State govt lifts treasury restrictions

TIMES NEWS NETWORK

Thiruvananthapuram:  23.05.2020

The state government has lifted the long-standing treasury restrictions in the payment of bills above Rs 5 lakh.

According to a statement from the office of finance minister T M Thomas Isaac here on Thursday, the government has given instructions to clear bills up to Rs 5 crore.

Since the finance of the government was running through a rough patch, all bills above Rs 5 lakh were given clearance only after obtaining special permission.

Priority for clearing the pending bills would be based on how long it had been pending with the treasury, the statement said.

Owing to severe financial constraints, the state government has recently offered bill discounting facility for contractors so that they can get the amount released from banks if they are willing to pay them certain interest.

Those who did not receive the payments even after opting for the bill discounting system would also benefit from the lifting of the restrictions.

According to a statement from the office of finance minister T M Thomas Isaac on Thursday, the government has given instructions to clear bills up to Rs 5 crore