CURRENT AFFAIRS

Detailed explanation-1: -It has been decided, in consultation with the Government of India, that the limit for Ways and Means Advances (WMA) for the first half of the financial year 2022-23 (April 2022 to September 2022) will be ₹1,50,000 crore.

Detailed explanation-2: -To take care of temporary mismatches in Government accounts, the Reserve Bank of India has fixed the Ways and Mean Advances (WMA) limit for H2 of FY 2022-23 at ₹50,000 crore.

Detailed explanation-3: -"The WMA limit for State Governments/UTs will be Rs 47,010 crore,” it said. These norms will be effective from April 1, 2022 and are subject to review.

Detailed explanation-4: -Considering the uncertainties related to COVID-19, the RBI had raised the WMA limit to ₹51,560 crores for all States. The higher WMA was applicable till March 31, 2022. How the central government meets the temporary cash needs? What are Ways and means advances (WMA)?

Detailed explanation-5: -On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (September 30, 2022) decided to: Increase the policy repo rate under the liquidity adjustment facility (LAF) by 50 basis points to 5.90 per cent with immediate effect.