(b) to (d). Does not arise.

Linking of National Highway No. 31 with 34

*468. SHRI SUBRATA MUKHERJEE: Will the Minister of SURFACE

TRANSPORT be pleased to state:

(a) whether the Government propose to connect National High way No.34 from Pumia to National Highway No. 31 at Gajol via Kumedpur and Harischandrapur by a link road; and

(b) if so, the details thereof?

THE MINISTER OF STATE OF THE MINISTRY OF SURFACE TRANSPORT (SHRI JAGDISH TYTLER): (a) and (b). The State Government of Bihar had forwarded certain proposals for declaration of new National Highways in the 8th Five Year Plan, which includes inter-alia the link road from Kora (on N.H. No. 31 in Bihar) to Harischandrapur (in West Bengal) and not from Purnea (on N.H. 31 in Bihar) to Gajol (on N.H. 34 in West Bengal) referred to by

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the Hon'ble Member. However, since a total of 135 proposals aggregating to approximately 37,566 Kms. have been received from various States including Bihar for declaration of new National Highways, and there is paucity of funds, it is too early to indicate any decision about new National Highways during 8th Plan including the road in question. The road in question is presently forming a part of State Road network, and consequently the State Governments of Bihar and West Bengal are concerned with its construction/development etc.

[Translation]

Review of Budgetary Position

*469. SHRI UPENDRA NATH VERMA: DR. MAHADEEPAK SINGH SHAKYA: Will the Minister of FINANCE be pleased to state:

(a) whether any quarterly review of the overall budgetary position has been made or is proposed to be made during the current financial year in view of the Government's decision to control expenditure;

(b) if so, the details of the achievements made towards the budgeted expenditure and collection of revenue; and

(c) if not, the corrective steps taken by the Government to control expenditure?

THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI SHANTARAM POTDUKHE): (a) Yes, Sir.

(b) and (c). According to the available information at the end of the first quarter receipts from principal taxes were buoyant while expenditure by and large remained within proportionate levels in most sectors.

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[English]

Out flow of NRI Deposits

*470. SHRI AJOY MUKHOPADHAYA: SHRI PANDURANG PUNDLIK FUNDKAR: Will the Minister of FINANCE be pleased to state:

(a) the details of the outflow of foreign exchange deposits made by the NonResident Indians during 1991-92 and first two months of 1992-93, monthwise;

(b) whether the outflow of deposits made by the Non-Resident Indian continues unabated;

(c) if so, the reasons therefor; and

(d) The steps taken or proposed to be taken by the Government to check the outflow; of NRI deposits?

THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI RAMESHWAR THAKUR): (a) Outflow of foreign exchange from FCNRA during 1991-92 amounted to $ 1627 million. The outflow of foreign exchange from FCNRA during April, May 1992 was US $ 188 million and US $ 76 million respectively.

(b) to (d). It is not possible to attribute precise reasons for the continued outflow of NRI deposits during the first two months of 1992-93. However it is relevant to note that the differential being paid above the LIBOR date for FONR deposits has been narrowed compared, of the position last year. This is because FONR deposits are arelatively high cost type of borrowing and with the improvement in our foreign exchange reserves position we can afford to reduce the differential to a more reasonable level. The

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Government continuously monitors the position, and takes suitable steps from time to time to ensure that incentives for NRI investments in Bank deposits are suitably maintained keeping in mind the Balance of Payments position.

387 Statt. correcting reply usq No. 2620 dt. 24.7.92. Re.

Implementation of Recommendations of Mandal Commission


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