Disclosing this here today, a spokesman of the government said that the consent of the Central Government has already been obtained to the floatation of this loan required under Article 293(3) of the constitution of India.
The stocks would be of 10 years tenure and the tenure of the stock would commence on July 11,2008.
The loan would be repaid at part on July 11,2018, he said. The interest however, would be paid every half yearly on January 11 and July 11, he added.