Year End Review: Highlights of the Achievements of the Department of Disinvestment & Expenditure, Ministry of Finance

Year End Review: Highlights of the Achievements of the Department of Disinvestment & Expenditure, Ministry of Finance 

The highlights of the Achievements of the initiatives undertaken by the Department of Disinvestment in the current Fiscal year are as follows:

Ø  Pre 2014-15: In the pre 2014-15 periods, the approach to disinvestment was based on identification of stocks on an annual plan basis. This often resulted in problems like delay in approaching the market, hammering of stocks, overhang, lack of flexibility in divestment of stocks, etc.

Ø  2014-15:With a view to address these problems, during last two quarter of  2014-15 a rolling plan approach was adopted with advance preparation/planning, fast tracking the approval process, maintaining secrecy so as to avoid hammering of stocks and concluding disinvestment of Government of India (GoI) shareholdings in CPSEs in a time bound and focused manner. As a result, the Government could achieved the highest ever disinvestment receipts of   Rs. 24,349 crore in a single FY 2014-15, that too only in last 6 months period of the financial year. This is even higher than the annual average of Rs. 9,593 crore between  2000-2014.

Disinvestment Target 2015-16:
The budget estimate (BE) for disinvestment during the year 2015-16 is Rs. 69,500 crore. This comprises Rs. 41,000 crore from disinvestment of Central Public Sector Enterprises (CPSEs) and Rs. 28,500 crore from “strategic disinvestment”.

Measures to accelerate the disinvestment process
Ø  Keeping in view the budgeted target of disinvestment for 2015-16, the Department of Disinvestment (DoD) has taken further measures to accelerate the disinvestment process by taking the following measures :
v  Replacing annual plan with rolling plans
v  Creating a pipeline of proposals for CPSEs, which at present, are at different stages of  approval.
v  Fast tracking of approval process
v  Secrecy maintained to  prevent hammering of stocks
v  Changing system for engagement of intermediaries to speed up transactions.
v  Disinvestment programme made more inclusive by following an approach to reserve 20 per cent of shares on PSUs-OFS transactions on a case to case basis. 

2015-16 Performance
Ø  As a result of these initiatives, the department has been able to raise around Rs. 12,700 crore (approx.) through 4 OFS issues of REC, PFC, DCIL and IOC Limited during the first two quarters of 2015-16, which itself is a record achievement when compared with average number of less than 2 issues with an average amount Rs. 1,458 crore (approx.) raised over the same period between 2009-10 and 2014-15.  This is not only the highest of the corresponding period of any year in the past, but is also higher than the average realization for the entire financial year between 2000-2014.

Ø   Further, the Government disinvestment programme has done better than the private sector.  Although, PSUs comprise only 12% of the market cap, out of a total amount of Rs.17,800 crore (approx.)raised in the Indian market, PSUs’ disinvestment accounted for 71% (Rs.12,700 crore) of the funds raised in the first 6 months of this fiscal year.

The highlights of the Achievements of the initiatives undertaken by the Department of  Disinvestment in the current Fiscal year are as follows:


      In accordance with the formulation prescribed by Fourteenth (14th) Finance Commission (FFC), the Annual Borrowing ceiling for States was fixed for the year 2015-16 at Rs. 3,78,903 crore as against the Annual Borrowing ceiling of Rs.3,34,989 crore fixed for the States in 2014-15.

      Restricting the States to remain within Net Borrowing Ceiling (NBC) fixed by Ministry of Finance by allowing them to raise borrowings to the tune of Rs. 2,99,931 crore has resulted in net lower borrowings of Rs. 35,058 crore and consequently kept outstanding Debt/GSDP ratio of States at 24.9 % of GSDP, well within the FC XIII projection of 30.3% of GSDP.

      During the year 2015-16 (Up to 15.12.2015), the States have been permitted to raise Rs. 3,12,861 crore (Gross) as compared to permission granted to raise borrowing to the tune of Rs.2,17,488 crore during the corresponding period in 2014-15.

      The States have been allowed borrowing permissions to States on quarterly basis in order to spread out the borrowings evenly over the 2015-16 to avoid bunching at last movement. This will help the State to borrow at competitive interest rates from Market.

