Commercial paper issued by companies and Public Sector Undertakings as part of working capital requirement. This is a promissory note issued by companies requiring short-term funds (say from 15 days to 180 days or six months). Maximum period is twelve months. The six-month commercial paper can be extended for a further period of six months, making a total of 12 months.


Commercial bills discounted by banks and Non-banking Financial Institutions. These are short-term bills usually not exceeding 90-120 days covering commercial transactions in the private sector.

Treasury bills issued by Government of India through the RBI for meeting  budgetary deficits. These are for fixed maturity periods of 91 days and 364 days.

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