Treasury controls tightened; permission required to exchange bills above Rs 10 lakh

Thiruvananthapuram: Owing to the state's severe financial crisis, it's been decided to tighten treasury controls.

Henceforth, prior approval of the Finance Department will be required to exchange bills above Rs 10 lakh. Earlier, the limit was Rs 25 lakh.

The Additional Chief Secretary (Finance) has instructed the Directorate of Treasuries to make necessary changes in the software to implement the regulation.

When the state was faced with a similar financial crunch during the last phase of the first Pinarayi government, the permission of the Finance Department was made mandatory to exchange bills above Rs 5 lakh. The limit was raised only after the situation improved.