The move is expected to curb floating of funds and improve spending efficiency, besides reining in borrowing requirements. After a pilot, the new cash management measure came into effect last month for 28 CSS across 17 central ministries and departments under the SNA (Single Nodal Agency) SPARSH model. This is the second stage of 'just-in-time' release of central funds, a mechanism aimed at idling of funds.
AS MANY AS 21 states have already been onboarded for this initiative, sources said.
Prior to this, the Centre used to transfer CSS funds to state treasuries which, in turn, released these along with their CSS share (typically 40%) to bank accounts of state SNAs.
Despite just-in-time release instructions, some states delay the transfer of central funds as well as their shares to SNAs, halting implementation of the schemes and/or leading to misuse of central funds for nonscheme purposes by states to finance their fiscal deficits.
Bu hikaye Financial Express Mumbai dergisinin December 09, 2024 sayısından alınmıştır.
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Bu hikaye Financial Express Mumbai dergisinin December 09, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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