GoI releases Rs 6,195 crores of funds to 14 states

On May 11, 2020, the Government of India released Rs 6,195 crores to 14 states. This is the second equated monthly installment of Post Devolution Revenue Deficit. Highlights The grant allocated to the states will act as additional source of income to the states. The grant was recommended by the 15th Finance Commission. The Central ..

Month: Current Affairs - May, 2020

Category: Economy & Banking Current Affairs

Topics: 15th Finance Commission • COVID-19 • Finance Commission • fiscal deficit • Flash Floods • Flood • FRBM • India-Saudi Arabia • States

Finance Commission: States shall use FRBM clause to fight COVID-19

On April 24, 2020, the Finance Commission has advised the state governments to use the clauses of FRBM (Fiscal Responsibility) act in order to raise additional resources to fight against COVID-19. Centre and State FRBM The states have their own FRBM act. The main similarities between the centre and state FRBM is that the limit ..

Month: Current Affairs - April, 2020

Category: India Nation & States Current Affairs

Topics: 15th Finance Commission • Advisory Council • COVID-19 • Finance Commission • fiscal deficit • FRBM • state government

Union Cabinet approves policy guidelines to allow state entities to directly borrow bilateral loans

The Union Cabinet has approved the policy guidelines to permit financially sound State Government entities to borrow directly from bilateral ODA (Official development Assistance) partners for the purpose of implementing vital infrastructure projects. The approval is subject to fulfilment of certain conditions and all repayments of loans and interests to the funding agencies. As a ..

Month: Current Affairs - April, 2017

Topics: External Assistance • FRBM • Infrastructure Investments • MMRDA • MTHL • National • States

N K Singh panel submits report on changes in FRBM Act  

The Fiscal Responsibility and Budget Management (FRBM) Committee has submitted its 4 volume report on changes in FRBM Act, 2013 to the Union Finance Minister Arun Jaitley. The 5 member committee was headed by N.K. Singh, former Revenue and Expenditure Secretary and former MP. Its member included RBI Governor Urjit Patel, Chief Economic Advisor Arvind ..

Month: Current Affairs - January, 2017

Topics: Budget • Business • Committees • Economy • Finance • FRBM • N K Singh Committee • National

Union Government Constitute NK Singh Committee to review FRBM Act

The Union Government has constituted a five member committee to comprehensively review and give recommendations on the Fiscal Responsibility and Budget Management (FRBM) roadmap for the future. Composition: The committee will be headed by Former Revenue Secretary and Rajya Sabha MP, NK Singh. Its members are former Finance and Revenue Secretary Sumit Bose, Chief Economic Adviser ..

Month: Current Affairs - May, 2016

Topics: Committees • FRBM • NK Singh • Persons in News • UPSC