Steel Ministry Allocates ₹500 Crore to RINL for Statutory Payments
- Visakhapatnam
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Team Hello Vizag
- September 20th 2024
- 15452
Visakhapatnam: The Ministry of Steel has allocated ₹500 crore to Rashtriya Ispat Nigam Limited (RINL), with specific guidelines for the utilisation of these funds.
The ministry emphasized that the allocated amount must be used solely for statutory obligations, including Goods and Services Tax (GST), employee provident fund contributions, vendor payments, and other government levies that RINL is required to settle.
In close coordination with State Bank of India (SBI), which will oversee the fund's disbursement, the ministry mandated that the payments be strictly monitored. SBI is responsible for ensuring that the funds are used only for the designated purposes.
Should there be any indication of misallocation, SBI has been instructed to immediately halt further payments to maintain financial discipline and compliance.
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