Financial year ends in three Years, Arjun wants Government to release Rs 867 crore today

Despite opposition by Finance Minister P Chidambaram and a Supreme Court stay on more quota in higher education institutions, Human Resource Development Minister Arjun Singh wants the Cabinet to release Rs 867 crore at the fag end of the fiscal year.

With three days left for the fiscal year to come to a close, Arjun Singh has insisted that the money be released in the current financial year so that IITs and medical institutes can be expanded as promised in the 2007-08 Budget.

This is despite a "strong rebuttal" by the Finance Ministry which said that it did not have money to spare during the current fiscal ending March 31. It also said that any approval would violate the fiscal prudence norms (to rein in expenditure) that were circulated to all ministries last November.

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Budget set to waive small, marginal farmer loans

Union Finance Minister P Chidambaram, in his 2008-09 Budget, is set to announce a complete waiver of loans owed by small and marginal farmers, an enhanced subsidy on fertilisers and full reimbursement of actual freight incurred in moving fertilisers.

The write-off of loans owed by the small and marginal farmers - with landholding below 5 acres - and the interest thereon, is a one-time concession. For those with bigger landholding, the remaining 20 percent of the farm community, the relief would be partial providing for a 25-percent rebate on outstanding dues, provided they pay off the 75 percent over three years beginning next fiscal year.

Sources said that about Rs 50,000 crore would be earmarked for the write-off with pro visions made out of the budget without any additional less on the taxpayers.


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