In a bid to speed up clearances of non-plan projects and schemes, the government has augmented the financial limits of departments and ministries from Rs 75 crore to Rs 300 crore. Further, it has also raised the spending power of the minister in-charge from Rs 150 crore to Rs 500 crore.
According to an official release, “Finance Minister shall be competent financial authority for approving scheme/projects having financial implications of Rs 500 crore and above and up to Rs 1000 crore.” The proposal with financial limits of Rs 1000 crore and above shall require approval of the Cabinet/Cabinet Committee on Economic Affairs.
With this enhancement of financial powers, the financial limits for appraisal and approval of plan and non-plan schemes/projects of Central ministries and departments have been brought almost at par, the release said. This is expected to expedite appraisal and approval process in the Central ministries and departments.