Ways and Means Advances
On 17th April, 2020, the Reserve Bank of India (RBI), announced a 60% increase in the Ways and Means Advances (WMA) limit of state governments over and above the level as on March 31,2020,with a view to enabling them “to undertake COVID-19 containment and mitigation efforts” and “to better plan their market borrowings”.
About WMA
- Simply put, it is a facility for both the Centre and states to borrow from the RBI.
- These borrowings are meant purely to help them to tide over temporary mismatches in cash flows of their receipts and expenditures. In that sense, they aren’t a source ....
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