RBI Advised by the Ministry of Finance, Government of India to Reverse the Deductions Made by it of 1274.21 Crores from the Principal Account of the State of Telengana in Response to the Income Tax Notice as the same is not in Consonance with the Principle of Co-Operative Federalism; RBI also advised to keep a Note that Money from the Consolidated Fund of any State shall be Transferred/Withdrawn only after following the Constitutional and Legal Requirements.

RBI Advised by the Ministry of Finance, Government of India to Reverse the Deductions Made by it of 1274.21 Crores from the Principal Account of the State of Telengana in Response to the Income Tax Notice as the same is not in Consonance with the Principle of Co-Operative Federalism; RBI also advised to keep a Note that Money from the Consolidated Fund of any State shall be Transferred/Withdrawn only after following the Constitutional and Legal Requirements. https://www.taxtmi.com/news?id=14927 The Ministry of Finance directed the Reserve Bank of India to reverse a deduction from the principal account of the State of Telangana as inconsistent with co-operative federalism, emphasising that funds in a State's principal account form part of the Consolidated Fund and may be debited only after the constitutionally and legally required appropriation process; reversal was ordered without prejudice to Income Tax rights and RBI was warned to ensure future transfers comply with constitutional and legal requirements. en-us Mon, 31 Aug 2015 19:21:55 +0530 Mon, 31 Aug 2015 19:21:55 +0530 TaxTMI RSS Generator RBI Advised by the Ministry of Finance, Government of India to Reverse the Deductions Made by it of 1274.21 Crores from the Principal Account of the State of Telengana in Response to the Income Tax Notice as the same is not in Consonance with the Principle of Co-Operative Federalism; RBI also advised to keep a Note that Money from the Consolidated Fund of any State shall be Transferred/Withdrawn only after following the Constitutional and Legal Requirements. https://www.taxtmi.com/news?id=14927 The Ministry of Finance directed the Reserve Bank of India to reverse a deduction from the principal account of the State of Telangana as inconsistent with co-operative federalism, emphasising that funds in a State's principal account form part of the Consolidated Fund and may be debited only after the constitutionally and legally required appropriation process; reversal was ordered without prejudice to Income Tax rights and RBI was warned to ensure future transfers comply with constitutional and legal requirements. News - Mon, 31 Aug 2015 19:21:55 +0530 https://www.taxtmi.com/news?id=14927