SHILLONG, Aug 10: The state Cabinet has decided to increase the corpus of the Meghalaya Contingency Fund from Rs 305 crore to Rs 505 crore to meet additional and unforeseen expenditure by different departments.
Chief Minister Conrad K Sangma told reporters that a number of projects are being executed under the Contingency Fund of Meghalaya Act, 2017. “Since the amount has been already utilized, it has been amended and revised to Rs 505 crore,” he said.
Meanwhile, the Cabinet also approved amendments to the Meghalaya Fundamental Rules and Subsidiary Rules 1984 & the Meghalaya Delegation of Financial Powers Rules 2006, delegating additional power to the Director of Dairy Development to act as head of the department.
The Cabinet also discussed the nomination of VIPs to take the salute in various locations across the state during the Independence Day celebrations.
Meanwhile, the Department of Expenditure, Ministry of Finance on Tuesday released the fifth monthly installment of Post Devolution Revenue Deficit (PDRD) Grant of Rs 106.58 crore to Meghalaya.
With this fifth installment, a total amount of Rs 532.92 crore has been released to the state in the current financial year.
The Post Devolution Revenue Deficit Grant is provided to the States under Article 275 of the Constitution. The grants are released as per the recommendations of the 15th Finance Commission in monthly installments to meet the gap in revenue accounts of the states post devolution.
Meghalaya is one of the 17 states recommended for PDRD Grant by the 15th Finance Commission.
