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”.

EDITORIAL OF THE DAY

  • It’s time to shift sugarcane production to water abundant states of eastern India

    During the 10 years of UPA rule, the country was able to come out of the so-called sugar cycle — two years of surplus followed by two years of defic

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Simon J Evenett

VW scandal has lessons for Make in India

In recent years, when it comes to widespread corporate wrongdoing, ...

Zehra Naqvi

Do you seek peace or conflict?

The pursuit of peace se­ems to be one of the ...

Dharmendra Khandal

So, how do we define a 'vermin'?

These days there’s an ongoing debate whether to declare various ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture