Govt to sell its stock worth Rs 2,000 cr

Kolkata: In a bid to tide over the financial crisis, the state government has decided to sell West Bengal Government Stock (securities) for ten year tenure for an aggregate amount of Rs 2,000 crore. The state government has issued a notification on Friday stating that "Government of West Bengal hereby notifies the sale of West Bengal Government Stock (securities) of 10-year tenure for an aggregate amount of Rs 2,000 crore." It has been clearly stated that the "proceeds of the loan will be utilised towards meeting the requirement for development expenditure of the state". Necessary consent of the Centre in this connection has also been taken. It may be mentioned that the state government has been carrying out massive overall development work across the state despite financial crisis. The state government is under a huge debt left by the Left Front government. The state government needs to give Rs 40,000 crore to the Centre to clear the debt. Despite of clearing such a huge debt, the Mamata Banerjee government had taken up several projects and gave a facelift to the entire state in the past six years after the change of guard in Bengal. Chief Minister Mamata Banerjee takes a dig at the Centre at almost every programme for taking away such a huge sum of money though the loan was being done by the erstwhile Left Front government. The government stock will be sold through the RBI in its Mumbai office and the auction will be on August 8.Our Correspondent