Ad hoc Treasury Bill system of meeting budget deficit in India was abolished on :

Explanation

Ad hoc Treasury Bills were introduced in India in 1955. They were issued in the name of the Reserve Bank of India and were meant to meet the government’s extremely temporary fund requirements. They were directly and immediately monetised, because with their issuance the RBI’s assets increased and, consequently, currency liabilities also increased. The issuance of ad hoc Treasury Bills was discontinued from 31 March 1997, and in their place the scheme of Ways and Means Advances (WMA) was implemented.