Annual Review of Monetary Policy 2012 – 13

RBI released the annual review of the Monetary Policy for 2012-13 on 17th April, 2012. The major highlights of the policy review are as follows:

  • The key policy rates under the Liquidity Adjustment Facility (LAF) are changed as follows, Repo Rate (RR) cut by 50 bps to 8.00%. Consequently, the Reverse Repo Rate (RRR) will be revised 50 bps lower to 7.00%, and the Marginal Standing Facility (MSF) rate will be revised 50 bps lower to 9.00%
  • The Cash Reserve Ratio (CRR) kept unchanged at 4.75%.
  • The Statutory Liquidity Ratio (SLR) rate kept unchanged at 24%.
  • The MSF borrowing cap has been increased by 1% to 2% of NDTL (Net Demand & Time Liabilities).
Monetary Policy Stance
  • To adjust policy rates in line with the current moderating growth.
  • To keep in check any inflationary pressures arising from demand side factors.
  • To ease the tight liquidity in the system.
Considerations behind the Policy Move
  • Baseline GDP growth projection of 7.30% for 2012-13. Growth has moderated in the Q3 of 2011-12 and is expected to pick
  • The inflation too seems to have moderated in Q3 of 2011-12, however the scenario ahead seems challenging. The WPI target for March 2012 is set at 6.50%.
  • M3 growth projected at 15% for 2012-13.
Other Policy Measures
  • Banks will be mandated not to levy foreclosure charges or pre-payment penalties on home loans extended on a floating interest rate basis.
  • Cap on Bank’s exposure to NBFCs with gold loans more than 50% of its assets, is reduced from 10% to 7.5% of its capital funds. Banks should also have internal sublimit on aggregate exposure to such NBFCs.
Looking at the aggressive rate cut by the central bank we feel there would be lesser bandwidth for the RBI to cut rates further in the near future. However, there is room for further cut in CRR despite the recent improvement in liquidity as the supply side pressure of government bond auctions will continue to put pressure on liquidity.

- Aniket More


(Strategic Advisory)

Date Title
15/09/2014 Data on Import of Gold Statement- Submission under XBRL
12/09/2014 Implementation of Section 51-A of UAPA, 1967- Updates of the UNSCR 1267(1999) / 1989(2011) Committee's Al Qaida Sanctions List
08/09/2014 Risk Management and Inter Bank Dealings: Hedging Facilities for Foreign Portfolio Investors (FPIs)
05/09/2014 Basel III Liquidity Returns
05/09/2014 Exim Bank's Line of Credit of USD 26.50 million to the Government of the Republic of Honduras
05/09/2014 Exim Bank's Line of Credit of USD 18 million to the Government of the Republic of Mauritius
04/09/2014 Implementation of Section 51-A of UAPA, 1967 – Updates of the UNSCR 1267(1999) /1989(2011) Committee’s Al-Qaida Sanctions List - Primary (Urban) Co-operative Banks (UCBs)
03/09/2014 External Commercial Borrowings (ECB) in Indian Rupees
02/09/2014 Three divisions of Foreign Exchange Department shifted to FED CO Cell at New Delhi
02/09/2014 Exim Bank's Line of Credit of USD 89.90 million to the Government of the Republic of Congo
01/09/2014 Implementation of Basel III Capital Regulations in India – Amendments
28/08/2014 Implementation of Section 51-A of UAPA, 1967- Updates of the UNSCR 1267(1999) / 1989(2011) Committee's Al Qaida Sanctions List
27/08/2014 Implementation of Section 51-A of UAPA, 1967 – Updates of the UNSCR 1267(1999) /1989(2011) Committee’s Al-Qaida Sanctions List - Primary (Urban) Co-operative Banks (UCBs)
27/08/2014 Refinancing of ECB at lower all-in-cost – Simplification of procedure
27/08/2014 Implementation of Section 51-A of UAPA, 1967 – Updates of the UNSCR 1988(2011) Taliban Sanctions List - Primary (Urban) Co-operative Banks (UCBs)
26/08/2014 Implementation of Section 51-A of UAPA, 1967 - Updates of the UNSCR 1988(2011) Taliban Sanctions List
