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Saturday, December 12, 1998 |
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Rs 350 crore advance for
Punjab CHANDIGARH, Dec 11 The Punjab Government today got a reprieve when it was allowed a temporary "ways and means" advance of Rs 350 crore to tide over its financial crisis. The State had an overdraft of Rs 480 crore, which had crossed the Reserve Bank of India norm of 10 days. Consequently, treasury transactions had come to a halt. The Principal Secretary, Finance, Mr Rajan Kashyap, said the cheques being issued were now being honoured by the banks. Meanwhile, in a statement today, the Finance Minister, Capt Kanwaljit Singh, dubbed yesterday's news report in these columns as "totally baseless" that Punjab had gone bankrupt. He regretted that "our transparent and positive initiative in financial management has been ignored and blown out of context". Mr Kanwaljit Singh claimed that as of today the Government was meeting all its financial commitments and every single cheque issued by the Government "is honoured by the banks". The State had already evaluated the financial situation. A specific "action plan" would be adopted within a week in the light of the final report of a committee of Ministers headed by him. The current fiscal balance, he said, was caused due to policies followed by respective Governments or under President's rule in the past 15 years or so, which were inconsistent with prudent fiscal management. To face the "inherited legacy", the government resolve was to impose fiscal discipline in expenditure and also to mobilise sufficient resources to meet its commitments for the ambitious development programmes. Meanwhile, the Punjab Pradesh Congress General Secretary, Mr Avtar Singh Brar, has expressed "deep concern" over the precarious financial state of the Government and blamed the SAD-BJP coalition for the same. In a signed statement, Mr Brar recalled how the economy was put on a fast track when the Congress was in power in the past five years and how Punjab had received a setback now. Even the statements of the SGPC president, Mr Gurcharan Singh Tohra, and the Akal Takht Jathedar, Bhai Ranjit Singh, were pointers to the failure of the Government. |
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