The Finance Ministry has asked various ministries and departments to hand over any savings made in the financial year 2021-22 by March 21. This has been said in an Office Memorandum sent by the Budget Division of the Ministry of Finance to all the Ministries and Departments of the Government.
It was said in the memorandum that out of the amount allocated to the ministries and departments for the financial year 2021-22, if any amount is left, then it should be returned to the government. It has been said in the memorandum that this amount should be deposited with the budget division by March 21.
According to the rules, if the allocated amount for the financial year is not used, then the period of its use ends after March 31, the last date of the financial year. The reason for this is that from April 1, the budget of the new financial year comes into force.
In the event of a fall in the revenue collection of the government, this savings amount provides a kind of relief. The amount to be raised through disinvestment in this financial year is said to be less than expected. In such a situation, this savings can be very important for government departments.
The government hopes to raise over Rs 60,000 crore through the sale of its stake in LIC. However, due to the deepening of Ukraine crisis, confusion has arisen over the completion of LIC’s IPO in March.