IOC: No change/modification in LPG subsidy transfer schemes
KOCHI: The Indian Oil Corporation(IOC) on Tuesday made it clear there are no plans to change the LPG subsidy transfer schemes. “It is once again reiterated there is no change/modification in the system of transfer of subsidy scheme. The present scheme of subsidy transfer to the bank accounts of beneficiaries will continue,” the oil major said in a release.
It said beneficiaries of PAHAL scheme have the LPG subsidy directly credited to their bank account upon purchasing the refill at non-subsidised prices. Subsidy entitlement of LPG consumers is insulated against increase in the LPG prices by compensating through increase in subsidy, which is borne by the Centre. “Implementation of the PAHAL scheme has helped the government to identify and block multiple LPG connections & ensure the subsidy reaches needy consumers,” the IOC said.
More than 23 crore LPG consumers are getting subsidy and have received subsidy of nearly `94,500 crore since November 2014 through direct transfer of subsidy to bank account.