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The Railway Convention Committee has asked for specific reasons cited by the Finance Ministry while denying the Railways’ fund raising arm -- Indian Railways Finance Corporation – to raise tax free funds. It has asked Railways to strongly pursue the matter with the Finance Ministry so as to enable IRFC to raise tax free bonds over the next few years.
The committee, while appreciating completion of projects taken up through Indian Railway Finance Corporation’s funds, has hoped that the “balance projects would be commissioned on time enabling the Railways to earn more revenue.”
It has also asked Railways to set realistic completion targets for its special purpose vehicle projects, so that time and cost over-runs can be avoided. This in turn, would result in better revenues.
Incidentally, IRFC recently declared the highest ever dividend to the Railways at Rs 349 crore.
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