Kerala Rejects Union's Offer To Allow Borrowing Of Rs 5K Crores With Conditions, Urges Supreme Court To Hear Suit On Merits
1 year ago

Kerala Rejects Union's Offer To Allow Borrowing Of Rs 5K Crores With Conditions, Urges Supreme Court To Hear Suit On Merits

Live Law  

".in view of the court's suggestion, we can allow 5,000 crores that will be deducted from net borrowing ceiling for first nine months.Subject to certain conditions," ASG said. Court suggests that the State accept the Union's offer; State rejects citing Union's conditions During the hearing, the bench suggested that the State accept the Rs 5000 crores. Conditions put by Centre to allow borrowing of Rs 5000 crores ASG read out from the note as follows : “Giving utmost consideration to the suggestion of this court, as a very special and exceptional measure, not to be used or cited as a precedent by any other state or on any other occasion, in order to help the State of Kerala to tide over its financial crisis and meet its financial liabilities, if the court should desire, the Government of India is ready to give its consent for borrowing of Rs 5,000 crores subject to the following conditions: 1. The law officer also raised apprehensions that allowing a borrowing consent of Rs 15,000 crores, as requested by the state government, might propel the state into a financial crisis.

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History of this topic

Kerala CM slams union budget for ignoring state's demands
1 month, 3 weeks ago

Kerala CM slams union budget for ignoring state's demands

Deccan Chronicle  

Thiruvananthapuram: Kerala Chief Minister Pinarayi Vijayan criticized the union budget on Saturday for neglecting the state's major demands across different sectors. Vijayan also mentioned that the Centre has continued to overlook the state's long-standing demands, including the establishment of an AIIMS and a railway coach factory. Chief Minister Vijayan stated that the Union Budget has turned into a political document …

Kerala facing a very serious liquidity crunch, demands ₹24,000 crore special package
9 months ago

Kerala facing a very serious liquidity crunch, demands ₹24,000 crore special package

Op India  

The CPI government of Kerala, facing an acute liquidity crisis, has made a new request for financial support from the Modi government. The Kerala finance minister added that despite taking possible measures to enhance its own tax revenue and non-tax revenue, the state is “going through a very serious liquidity crunch”. He also claimed that Kerala is contributing towards aspects …

Supreme Court reserves order on Kerala’s borrowing limit challenge
1 year ago

Supreme Court reserves order on Kerala’s borrowing limit challenge

Live Mint  

The Supreme Court has reserved its judgment in the case regarding borrowing limits between the Union government and the state of Kerala. Kerala filed the suit against the Centre under Article 131 of the Constitution, contesting the Union's norms on borrowing limits and highlighting the unique financial landscape of the state. Senior advocate Kapil Sibal representing Kerala argued that the …

Kerala govt. refusing Centre’s ₹5,000 cr. one-time package is treachery, says Union Minister V. Muraleedharan
1 year ago

Kerala govt. refusing Centre’s ₹5,000 cr. one-time package is treachery, says Union Minister V. Muraleedharan

The Hindu  

The Kerala government refusing ₹5,000 crore, the one-time package offered by the Centre as per the suggestion of the Supreme Court, is “treachery and a challenge to the people of Kerala,” Union Minister of State for External Affairs V. Muraleedharan has said. Speaking at a Face to Face programme organised by Kollam Press Club here on March 13, Mr. Muraleedharan …

Allow Additional Borrowing By Kerala Before March 31 As One Time Measure Subject To Adjustment Next FY : Supreme Court Urges Union
1 year ago

Allow Additional Borrowing By Kerala Before March 31 As One Time Measure Subject To Adjustment Next FY : Supreme Court Urges Union

Live Law  

The Supreme Court on Tuesday urged the Union Government to relax the borrowing limits for the State of Kerala for the current financial year before March 31, 2024 as a one-time measure as a special case. The Court suggested that more rigid conditions can be imposed for the next financial year.Additional Solicitor General for India N Venkataraman, despite raising initial …

Centre rejects state’s demand for Rs 19,370 crore additional borrowing
1 year ago

Centre rejects state’s demand for Rs 19,370 crore additional borrowing

New Indian Express  

THIRUVANANTHAPURAM : Once again, the Kerala government will move the Supreme Court against the Union government as the latter has rejected the demand for borrowings worth Rs 19,370 crore, in addition to the Rs 13,608 crore ordered by the Supreme Court. The talks between the Union and state governments on the issue of additional borrowing space were held in Delhi …

Centre dismisses Kerala’s request to borrow additional ₹19,370 crore
1 year ago

Centre dismisses Kerala’s request to borrow additional ₹19,370 crore

Hindustan Times  

The Centre declined the request of Kerala government to borrow an additional ₹19,370 crore in the current fiscal year in the discussions held with Union finance ministry officials in New Delhi on Friday, the state’s chief secretary V Venu said. Officials from Kerala led by the chief secretary had met Union finance ministry officials in Delhi following the directions of …

Supreme Court advises Kerala to take ₹13,608 crore offered by Centre
1 year ago

Supreme Court advises Kerala to take ₹13,608 crore offered by Centre

The Hindu  

The Supreme Court on Wednesday nudged Kerala to meet the Centre’s team a second time and accept the ₹13,608 crore on offer to tide over the immediate financial emergency looming in the State. Accept the conditions, except withdrawal of this suit filed in the Supreme Court, to resolve the immediate emergency,” Justice Surya Kant, heading a Bench comprising Justice K.V. …

Centre disburses Rs 4,122 crores to Kerala
1 year ago

Centre disburses Rs 4,122 crores to Kerala

New Indian Express  

THIRUVANANTHAPURAM: An amount of Rs 4,122 crore sanctioned by the Centre as tax devolution and IGST settlement has helped the state government weather the financial crisis, at least for the time being. The Centre had put on hold the allocation of an additional borrowing space worth Rs 13,609 crore following the court case. The state government would seek an interim …

Will Allow Additional Borrowing By Kerala If They Withdraw Suit, Centre Tells Supreme Court
1 year, 1 month ago

Will Allow Additional Borrowing By Kerala If They Withdraw Suit, Centre Tells Supreme Court

Live Law  

The Supreme Court was informed on Monday that talks to resolve the deadlock between the Centre and the State of Kerala over the former's curbs on the state's borrowing limits has not yielded any results.A bench of Justices Surya Kant and KV Viswanathan was hearing the Kerala government's prayer for interim relief in its suit filed against the Union of …

Kerala’s borrowing limit cut drastically: Balagopal
1 year, 10 months ago

Kerala’s borrowing limit cut drastically: Balagopal

The Hindu  

In a move that could severely affect State finances, the Centre has drastically cut down the State’s borrowing limit, Finance Minister K.N. According to the Minister, the State would be deprived of about ₹20,000 crore due to the slashed borrowing limit and revenue deficit grant in 2023-24. The State’s open market borrowings had come under the spotlight after the Centre …

Give Kerala Rs 2,600 cr if you want to reject UAE's offer: CPI to Centre
6 years, 7 months ago

Give Kerala Rs 2,600 cr if you want to reject UAE's offer: CPI to Centre

India TV News  

Give Kerala Rs 2,600 cr if you want to reject UAE's offer: CPI to Centre The BJP-led NDA government at the Centre was "unofficially" saying that it was following the policy of the previous UPA government of not taking foreign assistance in case of natural disasters, he said. Suravaram Sudhakar Reddy, the national general secretary of the CPI -- the …

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