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Tax-free budget for Meghalaya

Meghalaya Chief Minister B B Lyngdoh today presented a tax free Rs 12.17 billion budget for 1998-99. It also shows a deficit of Rs 1.65 billion.

Presenting the budget, Lyngdoh, who also hold the finance portfolio, said the 1998-99 budget was expected to open with a negative cash balance of Rs 7.29 billion. The revenue receipts were placed at Rs 9.11 billion, thus leaving a surplus of Rs 509.3 million.

Lyngdoh said outside the revenue account, the receipts were estimated at Rs 39.22 billion, and the expenditure was estimated at Rs 40.65 billion, resulting in a deficit of Rs 1.43 billion. Thus the surplus of Rs 509.3 million on the revenue account would be wiped out and the deficit would be reduced to Rs 922.7 million.

However, he said taking into account the negative opening cash balance of Rs 729.4 million, the year would close with the estimated deficit of Rs 1.65 billion.

Finance Commissioner Rangan Dutta, however, told reporters after the presentation of the budget that it was a balanced budget as the deficiency would be made up through central aids and other measures.

UNI

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