Govt borrows another Rs 1200 crore from market
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Within a span of four months, the cash-strapped state government has decided to borrow Rs 1,200 crore from the market again to pay salaries, pension and retirement benefits to its employees.
On October 16 2012, the state government borrowed Rs 2,000 crore from the market for the same preceded by borrowings of Rs 1,500 crore in September. Finance Department officials said the state government, whose annual market borrowing limit is Rs 22,821crore, has borrowed Rs 1,200 crore from the market for which the Reserve Bank of India has already issued the notification. West Bengal is among the six states that is borrowing from the market. Other states are Tamil Nadu, Karnataka, Maharashtra, Uttar Pradesh and Arunachal Pradesh.
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