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Final batch of supplementary demands tabled

Our Bureau

New Delhi, Feb. 18 The Government on Wednesday sought Parliament approval for gross additional expenditure of Rs 4,71,718.53 crore for 2008-09 including net cash outgo of Rs 10,765.48 crore.

The Minister of State for Finance, Mr Pawan Kumar Bansal, today tabled the statement on the third and final batch of supplementary demands for grants in the Lok Sabha for this purpose.

While the net cash outgo under the third and final batch of supplementary demand for grants was Rs 10,765.46 crore, the balance additional expense of Rs 4,60,951.89 crore are proposed to be met out of savings of various ministries and departments.

The additional expense include provision for issuing oil bonds to the tune of Rs 10,000 crore to oil marketing companies during 2008-09. There would be no cash outgo for the oil bonds.

Of the net cash outgo of Rs 10,765.46 crore, the big-ticket expenses include Rs 1,000 crore additional payment to Nabard towards interest subvention for providing short-term crop loans to farmers for the year 2008-09, payment of Rs 625 crore towards contribution to Securities Redemption fund for redeeming securities against subscription to the rights issue of equity shares of State Bank of India.

The Government also proposes to spend Rs 473.76 crore towards meeting additional requirement for compensation to State Governments for revenue loss due to introduction of value added tax.

It would also provide equity support amounting to Rs 200 crore to Export-Import Bank of India and Rs 300 crore to India Infrastructure Finance Company Ltd. Plans are afoot to make additional payment of Rs 156.89 crore to International Monetary Fund on account of the enhancement of the quota of India’s capital payments.

Subsidy to Cotton Corporation of India amounting to Rs 508.90 crore has been provided for An amount of Rs 212 crore has been provided as additional relief towards damage to residential properties in 2002 Gujarat communal riots.

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