Ministries can carry ahead unused funds: Centre

The Centre has allowed ministries and departments to utilise unspent quantities of the primary and second quarter expenditure within the subsequent quarter in the identical monetary yr with prior approval of the expenditure secretary, mentioned a contemporary workplace memorandum by the finance ministry.

“Ministry/division mustn’t beneath any circumstance presume prior approval of the expenditure secretary. This must be formally obtained previous to utilising the unspent balances. Searching for submit facto approval isn’t an choice,” the memorandum mentioned.

The Centre mentioned ministries can not spend greater than 33% of expenditure of finances estimates within the final quarter and less than 15% of expenditure within the final month of the fiscal.

The transfer is initiated to keep away from the last-minute spending by the ministries and serving to them to plan the finances expenditure prematurely.

It additionally suggested all monetary advisers to make sure month-to-month or quarterly expenditure plan monitoring of sanctions and concurrent expenditure in opposition to Finances provisions can be found.
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