CURRENT AFFAIRS

Detailed explanation-1: -Centre releases ₹7, 183 crore as revenue deficit grant to 14 states. New Delhi: The central government has released ₹7, 183.42 crore as revenue deficit grant to 14 states including Andhra Pradesh, Punjab, Assam, Rajasthan and West Bengal for the month of November, the finance ministry said in a statement on Monday.

Detailed explanation-2: -86, 201 crore in 2022-23. The Department of Expenditure, Ministry of Finance has on Thursday released the 7th monthly instalment of Post Devolution Revenue Deficit (PDRD) Grant of Rs. 7, 183.42 crore to 14 States. The grant has been released as per the recommendations of the Fifteenth Finance Commission.

Detailed explanation-3: -The Department of Expenditure under the Finance Ministry on Monday released the eight monthly instalment of the Post Devolution Revenue Deficit (PDRD) grant of Rs 7, 183.42 crore to fourteen states as per the recommendations of the Fifteenth Finance Commission.

Detailed explanation-4: -The commission recommended to keep an aggregate corpus for all States of Rs. 61, 219 crore for the five years based on the expenditure from the past years. The commission recommended all States to contribute 10 per cent and Union with the remaining 90 per cent.

Detailed explanation-5: -The 14th Finance Commission considerably increased the devolution of taxes from the centre to states from 32% to 42%. The Commission had recommended that tax devolution should be the primary source of transfer of funds to states.