      Prior concurrence of D/o Expenditure by States for seeking external loan by multi-lateral agencies, have been dispensed with for improving ease of doing business.

The States are required to remain within the borrowings ceiling fixed by the Ministry of Finance each year and also the fiscal deficits limits & debt to GSDP norms prescribed by Finance Commissions as incorporated in the FRBMA of States. In order to streamline the process of accessing external loans, it has now been decided that there may not be any need to examine the proposals of State Governments for external loan assistance from the debt sustainability angle. However, loans under EAPs would be considered by Department of Economic Affairs (DEA) subject to States confirming/ self certifying on the aspects given in the guidelines for examining proposals of States availing Structural Adjustment Loan and other external loan for clearance from debt sustainability angle.

      Finance Commission Award

v  In order to rationalize public spending leading to improvement in fiscal performance of the States, Fourteenth Finance Commission (FFC) has continued the thrust given the earlier Commissions, worked out a fiscal roadmap for the States as follows:

(i)    Revenue Deficit – Zero

        (ii) Fiscal Deficit – 3% of GSDP, with additional flexibility of 0.5% on two counts of

(a)  0.25% of GSDP on meeting the criteria of IP/TRR ratio of 10% or less

(b) 0.25% of GSDP on meeting the criteria of Debt/GSDP ratio of 25% or less.

Both these options will be available to States which are not in Revenue Deficit during last two years.

(iii)             Debt/GSDP targets for each States separately based on the FD limits reached by them.
v  Some of the major initiatives under FFC are-

Ø  The FFC has substantially enhanced the share of the States in divisible pool of Union Taxes from the current 32 % to 42 % during its award period (2015-2020), which is the biggest ever increase in vertical tax devolution.
Ø  Besides share of Central taxes, FFC has recommended grants-in-aid to cover Revenue Deficit of States, Local Body grants (both to rural and urban local bodies) and grants for augmenting the State’s Disaster Response Fund (SDRF).
Ø  Based on its recommendations the FFC, the estimated total increase (both from tax devolution and FFC grants together), in FFC transfers in 2015-16 from 2014-15 is estimated to be about 2.1 lakh crores.

Ø  As per the recommendations of FFC, the States are expected to gain an increase of 170% (Rs.44,77,472 crore against Rs.16,58,355 crore) over actual transfers received against award of 13th FC award. Of which, with an increase of 178% in tax devolution, an amount of Rs.39,48,188 crore is expected to flow to the States. Similarly, with an increase of 124% in grants-in-aid Rs.5,29,284 crore is about to flow to the States during award period of FFC.

Substantial increase in tax devolution and grant-in-aid recommended by FFC are expected to add substantial spending capacitythrough States’ budgets and give fiscal autonomy to the States. A major step in the process has been achieved by transferring more resources to the States in the nature of untied funds so that States may make and implement schemes or programmes which are best suited to the local needs, requirements and aspirations of people. This will afford required flexibility to the States to address meaningfully the contextual needs and to develop as per their genius.

      Releases of Finance Commission recommended grants

Ø  During 2014-15, Rs. 61,813 crore (96% of allocation) released as per FC XIII recommendations.

Ø  Out of allocation of Rs. 87,405 crore for 2015-16, under FFC, so far an amount of Rs. 53293 crore released (61% of allocation) for Revenue Deficit to 11 States, duly constituted Local bodies and SDRF as on 02.11.2015.

Total transfers to States under award of FFC, Special Assistance and Externally Aided Projects (EAPs) during 2015-16 (Up to 10.12.2015)

Resulting in biggest ever increase in devolution on account of State’s share in sharable pool of Union taxes recommended by FFC from 2015-16, allows the States greater autonomy in designing and financing of schemes/projects .

However, having considered considerable amount of committed spill over liabilities for projects sanctioned prior to implementation of 14th FFC award, assistance required in areas of critical nature, support for States covered under Re-organization Act, support to states to deal with post FFC related issues etc., an allocation of Rs.20,000 crore has been made in the Union Budget (2015-16-BE) to provide assistance to the States in the name of Special Assistance under Central Plan.