26/08/2014 Implementation of Section 51-A of UAPA, 1967 - Updates of the UNSCR 1267(1999) / 1989(2011) Committee's Al-Qaida Sanctions List
22/08/2014 RBI announces revised Liquidity Management Framework
22/08/2014 Implementation of Section 51-A of UAPA, 1967 – Updates of the UNSCR 1988(2011) Taliban Sanctions List
20/08/2014 Implementation of Section 51-A of UAPA, 1967- Updates of the UNSCR 1267(1999) / 1989(2011) Committee's Al Qaida Sanctions List
14/08/2014 Inter-Government Agreement (IGA) with United States of America (US) under Foreign Accounts Tax Compliance Act (FATCA) - Registration
11/08/2014 Liberalised Remittance Scheme for resident individuals-clarification
06/08/2014 Section 24 of the Banking Regulation Act, 1949 – Maintenance of Statutory Liquidity Ratio (SLR
06/08/2014 Section 24 of the Banking Regulation Act, 1949 (AACS) – Maintenance of Statutory Liquidity Ratio (SLR)
05/08/2014 Section 24 of the Banking Regulation Act, 1949 - Maintenance of Statutory Liquidity Ratio (SLR).
05/08/2014 Section 24 of the Banking Regulation Act, 1949 (AACS) – Maintenance of Statutory Liquidity Ratio (SLR)
05/08/2014 Monetary Policy Statement 2014-15 – SLR Holdings under Held to Maturity Category
28/07/2014 Trade Credits for Imports into India — Review of all-in-cost ceiling
28/07/2014 External Commercial Borrowing (ECB) Policy — Review of all-in-cost ceiling
25/07/2014 Issue of Prepaid Forex Cards- Due Diligence and Adherence to KYC norms
25/07/2014 Inter-Governmental Agreement (IGA) with United States of America (US) under Foreign Accounts Tax Compliance Act (FATCA)- Registration
23/07/2014 Exim Bank's Line of Credit of USD 41.96 million to the Government of the Republic of Senegal
23/07/2014 Foreign investment in India by SEBI registered Long term investors in Government dated Securities
22/07/2014 Loans against Gold Ornaments and Jewellery for Non-Agricultural End-uses
22/07/2014 Export of Goods and Services – Project Exports
18/07/2014 Foreign Direct Investment – Reporting under FDI Scheme
18/07/2014 Rupee Drawing Arrangement – Delegation of work to Regional Offices
17/07/2014 Liberalised Remittance Scheme (LRS) for resident individuals-Increase in the limit from USD 75,000 to USD 125,000
15/07/2014 Foreign Direct Investment (FDI) in India - Issue/Transfer of Shares or Convertible Debentures - Revised pricing guidelines
14/07/2014 Issue of Partly Paid Shares and Warrants by Indian Company to Foreign Investors
07/07/2014 Foreign Exchange Management Act, 1999 – Import of Rough, Cut and Polished Diamonds
03/07/2014 Financial Commitment (FC) by Indian Party under Overseas Direct Investments (ODI) – Restoration of Limit
01/07/2014 Master Circular- Capital Adequacy Standards and Risk Management Guidelines for Standalone Primary Dealers
01/07/2014 Prudential Guidelines on Capital Adequacy and Market Discipline - New Capital Adequacy Framework (NCAF)
01/07/2014 Master Circular on Risk Management and Inter-Bank Dealings
01/07/2014 Rupee / Foreign Currency Export Credit and Customer Service To Exporters
01/07/2014 Memorandum of Instructions governing money changing activities
01/07/2014 Import of Goods and Services
01/07/2014 Export Credit Refinance Facility
01/07/2014 Establishment of Liaison / Branch / Project Offices in India by Foreign Entities
01/07/2014 Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR)
01/07/2014 Master Circular on Memorandum of Instructions for Opening and Maintenance of Rupee/ Foreign Currency Vostro Accounts of Non-resident Exchange Houses
01/07/2014 Master Circular on Exports of Goods and Services
01/07/2014 Master Circular on Interest Rates on Rupee Deposits held in Domestic, Ordinary Non-Resident (NRO) and Non-Resident (External) (NRE) Accounts
01/07/2014 Compounding of Contraventions under FEMA, 1999
