Add your business to ZipLeaf for free!
 India Business Directory
Need to use resources prudently in COVID-19 crisis, don't initiate any new scheme: FinMin to ministries

By Nitin Mittal & Co.

Need to use resources prudently in COVID-19 crisis, don't initiate any new scheme: FinMin to ministries

06/07/2020
The finance ministry has asked all ministries and departments not to initiate any new scheme in the current financial year and said that there is a need to use resources prudently in the wake of the COVID-19 crisis.

However, funds for schemes under the Pradhan Mantri Garib Kalyan Package, the Aatmanirbhar Bharat Abhiyan package and any other special package or announcement would be allocated, according to an office memorandum by the Department of Expenditure, which comes under the finance ministry.

Also, schemes that are already approved for the current financial year will remain suspended till March 31 next year or further orders. This would also include those schemes for which in-principle approval has been given by the department.

"It may be appreciated that in the wake of the COVID-19 pandemic, there is an unprecedented demand on public financial resources and a need to use resources prudently in accordance with emerging and changing priorities," the expenditure department said adding that it has been receiving many new proposals for in-principle approval from various ministries or departments.

Source: https://economictimes.indiatimes.com/news/economy/policy/need-to-use-resources-prudently-in-covid-19-crisis-dont-initiate-any-new-scheme-finmin-to-ministries/articleshow/76216520.cms

About This Author

Nitin Mittal & Co.

Nitin Mittal & Co.

The OrganisationThe Nitin Mittal & Co. was formed in August 2001 as a Chartered Accountancy firm. with the aim of providing a comprehensive range of services to various industries including Finance, IT Enabled /BPO, Consultancy, Manufacturing, FMCG Distributors/ Retail etc. With soaring aspirati…

Read More »

More Articles From This Author

US to probe India's digital tax; it's non-discriminatory, says New Delhi

US to probe India's digital tax; it's non-discriminatory, says New Delhi

06/04/2020 The US has decided to launch an investigation against India for levying a 2 per cent digital tax on technology majors, to determine if it “unfairly targets” American companies like Amazon, Google, and Facebook. The US Trade Representative (USTR) office will also conduct the Secti... Read More »

MSMEs may get working capital boost with ‘overdraft guarantee’

MSMEs may get working capital boost with ‘overdraft guarantee’

05/11/2020 The Modi government is likely to announce the much-awaited stimulus package with focus on micro, small and medium enterprises (MSMEs) in the next couple of days.Multiple sources confirmed that the package will be composite. “On the one hand, it will have guaranteed higher working-capital limi... Read More »

You may have to claim refund for FY 2019-20 tax saving done after March 31

You may have to claim refund for FY 2019-20 tax saving done after March 31

04/08/2020 The government has extended various tax-related deadlines for the financial year 2019-20 to June 30, 2020 (from March 31, 2020). These include the deadline for completing one's tax-saving exercise.According to a finance ministry press release issued on March 31, 2020, "The date for making various in... Read More »