It may be necessary for the Government to discuss with major ministries for this purpose. The Reserve Bank would also attempt to streamline its debt management techniques. The RBI will make efforts to develop the Treasury bills market by proactive participation and issuing of Treasury bills of different maturities. Therefore, a transition period of two years has been proposed.
During the transition period, the Government would be allowed to exceed the limit of WMA for periods beyond 10 consecutive working days. But, additional interest will be applied for such periods on the amount of overdraft. The current debate BIS Review 28/1997  -5-  13.