01/07/2014 Master Circular – “Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007
01/07/2014 Master Circular – “Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998”
27/06/2014 Inter-Governmental Agreement (IGA) with United States of America (US) under Foreign Accounts Tax Compliance Act (FATCA)- Registration
24/06/2014 Reviewing the Reporting and Accounting Procedure of Relief and Savings Bonds - Revised Application format - 8% Savings (Taxable) Bonds, 2003
20/06/2014 Risk Management and Inter-bank Dealings: Guidelines relating to participation of Residents in the Exchange Traded Currency Derivatives (ETCD) market
20/06/2014 Risk Management and Inter-bank Dealings: Guidelines relating to participation of Foreign Portfolio Investors (FPIs) in the Exchange Traded Currency Derivatives (ETCD) market
19/06/2014 Export and Import of Currency: Enhanced facilities for residents and non-residents
18/06/2014 Annual Return on Foreign Liabilities and Assets Reporting by Indian Companies – Revised format
16/06/2014 Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/ Combating the Financing of Terrorism (CFT)/ Obligation of Authorised Persons under Prevention of Money Laundering Act (PMLA), 2002
12/06/2014 Transfer of assets of Liaison Office (LO) / Branch Office (BO) / Project Office (PO) of a foreign entity either to its Wholly Owned Subsidiary (WOS) / Joint Venture (JV) / Others in India
11/06/2014 Section 42(1) of the Reserve Bank of India Act, 1934 and Section 18 & 24 of the Banking Regulation Act, 1949 (AACS)- FCNR (B)/NRE deposits – Exemption from Maintenance of CRR/SLR
10/06/2014 Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT) /Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002
09/06/2014 Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards
06/06/2014 Foreign investment in India – participation by registered FPIs, SEBI registered long term investors and NRIs in non-convertible/redeemable preference shares or debentures of Indian companies
05/06/2014 Foreign investment in the Insurance Sector – Amendment to the Foreign Direct Investment Scheme
04/06/2014 Special Term Repo Auction
03/06/2014 Liberalised Remittance Scheme (LRS) for resident individuals-Increase in the limit from USD 75,000 to USD 125,000
03/06/2014 Exim Bank's Line of Credit of USD 46 million to the Government of the Republic of Mauritius
03/06/2014 Section 24 of the Banking Regulation Act, 1949 - Maintenance of Statutory Liquidity Ratio (SLR)
03/06/2014 Export Credit Refinance Facilities
03/06/2014 Capital and Provisioning Requirements for Exposures to entities with Unhedged Foreign Currency Exposure-Clarifications
29/05/2014 Crystallization of Inoperative Foreign Currency Deposits
27/05/2014 Risk Management and Inter Bank Dealings
21/05/2014 All Scheduled Commercial Banks which are Authorized Dealers (ADs) in Foreign Exchange/ All Agencies nominated for import of gold
21/05/2014 Export of Goods - Long Term Export Advances
19/05/2014 External Commercial Borrowings (ECB) from Foreign Equity Holder - Simplification of Procedure
19/05/2014 Overseas Direct Investments – Limited Liability Partnership (LLP) as Indian Party
12/05/2014 External Commercial Borrowings (ECB) Policy: Re-schedulement of ECB - Simplification of procedure
12/05/2014 External Commercial Borrowings (ECB) Policy - Refinance / Repayment of Rupee loans raised from domestic banking system
12/05/2014 Operations of foreign branches and subsidiaries of the Indian banks – Compliance with statutory/regulatory/administrative prohibitions/ restrictions
02/05/2014 Foreign Direct Investment (FDI) in India – Reporting mechanism for transfer of equity shares/ fully and mandatorily convertible preference shares/ fully and mandatorily convertible debentures
16/04/2014 Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP)
