Source: The Sangai Express
Imphal, January 20:
Despite Reserve bank of India lifting ban imposed on State Government transaction the Finance Department is facing a tricky situation of whether to recommend payment of salaries and pensions.
According to an official source, owing to overdraft amount incurred in the State account ordering for lift of restriction imposed on transaction would only aggravate the financial position and is likely to result in freezing of the current State account.
Moreover, the RBI will also resort to immediate process like re-imposing the ban and closure and State account for the current fiscal that further could lead to serious impediment on official procedure as passing revised budget in the State assembly would be an futile exercise in the backdrop of the RBI decision, explained the source.
The revised budget is passed by the vote of account in the State assembly.
A Finance Department official however confided that all avenues are being looked into for early release of salary and pension that requires a total amount of Rs 70 crore a month.




