Indian Polity Current Affairs Analysis
The Supreme Court on Monday referred to a Constitution Bench the question raised by Kerala whether a State has an “enforceable right” to raise its borrowing limits from the Union government and other sources.
Questions of law before the court:
1Whether “fiscal decentralisation” was an aspect of Indian federalism.
2If Central regulations fixing net borrowing ceilings on States were a violation of the principles of federalism.
3Examine if the borrowing restrictions of the Centre were in conflict with the role assigned to the Reserve Bank of India as the “public debt manager”.
4Whether it was mandatory for the Centre to have prior consultation with States for giving effect to the recommendations of the Finance Commission.
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