ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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WEST BENGAL-Retraining the Guns

January 6, 1973 To sum up, then, banks acquired IOUs issued by the Centre, exchanged them for bonds with the state governments which are now tapping 'secured' loans from the Reserve Bank against the Centre's IOUs, Everybody is happy.

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