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”.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Those willfully defaulting on loans should be blacklisted by Sebi

    As reported by this newspaper’s Monday edition, the Securities and Exchange Board of India (Sebi) has found merit in the Reserve Bank of India’s s

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Kumar Jain

Kickstarting technological innovation

One of the key dimensions of global competitiveness is the ...

Kuruvilla Pandikattu SJ

Developing moral, spiritual capacity

Writing in The Huffington Post, Noam Chomsky, professor emeritus, MIT ...

Gautam Gupta

Manufacturing must keep workers’ welfare in mind

It may be early days yet, but the labour reforms ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture