The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) will be ready for imparting training for probationary officers of the Indian Revenue Service (IRS) by 2024, according to Union Finance Minister Nirmala Sitharaman.

Addressing a gathering, after laying the foundation stone for the academy at Palasumudram in Anantapur district (Andhra Pradesh) on Saturday, she said the government would spend ₹729 crore in the first phase. “We have allocated funds required for constructing the academy,” she said.

She said the academy was being established as part of the promise made by Prime Minister Narendra Modi in 2014. “It is being set up on par with the academies for probationary officers selected for IAS and IPS. Their peers in the IRS will get world-class training at the institute,” she said.

The first batch of students will be inducted in September 2024. The State government obtained 500 acres from two villages for the establishment of the academy.