Q.Write a word, or a term, or a phrase which can substitute for the following statement.
A bill which is issued by Reserve Bank of India on behalf of the Government of India.

The term is Treasury Bill (T-Bill) — a short-term instrument of the money market issued by the RBI on behalf of the Government of India.

The money market deals in short-term funds (up to one year). One of its key instruments is the Treasury Bill, which the Reserve Bank of India issues on behalf of the Central Government to bridge short-term gaps between government receipts and expenditure.

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The answer is Treasury Bill (T-Bill) — a short-term government borrowing instrument issued by the RBI on behalf of the Government of India.

In the money market (the market for short-term funds), the government's short-term borrowing is done through Treasury Bills:

• They are issued by the Reserve Bank of India on behalf of the Government of India.
• They have short maturities (91, 182 or 364 days). …

The odd one out is Commercial paper, because it belongs to the money market while the other two belong to the capital market.

An FPO (Follow-on Public Offer) is a fresh public issue of shares by a company that is already listed, and private placement is the sale of securities to a small, selected group of investors. Both are methods of raising long-term funds through the capital market.

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