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Telangana Chief Minister may announce crop loan waiver on June 2

K Chandrasekhar Rao is likely to announce the third instalment of crop loan waiver to the tune of Rs 4,040 crore on June 2.

Published: 25th May 2016 06:37 AM  |   Last Updated: 25th May 2016 06:37 AM   |  A+A-

HYDERABAD: Chief minister K Chandrasekhar Rao is likely to announce the third instalment of crop loan waiver to the tune of Rs 4,040 crore on June 2, the state formation day, sources in the finance department have said.

The State Level Bankers Committee meeting, scheduled to be held on Thursday, is likely to approve the crop loan waiver.

The SLBC meeting, which will be addressed by finance minister Etela Rajender be addressed by finance minister Etela Rajender, will finalise the Kharif action plan and take a couple of other key decisions.

FRBM ACT: The state government is eagerly waiting for  central government’s formal notification on relaxing the rules of Fiscal Responsibility and Budget Management (FRBM) Act, 2003.

Even as the Union cabinet raised the FRBM limit from 3 to 3.5 per cent, Telangana is waiting for a formal notification by the Centre.

“We have State FRBM Act in Telangana. We have to adapt the same before June 2. Otherwise, the State FRBM Act should be placed before the State Legislative Assembly for making amendments,” an official in the finance department said.

If the Centre issued a notification before June 2, the state government can adopt and amend the existing State FRBM Act by issuing a GO, sources said.

Even if the Centre delays issuing notification on FRBM Act, the state will not suffer this year. “We cannot take entire loan at one go. We have 10 more months in this fiscal year to borrow loans as per the revised FRBM limits,” the sources said.



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