Uniindia: Patna, June 30 (UNI) Bihar recorded a Fiscal Deficit of Rs 29,827 crore during 2020-21, which had increased by Rs 15,103 crore over the previous year.
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RBI extends temporary advances limit of Rs 51,560 crore for states, UTs till September
The RBI on Friday said the existing interim Ways and Means Advances (WMA) limit of Rs 51,560 crore for all states and Union Territories will continue up to September 30, 2021, as the effect of the COVID-19 pandemic is still prevalent. WMAs are temporary advances given by the RBI to the government to tide over any mismatch in receipts and payments.
The RBI said it has revised the WMA Scheme of States and Union Territories (UTs) based on the recommendations of the Advisory Committee on WMA to state governments. The WMA limit arrived at by the Committee based on total expenditure of States/ UTs, works out to Rs 47,010 crore.
RBI extends temporary advances limit of Rs 51,560 cr for states, UTs till Sep
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Last Updated: Apr 23, 2021, 08:51 PM IST
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Synopsis
The RBI said it has revised the WMA Scheme of States and Union Territories (UTs) based on the recommendations of the Advisory Committee on WMA to state governments. The WMA limit arrived at by the Committee based on total expenditure of States/ UTs, works out to Rs 47,010 crore.
Reuters
The Reserve Bank will review the WMA limit thereafter, depending on the course of the pandemic and its impact on the economy, the central bank said.
The RBI on Friday said the existing interim Ways and Means Advances (WMA) limit of Rs 51,560 crore for all states and Union Territories will continue up to September 30, 2021, as the effect of the COVID-19 pandemic is still prevalent.
Prevalence of COVID-19 cases influences decision
The Reserve Bank of India (RBI) decided to continue with the existing interim Ways and Means Advances (WMA) scheme limit of ₹51,560 crore for all States/ UTs shall for six months i.e., up to September 30, given the prevalence of COVID-19.
Based on the recommendations of the Advisory Committee on WMA to State Governments, 2021 chaired by Sudhir Shrivastava the RBI had revised the WMA Scheme of States and Union Territories (UTs), it said.
The WMA limit arrived at by the Committee based on total expenditure of States/ UTs, works out to ₹47,010 crore. The RBI said it would review the WMA limit thereafter, depending on the course of the pandemic and its impact on the economy.