In a move to contain fiscal deficit, the government today cancelled 12,000 crore rupees bond auctions to lower its market borrowing programme for the current financial year. With this, the total market borrowing by the government in the current fiscal would come down to 5.58 lakh crore rupees from 5.70 lakh crore rupees as envisaged in the 2012-13 Budget.The Finance Ministry in its statement said, after reviewing the government's cash position and funding requirement, it has been decided, in consultation with Reserve Bank of India, to reduce the government market borrowing through dated securities. The auction for dated securities, worth 12,000 crore rupees scheduled on 22nd of this month has been cancelled.