new Delhi: Finance Ministry has asked the departments and ministries to surrender the savings, if any, by March 21 for the current financial year 2021-22.
An Office Memorandum issued by the Budget Division of Ministry of Finance Informed all departments and ministries that the last date for acceptance of surrender of anticipated savings in grants for 2021-22 has been fixed as March 21, 2022.
“It is therefore requested that the surrender of savings under each unit of appropriation may be sent to this Ministry so as to reach the Budget Division by March 21,” the office memorandum dated March 2 said.
Funds, if not utilized, expire at the end of March 31 as the new budget finance act It has come into effect from the new financial year starting from 1st April.
While surrendering the savings, excess or shortfall in realization, if any, in the respective grants as against the original estimates of recovery may also be furnished.
“While under the gross system of budgeting, it is not necessary to surrender the recovery, for review of the budgetary position with reference to the sanctioned provisions and for arriving at the net amount of surrender during the year, excess or reduction in recovery is required. “It said.
In order to ascertain the actual net expenditure under a particular demand, the Ministries/Departments are also required to furnish the details of surrender of savings on latest basis by March 7.
The savings of ministries or departments will provide some relief for shortfall in revenue raising for this fiscal.
The government risks not meeting the revised disinvestment target of Rs 78,000 crore for the current fiscal if the mega initial public offering LIC It has been postponed due to geopolitical uncertainties arising out of the Russia-Ukraine crisis.
The government was hoping to raise Rs 63,000 crore by selling a 5 per cent stake in the life insurance giant.
So far the government has raised Rs 12,030 crore through disinvestment of CPSEs. Air IndiaStrategic sales for this fiscal year.
An Office Memorandum issued by the Budget Division of Ministry of Finance Informed all departments and ministries that the last date for acceptance of surrender of anticipated savings in grants for 2021-22 has been fixed as March 21, 2022.
“It is therefore requested that the surrender of savings under each unit of appropriation may be sent to this Ministry so as to reach the Budget Division by March 21,” the office memorandum dated March 2 said.
Funds, if not utilized, expire at the end of March 31 as the new budget finance act It has come into effect from the new financial year starting from 1st April.
While surrendering the savings, excess or shortfall in realization, if any, in the respective grants as against the original estimates of recovery may also be furnished.
“While under the gross system of budgeting, it is not necessary to surrender the recovery, for review of the budgetary position with reference to the sanctioned provisions and for arriving at the net amount of surrender during the year, excess or reduction in recovery is required. “It said.
In order to ascertain the actual net expenditure under a particular demand, the Ministries/Departments are also required to furnish the details of surrender of savings on latest basis by March 7.
The savings of ministries or departments will provide some relief for shortfall in revenue raising for this fiscal.
The government risks not meeting the revised disinvestment target of Rs 78,000 crore for the current fiscal if the mega initial public offering LIC It has been postponed due to geopolitical uncertainties arising out of the Russia-Ukraine crisis.
The government was hoping to raise Rs 63,000 crore by selling a 5 per cent stake in the life insurance giant.
So far the government has raised Rs 12,030 crore through disinvestment of CPSEs. Air IndiaStrategic sales for this fiscal year.