Telangana State seeks Rs.1,500 cr loan from RBI every month
Tue 22 Nov 2016, 10:28:56
The state government is seeking Rs 1,500 crore loan from Reserve Bank of India (RBI) every month to absorb post- demonetisation shocks. “We sought Rs Rs1,500 crore loan every month from the RBI on a temporary basis to meet the financial needs of the state,” finance minister E Rajender told on Monday.
Rajender held discussions with Union finance minister Arun Jaitley on Sunday and explained the financial situation of the state. According to Rajender, the state government put five proposals before the Union finance ministry, which included temporary loan facility of Rs 1,500 crore every
month.
month.
The state can avail Ways and Means Advance (WMA) of Rs 1,500 crore once in every three months. However, the state felt that it requires Rs 1,500 crore short-term loan every month to meet the needs in the wake of cancellation of big denomination notes.The other proposals made by Rajender to the Centre include relaxing Fiscal Responsibility and Budget Management (FRBM) rules and allow state to borrow more loans.
Once, the black money was sucked out of the market, the money would remain with the RBI. The state government sought a proportionate share in that money to all the states.
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