Steel ministry allocates Rs 500 cr to RINL
SBI is tasked with monitoring the disbursement process and ensuring that the payments are made only for the specified purposes.
The Ministry of Steel sanctioned Rs.500 crore to Rashtriya Ispat Nigam Limited (RINL) with strict instructions regarding the utilization of these funds.
It instructed the RINL management that the sanctioned amount is to be used exclusively for statutory payments, including Goods and Services Tax (GST), other statutory dues that RINL is obligated to pay, such as employee provident fund contributions, vendor payments or government levies.
The Ministry specified that both the RINL management and State Bank of India (SBI), which is responsible for processing the payments.
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SBI is tasked with monitoring the disbursement process and ensuring that the payments are made only for the specified purposes.
In case there is any misallocation of funds, SBI has been instructed to halt further payments immediately. This ensures that there is tight control over how the funds are utilized.
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