Explain 'Commercial Paper' and 'Treasury Bills' as Money Market Instruments.

Commercial paper :  Commercial paper is a short-term unsecured promissory note, negotiable and transferable by endorsement and delivery with a fixed maturity period.  It is issued by large and creditworthy companies to raise short-term funds at lower rates of interest than market rates.  It usually has a maturity period of $\displaystyle 15$ days to one year.  It may be used to provide short-term funds for seasonal and working capital needs or bridge financing. Treasury bills :  A treasury bill is an instrument of short-term borrowing by the Government of India, maturing in less than one year.  They are issued by the Reserve Bank of India on behalf of the Central Government to meet its short-term requirement of funds.  They are issued in the form of promissory notes and are highly liquid and have negligible risk of default.  They are issued at a price which is lower than their face value and repaid at par and are also known as Zero Coupon Bonds.  They are available for a minimum amount of ₹$\displaystyle 25,000$/- and in multiples thereof.