You are here: Home » Economy & Policy » News
Business Standard

Supplementary Budget funds to be distributed by Jan 10

BS Reporter  |  Bhubaneswar 

The state finance department has asked all administrative departments to ensure distribution of provisions made under the for 2014-15 by January 10, 2015.

in terms of the provision in the of is now admissible and can be incurred observing all formalities and subject to restrictions and stipulations contained in the finance department”, said a letter issued by the finance department.

The process of issuance of sanction orders for release of funds as well as surrender of provisions is to be completed by January 31, 2015 so as to avoid rush of in the last month of the financial year. In order to avoid the last minute rush, the deadline for submission of bills to the treasuries is March 11, 2015 for claims under other contingencies, machinery, equipment, vehicle, share capital, subsidy and loans. The last date for other claims is March 20, 2015.

The finance department has stressed on full and effective utilisation of Supplementary provision as any unspent balance of Supplementary provision would invite adverse comments from the audit.

The department has also ruled out transferring of Budget funds to civil deposit.

Top priority is to expedite expenditure given in respect of central share and state share of centrally sponsored schemes (CSS), capital outlay for creation of capital assets, social sector expenditure and expenditure for maintenance of capital assets and funds provided for completion of projects under zero based investment review.

The has net provision of Rs 4,502.34 crore and gross provision of Rs 5,253.87 crore. The state’s full Budget for the fiscal had gross provision of Rs 81,720.95 crore and net provision of Rs 80,139.58 crore. The Supplementary provision of Rs 4,502.34 crore is to be financed by tied up resources to the extent of Rs 2,662.57 crore, surrender of provision in grants and appropriations to the extent of Rs 1,265.47 crore and Rs 574.30 crore through savings and surrenders towards the end of the financial year.

First Published: Thu, December 18 2014. 20:34 IST