10/04/2014 Trade Credits for Imports into India – Review of all-in-cost ceiling
10/04/2014 External Commercial Borrowing (ECB) Policy – Review of all-in-cost ceiling
10/04/2014 Rupee Drawing Arrangement – ‘Direct to Account’ Facility
07/04/2014 Foreign investment in India in Government Securities
07/04/2014 Risk Management & Inter-Bank Dealings: Booking of Forward Contracts - Liberalisation
07/04/2014 Real Effective Exchange Rate based on CPI as Price Index for India
07/04/2014 Real Effective Exchange Rate based on CPI as Price Index for India
04/04/2014 Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) - Compounding of Contraventions under FEMA, 1999
01/04/2014 First Bi-monthly Monetary Policy Statement, 2014-15 By Dr. Raghuram G. Rajan, Governor Part A: Monetary Policy
01/04/2014 First Bi-monthly Monetary Policy Statement, 2014-15 Press Statement by the Governor
01/04/2014 Advance Remittance for Import of Rough Diamonds
28/03/2014 Merchanting Trade Transactions - Revised guidelines
28/03/2014 India’s International Investment Position (IIP) - Quarter ended December 2013
28/03/2014 Monitoring of Foreign Investment by NRIs/PIOs under PIS in Indian Companies : M/s Transwarranty Finance Ltd. in Caution List
28/03/2014 First Bi-monthly Monetary Policy Statement, 2014-15 By Dr. Raghuram G. Rajan, Governor Part A: Monetary Policy
27/03/2014 Risk Management and Inter Bank Dealings
27/03/2014 Risk Management and Inter Bank Dealings
26/03/2014 External Commercial Borrowings (ECB) for Civil Aviation Sector
25/03/2014 Foreign Portfolio Investor - investment under Portfolio Investment Scheme, Government and Corporate debt
25/03/2014 Reporting of OTC Interest Rate Derivatives – Client Level Transactions
28/02/2014 Export of Goods and Services: Export Data Processing and Monitoring System (EDPMS)
24/02/2014 FIMMDA’s Trade Reporting and Confirmation platform for OTC transactions in Corporate Bonds and Securitized Debt Instruments
20/02/2014 Foreign Direct Investment (FDI) into a Small Scale Industrial Undertakings (SSI) / Micro & Small Enterprises (MSE) and in Industrial Undertaking manufacturing items reserved for SSI/MSE
20/02/2014 Foreign Direct Investment (FDI) into a Small Scale Industrial Undertakings (SSI) / Micro & Small Enterprises (MSE) and in Industrial Undertaking manufacturing items reserved for SSI/MSE
18/02/2014 Facilities to NRIs/PIOs and Foreign Nationals – Liberalisation - Reporting Requirement
17/02/2014 External Commercial Borrowings (ECB) – Reporting arrangements
17/02/2014 External Commercial Borrowings (ECB) – Reporting arrangements
17/02/2014 External Commercial Borrowings (ECB) – Reporting arrangements
14/02/2014 Foreign investment in India by SEBI registered FII, QFI and long term investors in Corporate Debt
14/02/2014 Foreign investment in India by SEBI registered FII, QFI and long term investors in Corporate Debt
14/02/2014 Import of Gold / Gold Dore by Nominated Banks /Agencies/Entities - Clarifications
11/02/2014 Foreign Direct Investment – Reporting under FDI Scheme: Amendments in form FC-GPR
11/02/2014 Interest Rates on FCNR (B) Deposits of RRB and Cooperative Banks
11/02/2014 Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits - RRB and cooperative Banks
07/02/2014 Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits
07/02/2014 Interest Rates on FCNR(B) Deposits
04/02/2014 Export of Goods and Services: Export Data Processing and Monitoring System (EDPMS)
04/02/2014 Third party payments for export / import transactions
31/01/2014 Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits
31/01/2014 Interest Rates on FCNR (B) Deposits
29/01/2014 Foreign investment in India by SEBI registered Long term investors in Government dated Securities
28/01/2014 Reserve Bank of India Third Quarter Review of Monetary Policy 2013-14
