SNA
PM Modi-led govt reshaped Budget in last 10 years: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman highlighted that over the past decade, the Modi government has transformed the Union budget from a simple expenditure record into a strategic roadmap for equitable distribution. The minister emphasized the government's commitment to optimizing the utilization of taxpayers' money by ensuring it is allocated for the most effective purposes.
Govt's cash balance surges, banks starve
The ongoing general elections have led to a surplus in government cash balances, impacting the banking sector due to reduced spending. The Centre's adoption of efficient fund management practices has resulted in over ₹3 lakh crore in cash balances, affecting borrowing costs and liquidity in the market.
If this is Rafael Nadal's last French Open, it should be similar to Serena Williams' last US Open
The upcominf French Open could be Rafael Nadal's final French Open. The 37-year-old Spaniard faces uncertainties around his health and performance. Nadal's remarkable career and dominance at Roland Garros have made him a legendary figure in tennis. His legacy and impact on the sport is celebrated by fans, players, and fellow athletes.
Govt's JIT plan for cash flows may trigger reset of liquidity variable
Indian lenders adapt to JIT tool with SNA 'SPARSH' for timely fund releases, impacting liquidity in state schemes. RBI utilizes e-Kuber for payments, potentially affecting 24x7 banking demands.
Unspent Central funds to states to be settled in real time from Apr 1
Starting April 1, the settlement of unspent funds from the Centre to states through the single nodal agency (SNA) will occur within a day, eliminating the need to park it outside the government account for more than 24 hours. This move aims to make fund usage more efficient and transparent. The Department of Expenditure and the Reserve Bank of India are upgrading the SNA system to settle the unused amount in real time, thereby preventing disputes over interest payments on unspent funds.
Meta floats charging $14 a month for ad-free Instagram or Facebook in Europe
Under the plan, Meta has told regulators it would charge users roughly 10 euros ($10.46) a month on a desktop for a Facebook or Instagram account, and roughly 6 euros for each additional linked account, the report said.
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Why India needs to fill the GDP data gap at the earliest
It is correct that base year revision will result in capturing a lot of new activities in recent years, and shall have an impact on the estimates of GDP/GVA. However, it is difficult to predict whether it will result in revision of growth rates upwards or downwards.
Centre tightens fund flow rulebook for CSS schemes; brings penal interest clause
Any delay beyond 30 days would attract a 'penal interest' of 7 per cent per annum. This 'penal interest' by a state that delays prescribed fund flow will be transferred to the Consolidated Fund of India.
Parliamentary panels unhappy with funding delays by ministries
Factor this, the school education department was provided an outlay of '37,383.36 cr in BE 2022-23. However, at RE stage, it was reduced to '32,151.66 cr. Of this, the department was able to utilize only '19,926.23 crores till January 31, 2023, a parliamentary committee report notes.
Making a case for changing base year for GDP calculations
Krishnamurthy Subramanian's hypothesis is that base effect underestimates actual GDP growth during the lifecycle of revisions to GDP. He espouses a new statistical methodology 'without base adjustment's and estimates the GDP growth numbers for FY23. These, according to him, reflect the true picture of GDP growth. Further, while arriving at the quarterly estimates for Q3 2023, he assumes that the revision in annual growth numbers is evenly spread across quarters.
All ministries, departments to be on E-bill platform by March 2024
The finance secretary cited the example of how data analytics had helped the Centre to detect that some states were parking money from a single nodal agency (SNA) bank account to some other bank account, which is prohibited under law.
Fund diversion not possible in centrally-sponsored schemes: Bengal officials
If the state government does not put a matching share of central funds within 40 days of the credit of central funds in the Single Nodal Accounts (SNA), 75% of the unutilised funds gets returned. The state government has to credit the central funds in the Single Nodal Account within 21 days after being credited in the state consolidated fund by the central government, people in the know said.
Finance min's central nodal agency model: Best value realisation of taxpayers' money
In the last two years, the finance ministry has ushered in a set of public financial management reforms that aim at better cash management and best value realisation for every rupee spent by the government.
Unused budgeted funds may lead to ₹80,000 crore savings for Centre
The savings of over 2% on the ₹39.4 lakh crore budget gives the government some fiscal room to absorb any additional demand, helping it stay within the targeted fiscal deficit of 6.4% of GDP.
