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Answer Posted / savi gupta
It is a short term maturity promissory note issued by a
national govt.as a primary instrument for regulating money
supply and raising funds via open market operations. Issued
through the country's central bank, T-bills commonly pay no
explicit interest but are sold at a discount, their yield
being the difference between the purchase price and the
par-value (also called redemption value). T-bills are very
popular with institutional investors because, being backed
by the government's full faith and credit, they come closest
to a risk free investment. Issued first time in 1877 in the
UK and in 1929 in the US.
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