HUGE AMOUNT REMAINED UNUSED
- At the beginning of March 2023, ₹1.75 trillion was still lying with states for the implementation of schemes
- This resulted in the Centre earning around ₹4,000 crore as its share of interest from such idle funds in FY23
- The Centre has also managed to retrieve over ₹40,000 crore lying idle for years
CALL IT A reward for discipline. The Centre has earned a neat ₹4,000 crore as interest from states in FY23, thanks to tighter norms for funds lying idle with them under centrally sponsored schemes (CSS).
"We have found that there were states who had not paid their counterpart funding (40% share in CSS) for five years. We were actually financing their cash to some extent," a senior official told FE.
This story is from the June 12, 2023 edition of Financial Express Mumbai.
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This story is from the June 12, 2023 edition of Financial Express Mumbai.
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