FinMin asks depts to cap Q4 spend at 33% of total

Tags: News
Trying to promote fiscal prudence, the finance ministry has asked all government departments to cap spending in January-March quarter at 33 per cent of the total funds allocated for the full financial year.

“It is requested that the 33 per cent and 15 per cent expenditure ceilings in respect of each scheme, in the last quarter of the current financial year and during the month of March, 2013 respectively, should be strictly adhered to,” the ministry said in an office memorandum.

The finance ministry has indicated this to central ministries while working out revised estimates for the 2012-13 fiscal. The revised estimates would be presented before Parliament during the budget for 2013-14.

There is a “necessity to curb rush of expenditure in the last quarter of the year particularly in the month of March and restricting the expenditure in the last quarter” of the current financial year, it added.

During the meeting of the revised estimates, finance secretary RS Gujral has emphasised on the need for “prudent financial management expenditure rationalisation due to tight resource position in the current financial year”.

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