TODAY -

End of financial year : Large number of LOCs lapse
Source: The Sangai Express

Imphal, April 01, 2013: Even as the 2012-13 financial year got over on March 31, maximum number of Letter of Credits (LOCs) released by the State Government for different departments could not be encashed.

Official sources informed that some departments are facing a dicey condition where they would not be able to function well as they could not encash the LOCs.

Most of the LOCs which could not be encashed till March 31, the last day of FY 2012-13, pertained to annual plan amounts.

As for the non plan amount and other funds sanctioned by the Finance Commission, the larger portion has been utilised in payment of salaries to Government employees for the Government has little resources of its own.

Even as the sources refused to divulge the exact percentage of plan amount spent so far, it is estimated that around 65 per cent has been spent.

The LOC's released to different departments could not be encashed at the end of the financial year because the LOCs were not released in time.

Although March 31 happened to be Sunday, Treasury offices were opened and all nationalised banks were also opened at the instruction of the Reserve Bank of India.

However, most departments did not send bills to the eight Treasury offices which remained open on Sunday, March 31.As such, the Government directed all Treasury offices to stop working at 2 pm.

Departments could not send bills to Treasury offices on account of the failure of their respective DDOs to prepare bills in time.

On the other hand, an office memorandum issued by the Finance Department directed that encashment permission should be sought first for departments to encash LOCs released to them.

But the general understanding is that the departments are authorised to encash LOCs if the same are released to them.

In addition, DDOs are authorised with �delegation of financial power', said the sources.

Remarking that such is the nature of the State Government's financial management, the sources pointed out that the State's economy is largely dependent on central assistance.

Generally, the State's annual financial requirement is worked out by the Government in advance.

But the moot question is, whether this awkward condition is caused by the Centre's delay in releasing the State's share of fund or is it because of the State Government's own failure.

The RBI's instruction is clear.

There can be transfer of funds on March 31 but no transaction would be allowed.

The same instruction is aimed at ensuring a healthy closing balance at the end of each financial year, they added.


* Comments posted by users in this discussion thread and other parts of this site are opinions of the individuals posting them (whose user ID is displayed alongside) and not the views of e-pao.net. We strongly recommend that users exercise responsibility, sensitivity and caution over language while writing your opinions which will be seen and read by other users. Please read a complete Guideline on using comments on this website.