An amount of Rs. 3,98,013 crore (Tax devolution of Rs.3,36,830 cr. and grants-in-aid of Rs.61,183 cr.) has been released towards Finance Commission transfers as against Rs.2,76,952 crore (Tax devolution of Rs.2,46,498 cr. and grants-in-aid of Rs.30,454 cr.) under this head during corresponding period in the last year. Total transfers (including loan) of Rs. 11,228 crore has been made to the States for EAPs  in comparison to corresponding releases of Rs.11,130 crore made during the last year.

As far releases under Special Plan are concerned, an amount of Rs.1368 crore has so far been released to the States for earmarked purposes. Besides, releases to the tune of Rs.5499 crore stands released as against NDRF releases of Rs.796 crore made to the States during corresponding period in the last year.

      Other works (Packages announced for Bihar and Jammu and Kashmir)

On 18th August, 2015, the Prime Minister has announced Special package for Bihar called ‘Bihar package 2015’ for sectoral development in the State. An amount of Rs. 1,25,003 crore has to be provided for implementation of infrastructure projects in the areas of Farmer’s Welfare, Education, Skill Development, Health, Electricity, Rural Roads, Highways, Railways, Airports, Digital Bihar, Petroleum & Gas, Tourism.  The projects approved under the package would be implemented by the respective line Ministry(s) in phased manner over a period of 2 to 5 years depending upon commencement of work. Taking into account financial and physical progress of the projects sanctioned under the package, necessary budget provisions for funding of the projects are to be made by the respective administrative Ministry(s). Besides, an amount of Rs. 40,657 crore has also been agreed for other investments in the State.

Taking into account post flood relief & restoration and long term rehabilitation         development of the State of J&K was announced by the Prime Minister on 07.11.2015 for Rs. 80,068 crore including support for Flood relief, reconstruction, flood management, assistance for small trade & business, development projects under Road and Highway, Power, New and Renewable Energy, Health, Human Resource DEVELOPMENT, Skill Development, Sports, Agriculture and Food Processing, Tourism, Urban Development, Security and Welfare of displaced people, Pashmina Promotion Project, etc.
During the period from 1st January, 2015 to 30th November, 2015, the Expenditure Finance Committee (EFC) chaired by Secretary (Expenditure) recommended 53 Plan Investment proposals/Schemes of various Ministries/Departments costing Rs 4,71,121.96 crore.
 Also during the period, Public Investment Board (PIB) chaired by Secretary (Expenditure) considered and recommended 12 proposals involving an amount of Rs. 48,691.18 crore as per the following details:
No. of projects recommended for approval
(In crore)

Ministry of Road Transport and Highways
Ministry of Urban Development
Ministry of External Affairs
Ministry of Power

Rs 48,691.18 crore
Plan Finance-II Division also deals with financial restructuring of Central PSUs on the recommendations of Bureau for Restructuring of Public Sector Enterprises (BRPSE). It is also actively involved in working out modalities for financial assistance to CPSEs, quantification of I&EBR generation for preparation of budget, finalizing modernization of Plants & Equipments to ensure more efficiency in production .It is also the Secretariat of National Clean Energy Fund, in respect of which, guidelines for appraisal/approval of the project have been issued.
Issues relating to Food, Fertilizers and Petroleum subsidies, including their quantification and extension of assistance to the Stake holders are also dealt with in Plan Finance-II Division. This Division is actively involved along with the concerned Department/Ministry, in shaping subsidy policy of the Government so as to ensure effective targeting coupled with minimum burden on the Government.
Seventh Pay Commission has submitted its report to the Ministry. The report is being analysed.  The major recommendation of the report was as follows:
Recommended Date of implementation: 01.01.2016
Minimum Pay: Based on the Aykroyd formula, the minimum pay in Government is recommended to be set at 18,000 per month.
Maximum Pay: 2,25,000 per month for Apex Scale and 2,50,000 per month for Cabinet Secretary and others presently at the same pay level.   

