IECD No. /08.15.01/2003-04

August 19, 2003

The Chairman and Managing Directors/Chief Executives of
all Scheduled Commercial Banks

Dear Sir,

Guidelines for issue of Commercial Paper (CP)
Defaults in Commercial Paper market

Please refer to our guidelines for issue of CP issued vide Circular No.IECD/2/ 08.15.01/2001-02 dated July 23, 2001.

It has been decided to put in place in Reserve Bank of India a mechanism to monitor defaults in redemption of Commercial Paper. Banks which act as Issuing and Paying Agents (IPAs) are, therefore, advised to report full particulars of defaults in repayment of CPs to this Department, immediately on occurrence, in the format enclosed.

Yours faithfully,

(R. Sebastian)
General Manager

Details of defaults on CP

Name of the issuer (1)	Amount (2)	Date of issue of CP (3)	Due date of payment (4)	Latest Rating (5)	Whether the CP issue enjoyed a standby assistance/ credit back stop facility/ guarantee (6)	If so, the name of the entity providing the facility indicated at Col. (6) (7)	Whether the facility at Col (6) has been honoured and payment made. (8)