Nearly Rs 50,000 crore payable as arrears to FCI: Government

NEW DELHI: Nearly Rs 50,000 crore is payable as arrears to the state run Food Corporation of India ( FCI) for the last two financial years, 2012-13 and 2013-14, Parliament was informed today.

In a written reply to the Lok Sabha, Minister of State for Food Raosaheb Patil Danve said that in the proposed Revised Estimates for 2014-15, the Finance Ministry has been requested to make an allocation of Rs 1,47,730 crore so that arrears can be settled.

However, the approved budgeted estimate of 2014-15 for release of subsidy to FCI is Rs 92,000 crore, the minister added.

"Based on audited accounts of FCI for the year 2012-13 and provisional claim for the year 2013-14, an amount of Rs 49,698 crore was payable to FCI as arrears for these two years as on April 1, 2014," Danve said in the reply.

He said several steps have been taken by the corporation to ensure that the delay in payment does not hamper the procurement operations.

On December 3, FCI had floated a tender inviting bids from the banks for raising short term loan of Rs 20,000 crore on unsecured basis.

Besides, the corporation also has cash credit limit of about Rs 55,000 crore.