Skip to main content

LS passes 4-month budget for U’khand

A day ahead of the floor test in the Uttarakhand assembly, the Lok Sabha passed a fourmonth budget of ` 13,640 crore for the state on Monday amid resistance from Opposition parties.
The Bill was passed by a voice vote.
Moving the Appropriation bill, Finance Minister Arun Jaitley said its passage was a “constitutional requirement”, even as Congress MPs staged a walkout in protest, while members of other Opposition parties, including the Trinamool Congress (TMC), Biju Janata Dal (BJD), Telengana Rashtra Samithi (TRS) and the Indian National Lok Dal (INLD) opposed the move.
“Parliament would have had to pass the bill – which makes funds provisions for a period of four months from April – even in the case of a popular government being installed in Uttarakhand after Tuesday’s floor test. Therefore, the timing of the decision to move the bill is not of consequence”, Jaitley responded to questions from Opposition MPs about the need to push through with the legislation.
Jaitley said the bill had no bearing on Tuesday’s Vote of Confidence in the state assembly, adding that the state government – current or new – would be free to come out with its own budget.
Citing the Supreme Court judgment in the SR Bommai case, TMC member Saugata Roy argued that the Centre should have waited for the outcome of tomorrow’s floor test in state assembly. “The sordid drama of the last few days has shamed democracy and both the Congress and BJP are responsible for this”, he said.
Hindustan Times New Delhi,10th May 2016

Comments

Popular posts from this blog

Budget: Startup sector gets new Fund of Funds, FM to allocate Rs 10K cr

  The Indian startup sector received a boost with Finance Minister Nirmala Sitharaman announcing the establishment of a new fund of funds (FoF) in the Budget 2025. The minister unveiled a fresh FoF with an expanded scope, allocating Rs 10,000 crore. The initial fund of funds announced by the government with an investment of Rs 10,000 crore successfully catalysed commitments worth Rs 91,000 crore, the minister said.   “The renewal of the Rs 10,000 crore commitment to the Fund of Funds for alternative investment funds (AIFs) is a significant step forward for the Indian startup and investment ecosystem. The initial Rs 10,000 crore commitment catalysed Rs 91,000 crore in investments, and I fully expect this fresh infusion to attract an additional Rs 1 lakh to Rs 1.5 lakh crore in capital,” said Anirudh Damani, managing partner, Artha Venture Funds.   Damani further added that this initiative will provide much-needed growth capital to early-stage startups, further strengthenin...

After RBI rate cut, check latest home loan interest rates of top banks for loans above Rs 75 lakh

  The Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points from 6.50% to 6.25% in its monetary policy review as announced on February 7, 2025. After the RBI repo rate cut, banks such as SBI, Canara Bank, PNB, and Union Bank among others have cut their repo linked lending rates. Most other banks are also expected to cut their lending rates in line with the RBI rate cut. After banks cut their lending rates, their home loan borrowers will have to pay less interest. Normally, when a lender cuts the lending rate, borrowers get two options: Either to go for a reduction in EMIs or reduce the tenure of the loan. The second option will help the borrowers clear their home loan outstanding faster. In case, the borrower goes for reduction in EMI then the lower lending rate of the lender would mean lower Equated Monthly Installment (EMI) for borrowers.   EMI is the amount you will pay on a specific date each month till the loan is repaid in full.A repo rate-linked home ...

GST collections rise 9.9% to exceed Rs 1.96 trillion in March 2025

  Gross GST collection in March grew 9.9 per cent to over Rs 1.96 lakh crore, government data showed on Tuesday. GST revenue from domestic transactions rose 8.8 per cent to Rs 1.49 lakh crore, while revenue from imported goods was higher 13.56 per cent to Rs 46,919 crore. Total refunds during March rose 41 per cent to Rs 19,615 crore. After adjusting refunds, net GST revenue stood at over Rs 1.76 lakh crore in March 2025, a 7.3 per cent growth over the year-ago period.       - Business Standard 02 th March, 2025