Financial difficulties in the state have worsened. The state has already utilized all the financial facilities provided by the Reserve Bank.
If this continues, the deadline will be over,
Reserve Bank warns the state
today – Amaravati
come onEconomic difficulties in the country worsened. The state has already utilized all the financial facilities provided by the Reserve Bank. The first days of December are spent in overdraft (OD) with the special drawing facility, exceeding the fat limit. RBI has already warned that the state will cross the OD limit if it does not wake up. Even till the 8th of this month, Andhra Pradesh is still in overdraft. According to reliable sources, the latest conditions are also at the same level. In these circumstances, Rs.2 thousand crores are required to get the salaries of the remaining employees and the pensions of the retired employees. With this, the month of December is very heavy. The financial conditions of the state are very difficult. Until recently, the days were pushed by borrowing. Now Appu is not born. For the second week in a row, the government is not participating in securities auctions. According to the securities auction bulletin issued by the RBI, Andhra Pradesh is not borrowing in the open market on Tuesday. This situation has arisen due to already incalculable debts. The loan limit given by the Center for the first nine months period has been exceeded, and after using the additional funds given in the form of implementation of electricity reforms, there is no more borrowing situation. As a result, the state is in overdraft. They have to spend the income received to get out of OD. As a result, the state is in overdraft. They have to spend the income received to get out of OD. As a result, the state is in overdraft. They have to spend the income received to get out of OD.
RBI Warnings
RBI General Manager wrote a letter to Rawat, Special Principal Secretary, State Finance Department, on 9th of this month, warning about the overdraft situation. If the state is in OD beyond certain limits, the RBI, which is the banker of the state, will stop payments. Even if the state government is in OD for 14 consecutive working days or is in overdraft for more than 5 consecutive working days beyond its normal ways and means total limit, payment of bills will be suspended. We will stop payment of bills if they remain in OD for more than 36 days in a quarter. Andhra Pradesh government’s account in the Reserve Bank remained in overdraft for seven consecutive working days from December 1 to 8. The state has already been in OD for 19 days in this quarter. If the current conditions continue like this, the remaining 14 days limit will be exceeded by December 17,’ the letter warned.
