What we have arrived at today in the budget of 1997 is exactly what was envisaged in 1988. The process of elimination 7. The process of the elimination of ad hoc Treasury bills has been designed in three stages : First, through limits on the creation of ad hoc Treasury bills which operated between 1994-95 and 1996-97.
BIS Review 28/1997  -3-  Second, through a transition period of two years beginning April 1, 1997, when ad hoc Treasury bills are eliminated and the new system of Ways and Means Advances is introduced; but, overdrafts above Ways and Means would be permissible beyond ten continuous working days, though at a cost.