LATEST IN E-PAO.NET
  • Id-ul-Fitr @Hatta #1 : Gallery
  • Violence in Manipur 2023-2024 : Timeline
  • Are you a good person ?
  • Physics Academy of NE : Executive Body
  • "ST status for Meetei" at Moirang
  • Cherrapunji Eastern Craft Gin launched
  • Cong on cautious path
  • Botox for Hair
  • Posers voters should raise now
  • The lull before the storm
  • 80th Anniv- Battle of Kanglatongbi @UK
  • Vir Chakra Ngangom Joydutta's bust unveiled
  • Hun - Thadou Cultural Festival : Gallery
  • "ST status for Meetei" at Singjamei
  • Election Eclipses: Ballad of Battle & Loss
  • Our voices are equal at the ballot box
  • Scientists of Manipur : Ngangkham Nimai
  • Urgent Call for Solidarity in Manipur
  • Meitei Nongsha #2 :: An Artwork
  • "ST status for Meetei" at Waikhong
  • About NPF-BJP-NPP alliance & why ?
  • World Veterinary Day, 2024
  • The heavy stake behind the LS polls
  • The politics of lying & deception
  • Sajibu Cheiraoba Chak Katpa #1 : Gallery
  • Hun-Thadou Cultural Fest @ Delhi: Report
  • Appeal to Parties & Candidates
  • "ST status for Meetei" at Wangoo
  • Establishment of community seed bank
  • Awareness Programme on new Criminal Laws
  • Make a right choice at the Lok Sabha election
  • Sajibu Cheiraoba: 1 occasion, 2 narratives #1
  • RIST talk-58 : Support systems of elderly
  • "ST status for Meetei" at Hiyanglam
  • Vote, do not boycott !
  • Lok Sabha election: A new dawn in politics ?
  • IIT-Guwahati Half Marathon report
  • Taking ST demand to the election ring
  • Lesson to be learnt from across border
  • Mirabai: Poised for Paris Olympics
  • Legal position for protection of environment
  • "ST status for Meetei" at Keisamthong
  • Heterocyclic compound & biochemical science
  • Inner, torn between two lovers
  • Certification Music Therapy Workshop
  • NOTA as a choice
  • Caesar's wife must be above suspicion
  • Descent of Radha-Krishna #29: Download
  • World Health Day 2024
  • "ST status for Meetei" at Pangantabi
  • The Power of Poppy - 26 :: Poem
  • Fulbright Fellowship Outreach at Arunachal
  • Id-ul Fitr da namaz nattana..
  • Nupi Landa Thaunaphabishing #13 :: Book
  • Lok Sabha election is coming, be prepared
  • 6th Hun-Thadou Cultural Festival
  • Let There Be Free & Fair Election
  • "ST status for Meetei" at Lamlong
  • Science magazines are important for student
  • Interesting choice of candidates
  • The power of We, the voters
  • Inspirations from Scientists of Manipur #1
  • The Case for Amendment of Article 371-C
  • Meitei Nongsha #1 :: Artwork
  • Link between forest & conflict in Manipur
  • Final Call for Application MFA - Phase-2
  • ST for Meiteis call before elections
  • Passing the buck
  • Beating of the Retreat #1 : Gallery
  • Life of our Lives in Ethnic Strife Era! :: Poem
  • IIT-Guwahati annual Half Marathon
  • Follow up: European Parliament on Manipur
  • Yoga & Kegel exercise: Pelvic floor workout
  • Opting for the NOTA button
  • Yearning of the displaced people
  • Kenedy Khuman (Singer) : Gallery
  • 5th NE Women's Peace Congregation
  • World Autism Awareness Day 2024
  • Election fever grips Manipur despite unrest
  • Looking for a decent election hustings
  • Clock ticking towards voting day
  • An exemplary directive
  • Children Camp @JNMDA Imphal #1 : Gallery
  • Memo to Election Commission of India
  • Easter & Holi echo in Nilgiris
  • Holiday Camp for children at JNMDA, Imphal
  • Zero waste is our moral responsibility
  • Elections & loyalty vis-a-vis Manipur crisis
  • Show of strength without unity
  • Yaoshang Pichakari #2 : Gallery
  • Panthoi Chanu : 1st to play in Australia
  • Intensive labs in film preservation
  • Building bridges with books
  • Need of the hour: Political maturity
  • Accepting defeat before the election
  • Descent of Radha-Krishna #28: Download
  • April Calendar for Year 2024 : Tools
  • Natural packaging from bamboo : Gallery
  • The Power of Poppy - 25 :: Poem
  • Everyone has their own Bharat Ratna
  • Nupi Landa Thaunaphabishing #12 :: Book
  • Demand- Manipuri as classical language
  • The Drummer from Odisha
  • Beauty benefits of lemon
  • Yaoshang Mei Thaba #2 : Gallery
  • Manipur's original Ponies : Gallery
  • Yaoshang & Dance of Democracy loom
  • Symposium on Jagadguru Shankaracharya
  • Choosing ITI as a campus after X
