Common stand over parking of excess funds

Common stand over parking of excess funds

The Finance Ministry recently sent a directive to IRDA and the Securities and Exchange Board of India to deposit their surplus funds with it, following a recommendation from the Comptroller and Auditor General of India.

"There has been correspondence going on for a long time. We raise enough funds to meet our expenditure and there is some surplus. All the regulators will take a common stand on the issue," he said on the sidelines of a seminar organised by the Institute of Economics here.

As per government estimates, total surplus fund with the financial regulator was about Rs 1,800 crore. The sources of income for regulators are mainly fines and fees besides allocation made in the Budget.

Earlier in his speech, Harinarayana said the number of hospitals extending cashless facility had gone up to about 450 but pointed out that there were serious anomalies detected in charges being levied by hospitals.

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