16/01/2014 Conversion of External Commercial Borrowing and Lumpsum Fee/Royalty into Equity
15/01/2014 Capital and Provisioning Requirements for Exposures to entities with Unhedged Foreign Currency Exposure
15/01/2014 Clarification- Establishment of Liaison Office/ Branch Office/ Project Office in India by Foreign Entities- General Permission
13/01/2014 Risk Management and Inter Bank Dealings
09/01/2014 Resident Bank account maintained by residents in India – Joint holder – liberalization
09/01/2014 Foreign Direct Investment- Pricing Guidelines for FDI instruments with optionality clauses
09/01/2014 Memorandum of Instructions for Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange Houses
09/01/2014 Exim Bank's Line of Credit of USD 42.61 million to the Government of the Republic of Benin
09/01/2014 Provisions under section 6 (4) of Foreign Exchange Management Act, 1999 - Clarifications
06/01/2014 External Commercial Borrowings (ECB) Policy – Liberalisation of definition of Infrastructure Sector
03/01/2014 Overseas Direct Investments – Rollover of Guarantees
31/12/2013 Import of Gold by Nominated Banks /Agencies/Entities
24/12/2013 Borrowing and Lending in Rupees - Investments by persons resident outside India in the tax free, secured, redeemable, non-convertible bonds
19/12/2013 Inflation Indexed National Savings Securities- Cumulative, 2013
19/12/2013 Participation in Exchange Traded Interest Rate Futures
19/12/2013 Novation of OTC Derivative Contracts
05/12/2013 Exchange-Traded Interest Rate Futures
05/12/2013 Exchange-Traded Interest Rate Futures
04/12/2013 Reporting Platform for OTC Foreign Exchange and Interest Rate Derivatives
03/12/2013 External Commercial Borrowings (ECB) by Holding Companies / Core Investment Companies for the project use in Special Purpose Vehicles (SPVs)
30/11/2013 Non Deliverable Forward and Onshore Indian Rupee Market:A Study on Inter-linkages
30/11/2013 Non Deliverable Forward and Onshore Indian Rupee Market: A Study on Inter-linkages
29/11/2013 Interest Rates on FCNR (B) Deposits
29/11/2013 Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits
29/11/2013 Periodicity of Payment of Interest on Rupee Savings/Term Deposits
22/11/2013 Overseas Foreign Currency Borrowings by Authorised Dealer Banks
19/11/2013 Trade Credit for imports into India- Online submission of data on issuance of Guarantee/Letter of Undertaking (LoU) /Letter of Comfort (LoC) by ADs
11/11/2013 Import of Gold by Nominated Banks /Agencies/Entities
11/11/2013 Foreign Direct Investment in Financial Sector – Transfer of Shares
01/11/2013 Foreign Direct Investment (FDI) in India – definition of ‘group company’
14/10/2013 Closing of Old Outstanding Bills: Export-Follow-up –XOS Statements
10/10/2013 Overseas Foreign Currency Borrowings by Authorised Dealer Banks
01/10/2013 Export Outstanding Statement (XOS) Online Bank wide Submission
30/09/2013 Trade Credits for Imports into India – Review of all-in-cost ceiling
30/09/2013 External Commercial Borrowings (ECB) Policy — Review of all-in-cost ceilin
30/09/2013 External Commercial Borrowings (ECB) Policy – ECB proceeds for acquisition of shares under the Government’s disinvestment programme of PSUs - Clarification
30/09/2013 External Commercial Borrowings (ECB) Policy – Refinancing / Rescheduling of ECB
26/09/2013 Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Fifth Amendment) Regulations, 2013
25/09/2013 Export Credit in Foreign Currency
25/09/2013 Overseas Foreign Currency Borrowings by Authorised Dealer Banks – Enhancement of limit
24/09/2013 Trade Credits for Import into India
20/09/2013 Export of Goods and Services – Project Exports
06/09/2013 Swap Window for Attracting FCNR (B) Dollar Funds
01/07/2013 Master Circular on Non-Resident Ordinary Rupee (NRO) Account
