Bihar raises floating capital under Contingency fund

The decision was taken at a cabinet meeting presided over by Chief Minister Nitish Kumar, the Principal Secretary (Cabinet Coordination and Secretariat) Ravikant told reporters.

Out of the floating capital under the contingency fund of Rs. 2250 crore, Rs. 750 crore will be utilized for relief and rehabilitation of the people affected by natural calamities, while the rest will be used for other purposes, he said.

Ravikant said that the floating capital under the contingency fund was hiked as per an ordinance which allowed the state government to make provision of three per cent of its budget expenditure under this head.

Among the other important cabinet decisions among 16-point agenda, the state restored the lease of 48.92 acre land at Vishunpur village in Lakhisarai district to a company M/S IDIO Construction and Industries (India) Ltd for mining of quartz and quartzite (silica sands) following an order by the Patna high court two years ago, the Principal Secretary (Cabinet Coordination and Secretariat) said.

The state government also sanctioned RS. 60 crore payment of premium of the health insurance of the work force of the unorganized sectors in 2012-13, he said.