Financial Implications: The total financial impact in the FY 2016-17 is likely to be 1,02,100 crore, over the expenditure as per the ‘Business As Usual’ scenario.  Of this, the increase in pay would be 39,100 crore, increase in allowances would be  29,300 crore and increase in pension would be 33,700 crore. Out of the total financial impact of 1,02,100 crore, 73,650 crore will be borne by the General Budget and 28,450 crore by the Railway Budget.
In percentage terms the overall increase in pay & allowances and pensions over the ‘Business As Usual’ scenario will be 23.55 percent. Within this, the increase in pay will be 16 percent, increase in allowances will be 63 percent, and increase in pension would be 24 percent.The total impact of the Commission’s recommendations are expected to entail an increase of 0.65 percentage points in the ratio of expenditure on (Pay+Allowances+ Pension) to GDP compared to 0.77 percent in case of VI CPC.The full report is available in the website

Highlights of the initiative taken in the year 2015
(1)   Reduction in paper movement: Paperless movements of digitally signed e-Revision Authority (Pension Payment Order) from Central Pension Accounting Office (CPAO) to 4 Banks, to start with, have been implemented resulting in saving of time and operational cost and improvement in efficiency.

(2)   To make successful the digital India Mission of the Government, the pensioners have been made aware to utilize the benefits of Aadhaar number. Consequently, a considerable number of pensioners have got seeded their Aadhaar number with their bank accounts and they have been in a position to avail the facility of getting their life authenticated on line by using digital life certification in case they desired so.

(3)   With the help of banks, media and Pensioners Association, pensioners have been pursued to provide their contact details while submitting Life Certificate for better service delivery to them.

(4)   Life Certificate format for the pensioner has been modified and provision for acknowledgement by the bank has been introduced. Further, the bank has to mention about submission of Life Certificate by the pensioner in the payment scroll to CPAO to enable monitoring of the same.
(5)   As a step towards making pensioner better informed and empowered, facility of informing pensioner through S.M.S. of receipt of fresh Pension Payment Order from the PAO at CPAO and sending Pension Payment Order (Special Seal Authority) to banks for arranging payment has been provided to those pensioners who have provided their mobile numbers.  As a result pensioner can easily track the movement of their pension case.  This is in addition to already available facility on the website of CPAO ( to pensioner to track their pension processing status at CPAO by providing 12 digit PPO number.

(6)   CPAO in now running fully functional grievance redressal mechanism and a pensioner can lodge grievance through telephone, website, e-mail, letters or visit. The queries and grievances of pensioners are attended on highest priority by qualified personnel.

(7)   To integrate the tracking of pension processing and payment system, a link of CPAO’s website has been provided to ‘Bhavishya’ System of ‘Pension Tracking’ developed by Department of Pension and Pensioners’ Welfare. This is very good example of collaboration of departments to provide better services to pensioners by integrating existing facilities.

(8)   Download facility of Special Seal Authority (PPO) from CPAO’s website by using login and password provided by CPAO has been given to pensioners. Consequently, they need not separately approach CPAO to provide a copy of their SSA issued to the bank.  This facility ensures a digital presence of record for pensioner.

(9)   With the implementation of e-scrolls, CPAO in now in a better Position to audit the monthly payments to pensioners.  CPAO can also monitor the payment of first credit of new pension case.

(10)    As against approved time schedule of 21 days, CPAO has issued Authorities for New PPOs on an average in 15 days and revision cases in average 11 days. 

The above initiatives based on the extensive use of information technology has  not only  enhanced transparency and accountability of the processes of CPAO but it has immensely taken care of the pensioner’s welfare. 
Information Technology Division (ITD) and Public Financial Management System (PFMS)
PFMS provides various stakeholders with a real time, reliable and meaningful management information system and an effective decision support system, as part of the Digital India initiative of GoI.

1.      The latest enhancement in the functionalities of PFMS commenced in late 2014, wherein it has been envisaged that digitisation of accounts shall be achieved through PFMS and the additional functionalities would be built into PFMS in different stages. The enhanced application would cater to all Plan and Non Plan payments of Government of India, all tax and non-Tax receipts and also functions such as a comprehensive HRMIS and self-contained pension as well as GPF modules. It is expected that over a period of coming few years, the various existing standalone systems currently catering to these functions shall be integrated into PFMS.

