The Union Finance Ministry on Friday (February 23) asked departments and ministries to surrender savings or funds that were allocated by the Budget for the current financial year 2023-24, but have not been spent.
The last date for accepting the surrender of savings anticipated in the grants for 2023-24 has been fixed as March 8, 2024, the Department of Economic Affairs said.
"It is therefore requested that the surrenders of savings under each unit of Appropriation may be sent to Budget Division, Ministry of Finance latest by 08th March 2024," an office memorandum issued by the Department of Economic Affairs said.
"The ministries/Departments are also requested to furnish the details of excess or shortfall in recoveries, receipts if any, in the respective grants against the original estimates or recovery, while intimating the surrender of savings," it said.
"Although under a gross system of budgeting, it is not necessary to surrender the recoveries, the excess or shortfall in recoveries, receipts are required for a review of the budgetary position with reference to the sanctioned provisions and to arrive at the net amount of surrender during the year," Department of Economic Affairs added.
(Edited by : Shoma Bhattacharjee)
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