Increased budget of Corporate Ministry in Budget 2023, got Rs 756.19 crore
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A budget of Rs 756.19 crore has been allocated for the Ministry of Corporate Affairs. As per the Union Budget 2023-24 presented in the Parliament, the total allocation for the current financial year 2022-23 was initially Rs 733.02 crore.
New Delhi. The government has allocated Rs 756.19 crore for the Ministry of Corporate Affairs in the budget for the financial year 2023-24. This amount is more than the amount fixed for the current financial year. According to the Union Budget 2023-24 presented in Parliament on Wednesday, the total allocation for the current financial year 2022-23 was initially Rs 733.02 crore. It was later revised to Rs 630.36 crore. According to the budget documents, out of the total allocation of Rs 756.19 crore for the next financial year, Rs 714.19 crore will come from the revenue side and Rs 42 crore from the capital side. For the coming financial year, the amount allocated for regional directors, official liquidators and other expenses related to various entities under the Companies Act has been increased to Rs 330 crore.
Serious Fraud Investigation Office (SFIO), National Company Law Tribunal (NCLT), National Company Law Appellate Tribunal (NCLAT), National Financial Reporting Authority (NFRA), National Financial Reporting Appellate Authority (NFRAA) and Investor Education and Protection Fund (IEPF) The expenses of other organizations including the authority are also included in the budget. The Competition Commission of India (CCI) has been allocated Rs 51 crore which is higher than the Rs 46 crore allocated for 2022-23. In the budget, the Insolvency and Bankruptcy Board of India (IBBI) has been allocated Rs 41.85 crore for the next financial year.
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