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RBI is public debt manager for both state and union Governments, so 1 is wrong. According to Dept of Economic Affairs, Short-term debt of the Central Government on residual maturity basis includes 14-day intermediate treasury bills, regular treasury bills, dated securities maturing in the ensuing one year and external debt with remaining maturity of less than one year. Short-term debt of State Governments comprises internal debt that includes market loans maturing within next one year, and repayment of loans to Centre. Therefore, 2 is right. T-bills are sold at discount and re-purchased at par value (face value). So, 3 is right.
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