October 23, 2020 8:38 PM

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Finance Ministry releases Rs. 6,000 crore to states to address shortfall in GST revenue

<span style="color: #222222;">The Central Government today borrowed and transferred six thousand crore rupees as first tranche to 16 States and two Union Territories.<br />'' <br />'' They are Andhra Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Meghalaya, Odisha, Tamil Nadu, Tripura, Uttar Pradesh, Uttarakhand, Delhi and Jammu and Kashmir.<br />'' <br />'' Ministry of Finance in a statement said that the borrowing is at an interest rate of 5.19 percent.<br />'' <br />'' It is intended to make weekly releases of  six thousand crore rupees to the States.<br />'' <br />'' It said, tenor of borrowing is expected to be broadly in the range of 3 to 5 years.<br />'' <br />'' The Government  has evolved a special borrowing window to address the shortfall in the GST collection during the year 2020 – 2021.  <br />'' <br />''21  States and two Union Territories opted for this special window involving back-to-back borrowing coordinated by the Ministry of Finance.</span>

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