Ministry of culture revamps funds release norms | delhi | Hindustan Times
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Ministry of culture revamps funds release norms

In a major departure from the existing practice of release of funds in three instalments of 40 per cent, 30 per cent and 30 per cent, the Union Ministry of Culture has decided to release funds to its 41 autonomous organisations in two instalments of 75 per cent and 25 per cent.

delhi Updated: Sep 24, 2010 00:03 IST
HT Correspondent

In a major departure from the existing practice of release of funds in three instalments of 40 per cent, 30 per cent and 30 per cent, the Union Ministry of Culture has decided to release funds to its 41 autonomous organisations in two instalments of 75 per cent and 25 per cent.

The decision will enable the various autonomous bodies under the ministry to plan their activities well in advance and for better expenditure management, a spokesperson said.

The first instalment of 75 per cent will be paid for recurring grants on the basis of provisional Utilisation Certificate (UC) of the preceding financial year.

“The unspent balance/carry forward funds of the previous year would be deducted at time of release of the 1st installment itself,” the spokesperson said.

The release of the instalment, however, would be will be subject to the ceiling of 1/6th of the total Budget Estimates (BE) of the ministry as a whole, during ‘Vote on Account’ period.

The second instalment of 25 per cent will be released after the autonomous body submits its annual statement of accounts, and the final Utilisation Certificate for the previous year.

The organisation will also have to ensure that it has utilised the earlier release of 75 per cent funds, and finalise its revised estimates.