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India's short-term overdraft facility with the Reserve Bank of India was in surplus at Rs 120 billion and the government will not borrow funds from the market in the fiscal year ending March 31, a finance ministry official said.
"We were in surplus with Rs 120 billion on February 28. Now it will be lower because of pension and salary payments on March 1,"
The government usually spends about 50 billion rupees as salary, pension payments and funds transferred to states in the first week of every month.
"Under normal circumstances there is no need to borrow in the current financial year," he said.