In the Indian financial market, 'Commercial Papers' (CPs) are unsecured, short-term debt instruments issued primarily by the Government of India to meet its temporary fiscal deficits.

Commercial Papers are issued by highly rated corporate entities, primary dealers, and financial institutions to meet their short-term working capital needs. The Government of India does not issue CPs; instead, it issues Treasury Bills (T-bills) for its short-term borrowing requirements. Because CPs are unsecured, only companies with pristine credit ratings can access this market.