Fifth, consistent with the discontinuance of ad hoc Treasury bills, the system of 91 days tap Treasury bills will also be discontinued with effect from April 1, 1997. Sixth, with the discontinuance of ad hoc Treasury bills and tap Treasury bills and the introduction of WMA, the concept of the conventional budget deficit loses its relevance.
Therefore, it is proposed to discontinue the practice of showing the budgetary deficit; instead the gross fiscal deficit would become the key indicator of the deficit.