Annex I Commercial paper:* outstanding amount and range of discount  As on 31 March of  Total outstanding (Rs crore)  Range of discount @ (per cent)  1993  577  15.76-16.00  1994  3,264  11.01-12.00  1995  604  14.00-15.00  1996  76  20.15  1997  646  11.25-12.25  1998  1,500  14.22-15.50  BIS Review 3/2005  #  3  1999  4,770  10.05-11.50  2000  5,663  10.00-12.00  2001  5,846  8.75-11.25  2002  7,224  7.41-10.25  2003  5,749  6.00-7.75  2004  9,131  4.70-6.50  December 2004  12,107  5.10-7.10  * Issued at face value by companies.
Ensuring sound fiscal positions is necessary in order to compensate for the absence of a significant federal budget at the level of Europe that could absorb asymmetric shocks and in order to prevent the negative impact of unbalanced national fiscal policies.