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Amid pandemic, no new scheme funding likely in FY21
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SME Times News Bureau | 05 Jun, 2020
Government has suspended expenditure on all new and approved public
funded schemes and projects of ministries during the current financial
year in wake of Covid-19 pandemic that has put unprecedented dem and on
public financial resources.
Accordingly, ministries have been
told that no new schemes and sub-schemes should be initiated in FY21
excerpt those announced under Pradhan Mantri Gareeb Kalyan package, Atma
Nirbhar Bharata Abhiyan package and any other special package and
announcement made by the government during the course the year counter
adverse impact from coronavirus outbreak.
According to an office
memorandum of department of expenditure in the Finance Ministry, the
changes has been made as there is a need to use resources prudently in
accordance with emerging and changing priorities.
Despite the
new economic packages announced by the Centre over last couple o f
months, expenditure department has been flooded with requests from
ministries seeking ain-principle' approvals for new proposals and
schemes.
As per the finance ministry's decision, even approved
schemes upto Rs 500 crore will remain suspended in FY21 or till further
orders, whichever is earlier.
However, all ongoing schemes whose
continuation in current fiscal got approval from the finance ministry
in January will continue to operate till March 31, 2021 or till the date
15 Finance Commissions recommendations come into ef fect, whichever is
earlier. The continuation of these schemes will be based o n outcome
review based on evaluation.
The continuing schemes will need to
be appraised and approved further for th e period of 2021-22 and 2025-26
after 15th Finance Commission's recommendations are accepted and
resource position of public exchequer is clear, the finance ministry
office memorandum has said.
Finance ministry has decided not to
release any funds for scheme this year that are not in conformity to
its above guidelines. No budgetary provisions will be made available by
re-appropriation to such schemes.
An exception to the new austerity measure of the finance ministry can only be made with its specific approval.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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₹95.3
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₹93.6 |
UK Pound
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₹127.7
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₹123.7 |
Euro
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₹110.65
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₹106.9 |
| Japanese
Yen |
₹59.75 |
₹57.9 |
| As on 24 Jun, 2026 |
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