View: What needs to be done to bring path-breaking efficiencies in public spending in India
In the present public accounting system, which has largely remained unchanged since Independence, the funds against sanctioned budgets are sent from the central to state governments in periodic intervals, ahead of any actual expenditures being incurred by the latter, or on the submission of a statement by the state in the form of a utilisation certificate (UC).
Ukraine resort to desperate tactics that could lead to major disaster in Europe
Kyiv has been accused of striking a jail holding Ukrainian prisoners of war in eastern Ukraine, killing 40 detainees and injuring 75 including some who had defended Mariupol’s Azovstal steel plant. The Russian defence ministry alleged that a HIMARS missile strike hit a pre-trial detention centre in Olenivka, in the separatist-held region of Donetsk.
KCR flags delay in flow of Central funds, claims "lopsided" policies stalling State's progress
At a cabinet meeting chaired by Chief Minister KCR, the finance department made a presentation and the State cabinet held a comprehensive discussion on the state's economic situation.
Park grants in nodal A/C or they'll be put back in Consolidated Fund, states told
Union ministries have shot off a flurry of communication to the chief secretaries of several states last week, warning that failure to transfer the full central share of funds for 2021-22 for each such scheme to the designated Single Nodal Agency (SNA) by July 20 (the last date set by the Department of Expenditure) will result in the amount returning to the CFI.
Turkey under lens for 'rotating' Syrian mercenaries in Libya
The UN investigators alleged that Alaa al-Junaid, commander of the Hamza division of the Turkish-backed opposition Syrian National Army (SNA), visited members of his forces at the Tikbali camp in Tripoli on May 19, 2021. The report also included remarks of SNA Colonel Fadl Allah Hajji, who said in an interview on July 18, 2021 that sending Syrian fighters to Libya was "part of a strategic plan of the cooperation between the SNA and the Turkish Army."
Regulatory bodies must be ahead of curve, become digitally savvy: FM Nirmala Sitharaman
Speaking at a Ministry of Corporate Affairs (MCA) event marking the ongoing weeklong celebrations of 'Azadi ka Amrut Mahotsav', Sitharaman said NFRA will have a larger role to play, and the government intends to soon refer a few cases to NFRA for regulatory consideration.
Single Nodal Account dashboard to make governance more transparent, realise better value of every rupee spent: FM Sitharaman
Speaking at the event, Sitharaman said about Rs 4.46 lakh crore gets transferred to states by way of Centrally Sponsored Schemes and SNA would bring about greater transparency in the spending of the amount.
How to revolutionise fiscal transfers from the Centre to states
As no time limit was prescribed for release of funds from state treasuries to implementing agencies (IAs), the fund transfer was based on liquidity position and priorities of the state governments.
FM Nirmala Sitharaman to launch single nodal agency dashboard on Tuesday
"The dashboard depicts releases made to different states by ministries, further releases made by state treasuries to the SNA accounts, expenditure reported by the agencies, interest paid by banks to SNA accounts etc. in intelligible, informative and visually appealing graphics," the ministry said.
Neo-Nazis Azov battalion is Ukraine’s controversial custodian
Azov began as a military infantry unit made up of civilian volunteers drawn from far-right, neo-Nazi groups that were active in Ukraine, such as the Patriot of Ukraine gang and the Social National Assembly (SNA). Interestingly, The Washington Post in a recent article referred to right wing Nazi tendencies of Azov battalion.
Rs 6,000 crore coal scam in Gujarat in 14 years, alleges Congress
Addressing a news conference in New Delhi on Wednesday, AICC spokesperson Gaurav Vallabh said the UPA government had formulated a policy in 2007 to provide good quality coal at affordable rates to small industries.
SBI rejects Andhra Pradesh government's Rs 6,500 crore overdraft
With its coffers completely dry, the state government sought the overdraft to be used as working capital by five nodal implementing agencies "against securitisation of fund balances available in the Single Nodal Accounts (SNA)."
Centre tightens rules of grants, ropes in RBI for disbursal of funds to states
Over the years, Centrally Sponsored Schemes had become one of the largest financial outgo for the Centre and several committees and finance commissions have recommended its heavy pruning and rationalisation to make it more effective.
NERPAP: Election Commission not to link poll rolls to Aadhaar data
The EC has suspended its five-month-old project to clean the electoral rolls by linking voter I-card details with Aadhaar data.
Ashok Chavan failed to lodge poll expenses as per law, says Election Commission
Setting a 20-day deadline to respond to the notice, the Commission said he has “failed to lodge his account of election expenses in the manner required by RPA.
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