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Posted at: Feb 12, 2019, 6:57 AM; last updated: Feb 12, 2019, 10:28 AM (IST)

Panel set up to look into legacy debt

Whopping Rs 31,000 crore may cascade into fiscal crisis for state
Panel set up to look into legacy debt
Chief Minister Capt Amarinder Singh

Chandigarh, February 11

Chief Minister Capt Amarinder Singh’s persistent efforts to resolve the pending Rs 31,000-crore food legacy issue on Monday bore fruit with the 15th Finance Commission setting up a committee to examine and sort out the matter.

Commission chairman NK Singh, who had during a recent meeting with the state government conceded the gravity of the issue, today approved issuance of the notification for the constitution of the committee, an official spokesperson said.

The CM is hopeful that this would resolve the issue related to the legacy debt of Rs 30,584 crore, which was threatening to cascade into a major fiscal crisis for the state. The committee, to be led by member, 15th Finance Commission, and member, NITI Aayog, Ramesh Chand, has been asked to submit its report within six weeks.

Other members on the panel include Union Secretary Food & Public Distribution Ravi Kant; Union Additional Secretary, Department of Expenditure, Ministry of Finance Rajeev Ranjan; Additional Secretary, Department of Financial Services; Minister of Finance Ravi Mittal and Chief Secretary Punjab Karan Avtar Singh. Joint Secretary of the 15th Finance Commission Ravi Kota will be the member secretary. The committee has been mandated to look into all aspects of the legacy debt of Punjab Government arising out of accumulated CCL (food credit gap) with reference to the Food Corporation of India/Department of Food and Public Distribution. — TNS

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