Tuesday, September 9, 2014

Kerala’s finances turn precarious

................The State borrowed Rs. 100 crore from the Reserve Bank of India (RBI) on Friday after it exhausted the State’s Ways and Means limit of Rs. 350 crore. The government has already announced its decision to issue bonds for Rs. 500 crore on Tuesday. It had raised Rs. 1,000 crore in late August to meet unavoidable expenditure in connection with the Onam festival season. The last time the State fell into overdraft was eight years ago.........

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