M A I N   N E W S

Rs 676.64 cr outlay for Chandigarh
Tribune News Service

NEW DELHI, Feb 29 — The total expenditure for the Union Territory of Chandigarh for 2000-2001 has been fixed at Rs 676.64 crore up from Rs 632.16 crore last year.

This is marginally higher than the revised estimates for 1999-2000 of Rs 676.39 crore.

Of the total expenditure Rs 656 crore would constitute revenue expenditure while the remaining Rs 20.64 crore would constitute capital expenditure.

The revenue expenditure for 2000-2001 is higher by Rs 5.55 crore than the revised estimates of 1999-2000. The revised estimates of revenue expenditure for 1999-2000 is Rs 651.45 crore.

The capital expenditure for 2000-2001 shows a decrease of Rs 20.64 crore than the revised estimates of 1999-2000. The revised estimates of capital expenditure for the previous fiscal year is Rs 24.94 crore, much lower than the budgeted estimates of Rs 31.40 crore.

On the revenue side, the total revenue for 2000-2001 is estimated to be Rs 495 crore, up by Rs 6 crore of the revised estimates of 1999-2000.

The budget for 2000-2001 estimates a marginal increase in tax revenue than the revised estimates of 1999-2000. The tax revenue for 2000-2001 is estimated to be Rs 257 crore higher by Rs 3 crore than the revised estimates of last year.

The non-tax revenue for 2000-2001 is estimated to Rs 238 crore, up from Rs 235 crore the revised estimate of 1999-2000.

The revised estimates of non-tax revenue for 1999-2000 was much higher than the budget estimates of Rs 229 crore.

GPF interest rate cut

NEW DELHI, Feb 29 (PTI) — The interest rate of General Provident Fund is being reduced by 1 per cent to 11 per cent from April 1 this year.

Presenting the Union Budget for 2000-2001 in the Lok Sabha, Finance Minister Yashwant Sinha said this was being done to align the GPF with the overall interest rate structure.

He said in order to reduce expenditure on account of debt-service payments, a portion of disinvestment proceeds would be earmarked for retiring government debt.

An initial provision of Rs 1,000 crore has been made in the Budget for this purpose.

He said further collective measures would be taken next year for promoting fiscal reforms in the states as the financial position of state governments had deteriorated sharply in the last few years.