01/07/2013 Master Circular on Acquisition and Transfer of Immovable Property in India byNRIs/PIOs/Foreign Nationals of Non-Indian Origin
01/07/2013 Master Circular on Miscellaneous Remittances from India – Facilities for Residents
01/07/2013 Master Circular on Memorandum of Instructions for Opening and Maintenance of Rupee/ Foreign Currency Vostro Accounts of Non-resident Exchange Houses
01/07/2013 Master Circular on Risk Management and Inter-Bank Dealings
01/07/2013 Master Circular on Establishment of Liaison / Branch / Project Offices in India by Foreign Entities
01/07/2013 Master Circular on Remittance Facilities for Non-Resident Indians / Persons of Indian Origin / Foreign Nationals
01/07/2013 Master Circular on Compounding of Contraventions under FEMA, 1999
01/07/2013 Master Circular on Memorandum of Instructions governing money changing activities
01/07/2013 Master Circular on Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad
01/07/2013 Master Circular on External Commercial Borrowings and Trade Credits
01/07/2013 Master Circular on Import of Goods and Services
01/07/2013 Master Circular on Exports of Goods and Services
01/07/2013 Master Circular on Foreign Investment in India
01/07/2013 Master Circular on Interest Rates on Rupee Deposits held in Domestic, Ordinary Non-Resident (NRO) and Non-Resident (External) (NRE) Accounts
01/07/2013 Master Circular on Export Credit Refinance Facility
01/07/2013 Master Circular - Rupee / Foreign Currency Export Credit and Customer Service To Exporters
01/07/2013 Master Circular of instructions relating to deposits held in FCNR(B) Accounts
02/11/2011 RBI's Comprehensive Guidelines on Derivatives: Modifications
16/05/2011 Comprehensive Guidelines on Over the Counter (OTC) Foreign Exchange Derivatives and Overseas Hedging of Commodity Price and Freight Risks
27/04/2011 Deregulation of Savings Bank Deposit Interest Rate: A Discussion Paper
31/03/2011 Half Yearly Report on Management of Foreign Exchange Reserves
22/02/2011 Survey of Professional Forecasters
24/01/2011 Macroeconomic and Monetary Developments
24/01/2011 Macroeconomic and Monetary Developments-II
11/01/2011 Interest Rates on Rupee Export Credit - UCBs
22/07/2010 Sources of Variation in Foreign Exchange Reserves in India: April-December 2009-10
22/07/2010 Export of Goods and Services - Unrealised export bills - Write-off - Surrender of export incentives
22/07/2010 External Commercial Borrowings (ECB) Policy - Take-out Finance
11/05/2010 External Commercial Borrowings (ECB) Policy
07/05/2010 Rupee Export Credit Interest Rates
23/04/2010 Interest Subvention - Rupee Export Credit
23/04/2010 Interest Rate Ceiling on Rupee Export Credit
29/03/2010 Buyback / Prepayment of Foreign Currency Convertible Bonds (FCCBs)
02/03/2010 External Commercial Borrowings (ECB) Policy – Structured Obligations
02/03/2010 External Commercial Borrowings (ECB) Policy
02/03/2010 External Commercial Borrowings (ECB) Policy - Infrastructure
24/02/2010 Overseas Investment Application - Online Reporting of Overseas Direct Investment in Form ODI
19/02/2010 Interest Rates on Export Credit in Foreign Currency
11/02/2010 Exim Bank's Line of Credit of USD 15 million to the Government of the Republic of Mali
09/02/2010 External Commercial Borrowings (ECB) Policy - Liberalisation
09/02/2010 Exim Bank's Line of Credit (LOC) of USD 100 million to Bank for Development and Foreign Economic Affairs (Vnesheconombank), Russia
05/02/2010 Exim Bank's Line of Credit of USD 36 million to the Government of the Republic of Mali
01/02/2010 Export and Import of Currency
25/01/2010 External Commercial Borrowings (ECB) Policy
19/01/2010 Guidelines on trading of Currency Futures in Recognized Stock Exchanges
08/01/2010 Ready Forward Contracts in Corporate Debt Securities