New Delhi, Nov 27 (UNI) The Union Cabinet today decided to implement a series of recommendations made by the Railway Convention Committee in its ninth report.
A meeting of the Union Cabinet, chaired by Prime Minister Manmohan Singh, today gave its approval to move a resolution by Railway Minister in both the Houses of Parliament for adoption of these recommendations contained in para nos. 49-56 of the report.
Railway Finances were separated from General Finances in 1924 based upon the recommendations of the Acworth Committee (1920-21).
The financial arrangements between the Railways and the General Revenues have been reviewed by successive Convention Committees of Parliament.
The Ministry of Railways had submitted to the Railway Convention Committee (2004) their interim Memorandum on 'Rate of Dividend for 2008-09 and other ancillary matters.' The Committee considered the submissions made in the Memorandum and made their recommendations in their ninth report regarding the rate of dividend payable by the railways to the General Revenues, concessions to be given by the General Revenues to the Railways for the year 2008-09, the quantum of appropriations to Depreciation Reserve Fund, Pension Fund etc and the determination of interest on various Railway Funds.
UNI SH PK HS1502