Enhancing India’s Readiness to Climate Finance
India has taken several steps to improve its national response to climate change. India’s climate finance requirements, however, are very high, and will need to be met through a combination of public, private and international climate finance. See more at: http://shaktifoundation.in/
India has taken several steps to improve its national response to climate change. India’s climate finance requirements, however, are very high, and will need to be met through a combination of public, private and international climate finance. See more at: http://shaktifoundation.in/
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<strong>Enhancing</strong> <strong>India’s</strong> readiness <strong>to</strong> access and deliver international climate finance<br />
National Sec<strong>to</strong>r Projects 68<br />
State Sec<strong>to</strong>r Projects<br />
The line ministry spends money on the project, based<br />
on the budget provision<br />
The state government makes a budget provision for the project /<br />
programme and the state finance department authorises the<br />
implementing department by releasing funds (Letter of Credit)<br />
The line ministry sends claims for re-imbursement <strong>to</strong><br />
CAA&A<br />
The department concerned makes payments and sends re-imbursement<br />
claims <strong>to</strong> CAA&A<br />
CAA&A arranges re-imbursement from the external<br />
agency, which gets in<strong>to</strong> the central budget as a receipt<br />
CAA&A scrutinises claims and forwards claims <strong>to</strong> the external agency<br />
The PMU advises Plan <strong>Finance</strong>-1 of the Department of Expenditure<br />
(DoE) <strong>to</strong> release funds in the form of ACA <strong>to</strong> the states. Plan <strong>Finance</strong>-1<br />
authorises Chief Controller of Accounts, Ministry of <strong>Finance</strong> <strong>to</strong> effect the<br />
transfer of funds.<br />
Chief Controller of Accounts advises the RBI Central Accounts Section,<br />
Nagpur, <strong>to</strong> debit the central govt. account and credit the state govt.<br />
account for the amount.<br />
The external agency makes the payment <strong>to</strong> the central government. In<br />
case of direct payment by the external agency <strong>to</strong> the supplier /<br />
consultant, the rupee equivalent is adjusted by the Department of<br />
Expenditure, against the additionality due <strong>to</strong> the state government on<br />
such disbursement<br />
68 http://finmin.nic.in/the_ministry/dept_eco_affairs/pmu/PositionPaper_ExtAssist.pdf<br />
Ref: Ricardo-AEA/R/ED59216/Final Report<br />
74
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