Incremental Ad Hocs Down To Rs 2775cr

Sources said the tax revenues of the first quarter of 1996-97 were being used to wind down incremental ad hocs, which had come close to Rs 20,000 crore.

The government is also putting pressure on the income tax authorities to recover outstanding claims from corporates and the revenues are being utilised to wind down the ad hocs position.

There was also a Rs 2,000 crore issue of dated paper in mid-August, the proceeds of which were used to bring down the ad hocs level.

Interestingly, the level of ad hocs has fallen much before September 15, when the advance tax money comes in. Bankers expect that with the advance tax money coming in ad hocs will drop further.