Punjab govt going for excessive overdraft from RBI: Bajwa

Congress today highlighted the "economic disaster" facing Punjab, saying the SAD-BJP government was going for excessive overdraft from RBI almost every month.
In a statement issued here, Punjab Congress Chief Partap Singh Bajwa today said the Punjab government was taking overdraft from RBI and paying "heavy" interest on it, mainly to clear the treasury bills.
Referring to the information obtained by PPCC's RTI cell convener Jasdeepak Singh, Bajwa said it was "mind boggling" and "alarming".
Bajwa alleged that the state had been exhausting its limit of Ordinary Ways and Means Advances and Special Ways and Means Advances and was forced to go for overdraft almost every month.

He said that the present government had increased its Ordinary Ways and Means Advance limit from Rs 360 crore in 2008-09 to Rs 540 crore in 2013.
"They are taking more loans from RBI and paying more interest," he alleged.

Bajwa said between 2008 and 2013, the SAD-BJP government had paid an interest of over Rs 59 crore as it took overdraft every year.
During 2008-09, 2009-10, 2010-11, 2011-12, 2012-13 and 2013-14, the state government took an overdraft Rs 453.39 crore, Rs 309 crore, Rs 398 crore, Rs 601 crore, Rs 1,149 crore and Rs 1,300 crore, respectively, he alleged.

Alleging that Punjab government had empty treasury, Bajwa accused it of spending crores on advertising the laying of foundation stones in self-glorification.