No Devolution Of Vdis Proceeds In Current Fiscal

The government has decided not to transfer to the states their share of the Rs 10,050 crore collected under the Vol-untary Disclosure of Income Scheme 1997 in the current fiscal year.

The transfers will now take place in 1998-99 and thus provide a fiscal cushion to the Centre in a year of flagging revenues and unplanned increase in expenditures.

Disclosing this finance ministry officials said the decision was taken recently. It was prompted by the fact that classification of the tax receipts was not clear and further that the last date for receiving the collections was March 31. The ministry was, therefore, not in a position to make the transfers in the current year itself, the officials said.