ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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bank? Then these collections will not have to pass through the central budget and show up in the centre's fiscal deficit. This will be no different from asking central public sector enterprises to raise funds directly from the market rather than through the budget. The stales will continue to show the fiscal deficits that they would otherwise, because, under the Constitution, they can borrow only what they are permitted to by the centre, but the centre will be spared the embarrassment small saving collections now seem to cause. At the same time, the need to restrict people's choices with regard to the forms of saving would not arise.

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