State borrows
Source: The Sangai Express
Imphal, October 04 2016:
In view of the worsening financial condition of the State, the Ministry of Fmance has given its consent for the State Govern ment to borrow Rs 160 crore from financial institutions.
The current financial year started with a not so healthy financial condition.
As such, the Finance Department imposed several prohibitions from time to time in order to avoid additional expenditures.
Moreover, the State Government was borrowing money from financial institutions.
The Ministry of Finance today gave its consent for the State Government to borrow Rs 160 crore from financial institutions for the month of October.
The Ministry has also forwarded the same matter to Reserve Bank of India.
The Ministry has also fixed a maximum credit limit of Rs 460 crore for the financial year 2016-17 .
With the exception of employees' salaries, pensioners' pensions and the State's matching shares for Central sponsored schemes, the State Government imposed bans on withdrawal of funds for other purposes from time to time.