Question
Consider the following statements about Commercial
Paper? I. It was introduced in India in 1900. II. It is an unsecured money market instrument. III. It is a type of short-term borrowing. Which of the following statements is/are correct?Solution
Commercial Paper is an unsecured money market instrument issued in the form of a promissory note. Commercial Paper was introduced in India in 1990 with a view to enabling highly rated corporate borrowers to diversify their sources of short-term borrowings and to provide an additional instrument to investors. Commercial paper is a money-market security issued by large corporations to obtain funds to meet short-term debt obligations (for example, payroll) and is backed only by an issuing bank or company promise to pay the face amount on the maturity date specified on the note.
External benchmark rate means the reference rate which includes:
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