Hyderabad, Feb. 14: The state needs to arrange money at the rate of `225 crore a day to meet the February 20 deadline of the professional college managements to clear fee reimbursement and payment of scholarships to students.
With the SC refusing to entertain the state government’s plea for three months time to pay the first instalment of `860 crore towards fee reimbursement for 2010-11, the state finance managers have begun looking out for funds.
The CM was also informed about the constraints in raising loans in view of the stringent fiscal discipline measures of the Centre. “We cannot borrow for revenue expenditure,” sources said, adding that diversion from other sectors was not possible because of shortage of funds.
Sources said that the ministers would request college managements to give time till end of February to make partial payments.