to Rs. 50,000/-), Kishore (loans above Rs. 50,000/- and up to Rs. 5 lakh) and Tarun (loans above Rs. 5 lakh and up to Rs. 10 lakh).
Stand-Up India (SUI) Scheme facilitate loans from Scheduled Commercial Banks (SCBs) of value between Rs. 10 lakh and Rs. 1 crore, to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and one Women borrower per bank branch.

Trade Receivables electronic Discounting System (TReDS) is a platform for financing/discounting of trade receivables of Micro, Small and Medium Enterprises. On these platforms, the financing of Factoring Units (FUs) helps in improving the access to finance by MSMEs. As informed by SIDBI, as on May, 2024, four digital platforms have been authorized to carry TReDS operations in the country. There are more than 5,000 buyers and over 53 Banks/13 NBFC registered as financers.

This information was given by the Minister of State for Micro, Small and Medium Enterprises, Sushri Shobha Karandlaje in a written reply in the Rajya Sabha today.

Budget 2024: Potential Income Tax Changes to Stimulate Consumption

Finance Minister Nirmala Sitharaman is contemplating raising the income limit for tax levy to ₹5 lakh from the current ₹3 lakh in the upcoming Budget 2024. This move aims to stimulate consumption among low-income individuals by implementing tax cuts, as reported by Moneycontrol. By increasing the threshold, the government aims to bolster disposable income, thereby boosting economic growth through increased spending.

The proposed changes will apply exclusively to taxpayers opting for the New Tax Regime introduced in Budget 2020, which became the default tax system in Union Budget 2023. This regime offers lower tax rates but eliminates most deductions and exemptions, making it more attractive for taxpayers seeking simplicity and lower tax liability.

In addition to raising the income threshold, the Modi 3.0 government is contemplating reducing the highest individual income tax slab rate under the new tax regime from 30% to 25%. This adjustment responds to industry demands and aims to further incentivize taxpayers to adopt the new tax structure. Adjustments to higher income tax slabs are unlikely at this stage, as the government prioritizes boosting consumption among lower-income groups.

Furthermore, the government may postpone hikes in the highest tax bracket (currently at 30% for incomes exceeding ₹10 lakh). This strategic move is intended to encourage taxpayers to transition to the new tax regime, which offers reduced rates and simplified tax filings without extensive deductions.

The proposed tax reforms in Budget 2024 underscore the government’s commitment to enhancing disposable income for lower-income individuals and stimulating economic activity through increased consumption. By revising tax thresholds and rates under the New Tax Regime, the government aims to create a more favorable tax environment while maintaining fiscal prudence.

India Climate Change Knowledge Portal launched by Union Environment Minister

India Climate Change Knowledge Portal launched by Union Environment Minister

Union Minister of Environment,Forest and Climate Change Mr. Prakash Javadekar on Friday launched the India Climate Change Knowledge Portal. The portal will have all the major steps the Government is taking at both national and international levels to address the climate change issues. It will be a single-point information resource that provides information on the different climate initiatives taken by various Line Ministries enabling users to access the status of these initiatives.

Thanks for reading “India Climate Change Knowledge Portal launched by Union Environment Minister“

Government says Corona virus in India has shown no major mutation and its vaccine will not be affected

Prime Minister’s Office in a statement said, two Pan India studies on the Genome of SARSCoV2 (Covid-19 virus) in India conducted by Indian Council of Medical Research and Department of Bio-Technology suggest that the virus is genetically stable and there is no major mutation in the virus. The PMO said, Coronavirus vaccine will not be affected as no major mutation was in the virus.

Tag: GOVERNMENT