Govt likely to issue green bonds in Jan-March quarter

The objective of Sovereign Green Bonds is to mobilize resources for green infrastructure as part of the government's overall market borrowings in 2022-23

PTIUpdated: Tuesday, December 13, 2022, 04:21 PM IST
article-image
Image credit: Wikipedia (Representative)

Sovereign Green Bonds are likely to be issued during the January-March period of the current fiscal, Minister of State for Finance Pankaj Chaudhary said on Tuesday.

The objective of Sovereign Green Bonds is to mobilize resources for green infrastructure as part of the government's overall market borrowings in 2022-23, he said in a written reply in the Rajya Sabha.

"The framework for these bonds has been brought out. The bonds are likely to be issued from January to March 2023. The proceeds will be deployed in public sector projects which help in reducing carbon intensity of the economy," he said.

Replying to another question, he said the value of the Indian rupee is market-determined.

As global spillovers from geo-political tensions and aggressive monetary policy tightening across the world intensified alongside a surge in crude oil prices, the US dollar strengthened by 7.8 per cent in the financial year (till November 30), he said.

While the rupee has witnessed a depreciation of 6.9 per cent in the current financial year till November 30, 2022, he said, it has performed better than most Asian peer currencies, including the Chinese Renminbi (10.6 per cent), Indonesian Rupiah (8.7 per cent), Philippine Peso (8.5 per cent ), South Korean Won (8.1 per cent), Taiwanese Dollar (7.3 per cent) etc during the financial year.

The Reserve Bank of India (RBI) closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.

The RBI has recently announced a number of measures to diversify and expand the sources of forex funding in order to reduce exchange rate volatility and global spillovers.

Replying to another question, Chaudhary said the total number of counterfeit currency notes detected in the banking system for 2021-22 stands at 2,30,971 pieces as per RBI.

As regarding seizures, he said, the National Crime Records Bureau (NCRB) is the nodal agency, which compiles the data on crimes including the fake currency notes as reported to it by the States and the Union Territories, and publishes the same in its annual publication 'Crime in India'.

(If you have a story in and around Mumbai, you have our ears, be a citizen journalist and send us your story here. )

(To receive our E-paper on WhatsApp daily, please click here.  To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

IRCTC declares interim dividend of Rs 3.50 per equity share

IRCTC declares interim dividend of Rs 3.50 per equity share

Earnings 2023 LIVE: IRCTC income hits Rs 94,881 cr, net profit at Rs 25,552 cr; MRF income hits Rs...

Earnings 2023 LIVE: IRCTC income hits Rs 94,881 cr, net profit at Rs 25,552 cr; MRF income hits Rs...

MRF Limited declares second interim dividend of Rs 3 per equity share

MRF Limited declares second interim dividend of Rs 3 per equity share

HDFC Life issues 5,38,000 shares as stock options

HDFC Life issues 5,38,000 shares as stock options

Sapphire Foods offers 63,286 shares to employees as stock options

Sapphire Foods offers 63,286 shares to employees as stock options