Finance Ministry Releases Rs 15,187.50 Cr to States as Rural Local Bodies Grant
- The finance ministry on Wednesday released Rs 15,187.50 crore to 28 states as grants to rural local bodies to help them restart economic activity.
- Based on the recommendations of the 15th Finance Commission, @FinMinIndia today (Wednesday) released Rs 15,187.50 crore to 28 states as the 1st installment of Rural Local Bodies Basic (Untied) Grants for 2020-21,” the Office of Finance Minister Nirmala Sitharaman tweeted.
- This amount would enable the rural local bodies to fight the coronavirus pandemic and restart economic activities, it added.
- “The states (state finance department) shall transfer grants-in-aid within 10 working days of receipt from the Union government. Any delay beyond 10 working days will require state governments to release the same with interest,” the Department of Expenditure under the finance ministry said.
- The basic grants can be used by the local bodies for location-specific felt needs, except for salary or other establishment expenditure, the department added.
About Finance Ministry-
The Ministry of Finance is an important ministry within the Government of India concerned with the economy of India, serving as the Indian Treasury Department.In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget.
- Formed – 29 October 1945
- Headquarters – New Delhi
- Union Minister– Nirmala Sitharaman
- Minister of State (MoS)– Anurag Singh Thakur
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