I-T dept refunds Rs 20,000cr to taxpayers in April: Source

India's tax department has returned about Rs 20,000 crore (USD 4.5 billion) in income-tax refunds so far in April, a finance ministry official said on Wednesday.

April 28, 2011 / 15:47 IST

India's tax department has returned about Rs 20,000 crore (USD 4.5 billion) in income-tax refunds so far in April, a finance ministry official said on Wednesday.

"So far in April, we have made refunds in 20 lakh (2 million) cases worth Rs 20,000 crore," the official, who declined to be named, told Reuters.

Tax refunds, in addition to robust government spending, have improved liquidity conditions in the banking system.

Banks borrowed a total of Rs 3,9525 crore from the RBI's two repo auctions on Tuesday, sharply lower than Rs 1.06 lakh crore on March 31, the last day of the financial year 2010/11.

The short-term money market rates like the three-month certificates of deposit have also eased to 8.8% from 10.15% in March.

first published: Apr 27, 2011 07:59 pm

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