Rs1,274 Crores refund to TELANGANA The Centre has asked the RBI to refund Rs 1,274.21 crore which was deducted from the Telangana treasury in June 2015 by the income-tax department. An official release by the Telangana government on Monday stated that Rajat Bhargava, joint secretary, ministry of finance, department of economic affairs, had written to the RBI deputy governor, to issue instructions to the concerned authorities for expeditious action to reverse the entry regarding the deduction by the RBI of an amount of Rs 1,274.21 crore from the account of the state of Telangana.

The RBI deputy governor has also been advised by the joint secretary that money from the consolidated fund of any state shall be transferred or withdrawn only after following constitutional and legal requirements.”

This was in response to a letter by chief secretary Rajeev Sharma to the government of India after the said amount was deducted by the tax recovery officer towards IT dues of the United AP Beverages corporations in June 2015. Speaking to DC, Mr Sharma said, “This amount will be quite useful for the government to spend on welfare schemes.”


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