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Food Corporation of India receives 25000 Crore

Food Corporation of India


In this fiscal quarter, the Food Corporation of India received 25,000 Crore INR from Ministry of Finance for the second time.
Because of implementation of food safety legislation, the food department has faced a financial deadlock so the officials from the Department of Public Distribution wanted the funds to make its operations smoother and easier.
Earlier in April, the Central body of India already released 25,834 Crore to FCI as a subsidy. But due to outstanding bills, FCI was unable to manage all its bills. The next slot of the fund was to be received in July. FCI was also raising a short term loan about 30,000 Crore.In the past financial year, the government had initially allocated Rs 97,000 crore to FCI, which was later increased to Rs 1.12 lakh crore at the revised estimate stage. This helped bring down subsidy arrear to Rs 58,650 crore till March.
As told by the Department of Public Distribution, these funds with loans will serve as a sufficient requirement to take care of the Rabi procurement and expecting to receive around 300 lakh tons of wheat.
In 2015-16, the subsidy originally allocated was 97,000 Crore and this increased to 1,12,000 Crore by the revised norms which helped to clear arrears in the subsidy.
Food license is required for any kind of food business. FSSAI registration has been made compulsory. FSSAI license can be obtained online.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST Software, GST Return Filing, GST Registration, Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online.

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