Para 3.13.4 — MSO

3.13.4 Under Article 292 of the Constitution, the Union can raise money by borrowing upon the security of the Consolidated Fund of India within such limits, if any, as may from time to time be fixed by an Act of Parliament. These borrowings comprise of both internal and external debt. Internal debt represents loans raised in India and includes market loans, bonds, special securities issued to the Reserve Bank of India, rupee securities issued to external agencies like the International Monetary Fund, World Bank, Asian Development Bank, etc. It also includes borrowings through Treasury Bills issued to the Reserve Bank of India, the State Governments and other parties. External debt refers to the loans raised abroad by the Government of India.