NEW DELHI, Feb 20:

As much as Rs 4.12 lakhcrore has been released to statesby way of tax devolution so farthis fiscal and more funds will begiven in three installments tillMarch-end, Government saidtoday.

The Centre accepted the rec-ommendations of the 14thFinance Commission (FFC)under which there was “a phe-nomenal increase in the taxdevolution to the states due toincrease of share in the divisiblepool of taxes from 32 per cent to42 per cent,” Finance SecretaryRatan P Watal said in a state-

ment.As per its commitment in the

Union Budget for 2015-16, the

Ministry of Finance made a pro-vision of Rs 5.24 lakh croreunder devolution of taxes to

states as compared to the alloca-tion of Rs 3.38 lakh crore in2014-15 (RE).(PTI)

SUNDAY, FEBRUARY 21, 2016 (PAGE 16) DAILY EXCELSIOR, JAMMU

Centre releases Rs 4 lakh cr to States; rest by March end