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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Federalism; RBI also advised to keep a Note that Money from the Consolidated Fund of any State shall be Transferred/Withdrawn only after following the Constitutional and Legal Requirements.

Dated:- 31-8-2015 - Press Information Bureau Government of India Ministry of Finance 31-August-2015 19:19 IST After careful examination and consideration of issues connected, it has been decided that the deductions made by the Reserve Bank of India (RBI) of an amount of ₹ 1274.21 crores on account of State of Telengana in response to the Income Tax Notice, are not in consonance with the Principle of Co-operative Federalism and RBI has been asked to reverse the entry. Since, the money in th .....

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