Financial crisis: Bills over Rs 10 lakh needs approval

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Thiruvananthapuram: To tackle the ongoing financial crisis, the Kerala government has decided to place severe restrictions on bills to be cleared by the state treasury. As a result, Finance Department's approval is mandatory to exchange bills above Rs 10 lakh. The restriction will continue until further orders.

Earlier, permission was needed only for bills above Rs 25 lakhs. However, the financial constraints have forced the government to take drastic measures in recent months. Further, the authorities are concerned over whether the state may face an overdraft if the situation persists even after imposing severe restrictions.

Further, the state has demanded the union government increase the state's borrowing limit. In January, the union government issued a notice informing their decision to decrease the state's borrowing limit.

Meanwhile, the government is hopeful that the union government will allocate Rs 4060 crore to cover costs incurred on modernising KSEB. The Finance department officials informed that bills concerning the same were submitted to the union government.

In addition, Kerala will receive the outstanding amount of Rs 780 crore of GST compensation from the union government.

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