March 11, 2016 5:31 PM

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Supplementary Demands for Grants for current fiscal: Govt seeks Parl's approval for gross additional expenditure

Government today sought Parliament's approval for gross additional expenditure of over 1.12 lakh crore rupees as part of the third and final batch of Supplementary Demands for Grants for the current fiscal. A bulk of this amount is meant for increasing India's quota in the International Monetary Fund (IMF). While seeking the supplementary demands, Finance Minister Arun Jaitley said of this, the proposals involving net cash outgo aggregates to over 27,770 crore rupees. The gross additional expenditure, matched by the savings in the Ministries and Departments is around 84,851 crores rupees. Mr Jaitley said over 69,575 crore rupees is needed for subscription to the IMF to meet India's quota increase. However, after taking into account additional receipts of 52,181 crore rupees by issue of securities, monetizing around 17,394 crore rupees through India's special drawing rights, SDR, held by RBI. The Minister also sought 5,050 crore rupees for meeting the additional expenditure to recapitalise the public sector banks and 15,000 crore rupees for subsidy to the Food Corporation of India.

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