  • Yaoshang Pichakari #1 : Gallery
  • Yaoshang @Nabadwip Dham : Gallery
  • How oral health affects your pregnancy
  • Two faces of Holi
  • Prawaas 4.0, Multimodal Transport Show
  • A decade of development of higher education
  • Yaoshang Mei Thaba #1 : Gallery
  • Our Eternal Kangleipak :: Poem
  • Micro-livestock for livelihoods: For NE States
  • The fun of Holi used to be monotonous
  • 2nd Annual Art Exhibition #1 : Gallery
  • About the "Meitei" community from Manipur
  • Unveiling the medicinal benefits of honey
  • The incalculable value of wildlife
  • Promises of true love
  • Trends, Alliances, & Challenges in Elections
  • Meitei Goddess Ngaleima : An Artwork
  • Water is the most precious gift of God
  • Bharat needs a strong 'India'
  • Transformation of railway stations
  • Not quite the final countdown
  • Missing of 'The Saffron' from electoral colour
  • Descent of Radha-Krishna #27: Download
  • 3rd North East Games: Manipur champion
  • The Power of Poppy - 24 :: Poem
  • EBTC & JCRE signed MoU
  • Early Detection Program at Toubul
  • How Holi affects our mood & mental health
  • Lamta Thangja @ Imphal : Gallery
  • Manipur cinema legacy shines at ARCUREA
  • The pulse of politics amidst conflict
  • Forest is most important vital organ of Earth
  • Tips to play safe Holi
  • Politics of naming candidates
  • Disappearing of spring from season cycle
  • Meira Paibis of Manipur
  • Demand for ST status by Meiteis
  • Project Personal Opening @Assam University
  • World Poetry Day at Manipur University
  • Green skills for sustainable world
  • Supportive interventions during exam time
  • Interesting run up to LS polls
  • Onus definitely on PM to restore peace
  • Nupi Landa Thaunaphabishing #11 :: Book
  • Water, water everywhere ...
  • 21st March - A special day for Forest
  • RI imprisonment to Rapists at Silchar
  • Arrests threaten fragile ceasefire
  • The Valor Within :: Poem
  • Monitoring the rehab centres
  • True colour of politicians
  • North East Film Festival #2 : Gallery
  • Linthoingambi- 'Jury Honourable Mention'
  • Meitei Goddess Phouoibi : An Artwork #3
  • Formation of Wesean Student Federation
  • 20th March- International Day of Happiness
  • A call to first time voter youths
  • Playing the card close to its chest
  • Targeting FOCS and ITLF
  • Students @ Class X Exam : Gallery
  • Alarming Pictures of Nongpok Sekmai River
  • Health camp at Khangabok Relief Camp
  • Absence of refugee laws fuels ethnic tension
  • Electoral bonds and Mr Bond
  • ATSUM spilling the beans now
  • Main stumbling block to peaceful election
  • Descent of Radha-Krishna #26: Download
  • Engudam Kavita: Gold @Bodybuilding Ch'ship
  • Sangai :: An Artwork
  • Deepika M urges to observe 2 Mins Silence
  • Attention Manifesto letters- boxes of promises
  • Gearing up for Lok Sabha polls
  • Debate over long poll process
  • Saroi Khangba @ Kangla : Gallery
  • Stress in adolescents due to ethnic clash
  • Will Manipur ever be the same again
  • Innovation : A review
  • Love and Harmony :: Poem
  • Special scholarship scheme for girls
  • Imphal Book Fair 2023 #3 : Gallery
  • Relief material at Serou & Wangoo
  • The power of the human-animal bond
  • Agribusiness & food processing in North East
  • India Defense Policy: Challenge & Imperative
  • Sit across the table and talk
  • Controversial arrest & chaotic confusion
  • Protest for scrapping SoO #2 :Gallery
  • Kangpokpi, a safe haven for immigrants
  • Maharaj Narasingh Statue @Kangla :Gallery
  • North East Film Festival #1 : Gallery
  • Shopping List for Shivaratri : Gallery
  • N Tombi Equestrian C'ships #1 : Gallery
  • Featured Front Page Photo 2024 #1: Gallery
  • Transgender Malem protest [Mar 6] : Gallery
  • Radio E-pao: Manipuri Film OST (130+ song)
  • Monica Konjengbam- Mega Miss North East
  • Save Manipur : Protest [Feb 15] #3 : Gallery
  • Martin Irengbam - Mister North East 2024
  • Naorem Roshibina- Wushu Medallist : Gallery
  • GHOST of PEACE :: Download Booklet
  • Arambai Tengol & SFs #4 : Gallery
  • Abnormal population growth of Kuki from 1881
  • Resilience in adversity | Kumbi : Gallery
  • Protests attack @ Moreh [18 Jan] #2: Gallery
  • Oinam Chaoba Devi: Sepak Takraw : Gallery
  • List of Kings of Manipur: 33 - 1984 AD