India, Jan. 8 -- The Haryana government on Tuesday notified a revised framework governing the sale and issuance of state government securities, replacing guidelines that had been in place since 2007. Officials said the new rules are aimed at simplifying and modernising the state's borrowing process.

The notification was issued by Anurag Rastogi, chief secretary to the Haryana government, who also holds charge of the finance department. The revised framework lays out how the state will raise funds through government securities, who is eligible to invest and the mechanisms through which such bonds will be issued and serviced.

Under the new rules, Haryana will issue bonds backed by the state's Consolidated Fund, as permitted under the Cons...