State faces over Rs. 274 cr overdraft, puts on hold all recruitmentsIMPHAL | Jun 12
The state Government is currently facing financial crisis with an overdraft of Rs 247.48 crore exceeding 36 days in a quarter, as per the scheme of ‘Ways and Means Advances’ to state government for the year 2019-20.
Apparently, taking up austerity measures, the department of Personnel and Administrative Reforms today put on hold any recruitment process currently undertaken by any departments for regular, contractual, casual and adhoc, with immediate effect. In an order the department said that no further recruitment process shall be resumed without specific permission or instruction from the department of personnel.
Chief minister, N. Biren Singh has convened a meeting at his office secretariat this evening to discuss the financial crisis. The Reserve Bank of India on Tuesday banned all transaction of funds from the account of Manipur Government with effect from June 12 for having overdrawn in excess of arrangements agreed upon with the bank.
Assistant general manager of RBI, Anita Kumari in a statement to the chairman State Bank of India (SBI), has asked to stop payment to the government of Manipur with effect from June 12 and convey the same to its branches engage in transaction with the state (Manipur).
“The account of the Government has been overdrawn in excess of the arrangement agreed upon with the Reserve Bank of India. It has therefore been decided as per extant procedure, to stop payments of Government of Manipur with effect from June 12.”
RBI as a banker to State can also suspend payments should the overdraft of the state continues for more than fourteen consecutive working days or the overdraft exceeds 100 percent of Normal WMA limit for five consecutive working days on second or subsequent occasion in the financial year.
Noted economist of the State, professor, Amar Yumnam of Manipur University, observed that the Government employees will be the ones to bear the immediate brunt of the financial crisis.
If the situation persists, which presume could continue for few months, Manipur Government eventually will not be able to pay salary, pensions besides transactions of contract bills and relevant works thereby demoralising the employees.
He said that the Government should have anticipated the financial crisis two months back for it was also reflected in the CAG report. The Professor observed that immediate way out of it would be the intervention of the centre in the form of loan to the State as there are no resources with the Government to clear its debt.
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