The Government of India (GoI) released excise duty refund of Nu 2.916B for 2015 yesterday. The GoI also released a fund of Nu 513.885M for two Project Tied Assistance (PTA) projects and another Nu 425M for the fourth quarter of the programme grant.
Of the Nu 2.916B refund, Nu 2.208B pertains to the imports made straight from manufacturers, and Nu 707.9M for the imports made from open market.
The refund constitutes about 10 percent of the total revenue for the financial year 2016-2017.
GoI has committed Nu 45B in the 11th Plan, of which Nu 28B is for PTA, Nu 8.5B for programme grant, and another Nu 8.5B for small development projects (SDP).
To date, GoI has released Nu 17.54B for PTA projects, Nu 6.8B for programme grant, and Nu 7.15B for SDP.
In total, GoI has released Nu 31.49B, which is 70 percent of total committed for the 11th Plan. This is excluding Nu 5B economic stimulus package.