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Finance ministry asks ministries to surrender savings by March 21 – Times of India

NEW DELHI: The finance ministry has requested departments and ministries to surrender savings, if any, for the present monetary yr 2021-22 by March 21.
An workplace memorandum issued by the price range division of the ministry of finance knowledgeable all departments and ministries that the final date for accepting the surrender of savings anticipated within the Grants for 2021-22 has been fastened as March 21, 2022.
“lt is therefore requested that the surrenders of savings under each unit of Appropriation may be sent to this Ministry so as to reach the Budget Division latest by March 21,” the workplace memorandum dated March 2 stated.
The fund, if not utilised, lapses on the finish of March 31 as the brand new price range by means of the Finance Act comes into drive from the brand new monetary yr starting April 1.
While surrendering the savings, the surplus or shortfall in recoveries, if any, within the respective Grants towards the unique estimates of restoration may additionally be furnished, it stated.
“Although under gross system of budgeting, it is not necessary to surrender the recoveries, the excess or shortfall in recoveries is required for a review of the budgetary position with reference to the sanctioned provisions and to arrive at the net amount of surrender during the year,” it stated.
ln order to verify the precise internet expenditure underneath a selected demand, the ministries/departments are additionally required to furnish the small print of surrenders of savings on internet foundation newest by March 7.
The savings by ministries or departments would supply some cushion for the shortfall in income mobilisation for this fiscal.
The authorities is operating a threat of not assembly revised disinvestment goal of Rs 78,000 crore for the present fiscal if the mega preliminary public providing of LIC is deferred due to geopolitical uncertainties triggered by the Russia-Ukraine disaster.
The authorities was anticipating to garner Rs 63,000 crore by promoting 5 per cent stake within the life insurance coverage behemoth.
So far, the federal government has raised Rs 12,030 crore by means of CPSE disinvestment and Air India‘s strategic sale this fiscal.

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