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

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

By Nitin Mittal & Co.

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

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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…

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