Bhopal: Semi-Govt Bodies Won’t Be Able To Keep Interests On Govt Funds

Bhopal: Semi-Govt Bodies Won’t Be Able To Keep Interests On Govt Funds

Finance directs these organisations to deposit interests on money once in three months

Staff ReporterUpdated: Sunday, November 26, 2023, 12:29 AM IST
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Bhopal (Madhya Pradesh): The finance department has begun to search for new ways to generate funds for the cash-strapped government.

The department has issued an order that semi-government organisations will not be allowed to keep the interests on government funds.

The semi-government organisations like development authorities, corporations, Mandals, cooperative societies and other organisations keep the funds they receive from the government for construction and other works in their accounts.

These organisations sometimes give the money to other institutions for construction work.

The interests they receive from other organisations on the government funds are for departmental works.

The amount of interests has to be deposited in the treasury once before the fifth day of every three months and its reports to be submitted before the 15th of a month.

The semi-government organisations continue to get funds for the central projects, too. But they will not be able to keep the interests on this amount.

The order of the finance department has shocked the semi-government organisations which keep crores of rupees earned through interests in their accounts and spend it to meet their needs.

The finance department’s order may give some relief to the state which is facing financial crunch and taking loans.

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