2.      The biggest strength of PFMS is its integration with the banking system in the country. As a result, PFMS has the unique capability to push online payments to almost any beneficiary/vendor. At present, PFMS interface is completed with the Core Banking System (CBS) of all Public Sector Banks (26), Regional Rural Banks (54), major private sector banks (9), Reserve Bank of India, India post and Cooperative Banks (2). At present, PFMS is integrated today with the CBS of 93 Banks in the Country.

3.      At present, the Financial Management functions being delivered by PFMS can be divided into four broad categories.
·         Fund Flow Tracking of GoI schemes
·         Direct Benefit Transfer (DBT)
·         Payment & Accounting of all GoI transactions (Plan & Non Plan)
·         Non Tax Receipt Portal (NTRP) for on line collection of GOI not tax receipts.

The office of Chief Adviser Cost is dealing with matters relating to costing and pricing, industry level studies for determining fair prices, studies on user charges, central excise abatement matters, cost-benefit analysis of projects, studies on cost reduction, cost efficiency, appraisal of capital intensive projects, profitability analysis and application of modern management tools evolving cost and commercial financial accounting for Ministries/ Departments of Government of India. Till November 2015, total 8501 number of studies/ reports was completed by the office of Chief Adviser Cost and out of these 56 reports were completed during the year 2015 ( up to 30th Nov. 2015). 

Finance Minister: India economy has witnessed significant improvement in the macroeconomic stability in terms of low levels of inflation, Fiscal Deficit (FD) and Current Account Deficit (CAD); This robust outcome was made possible by the slew of policy measures and structural reforms undertaken by the present Government in last 19 months to address the critical problems of stimulating and stabilizing the economy 
The Union Finance Minister Shri Arun Jaitley said that India is one of the fastest growing economies of the world. He said that the economy has witnessed significant improvement in the macroeconomic stability in terms of low levels of inflation, fiscal deficit (FD) and Current Account Deficit (CAD) etc. The Finance Minister said that this outcome is creditable considering that the global economic situation continues to be uncertain transmitting negative spill-overs, because of which emerging markets and developing economies have, in general, become more vulnerable and fragile. He said that the current macroeconomic outcome is far superior to that in early 2013-14 when the situation was worrisome in terms of high current account and fiscal deficits with high inflation, high interest rates and low growth. Shri Jaitley said that the extant robust outcome was made possible by the slew of policy measures and structural reforms undertaken by the present Government in last 19 months to address the critical problems of stimulating and stabilizing the economy. These included measures to boost growth through enhanced public investment, kick starting stalled projects, improving the status of financial inclusion significantly, improving governance through systemic changes like open auction for natural resources like coal and spectrum, monetary policy framework and greater fiscal federalism and improving business environment through reforms in policies and regulation among others.

Addressing the Third Meeting of the Consultative Committee attached to the Ministry of Finance on the subject of ‘State of Economy’ here today, the Finance Minister Shri Jaitley said that the macroeconomic outcome in India in the current juncture is one of consolidation of the economic recovery evidenced in recent years. Shri Jaitley further said that India clocked 7.3 per cent growth rate in Gross Domestic Product (GDP) in the year 2014-15, higher than 6.9 per cent growth achieved in 2013-14 and 5.1 per cent in 2012-13; showing that India is firmly on the path of economic revival. This growth compares favourably with the growth of 3.4 per cent achieved by the global economy and 4.6 per cent by the emerging markets and developing economies as a block in the year 2014.

The Finance Minister further said that the GDP growth was 7.2 per cent in the First Half (H1) of 2015-16 as against 7.0 per cent in the second half of the last year. Growth has also improved from 7 per cent in the first quarter (Q1) of 2015-16 to 7.4 per cent in Q2 of the current fiscal. Viewed sector-wise, the pick-up in the growth of manufacturing sector can boost overall growth both directly and indirectly because of the substantial backward and forward linkages that the sector has. The manufacturing growth has improved from 6.1 per cent in H2 2014-15 to 8.2 per cent in H1 2015-16. The service sector growth has been robust at 8.8 per cent during H1 2015-16.

The Union Finance Minister Shri Arun Jaitley also informed that the Government continues to adhere to the path of fiscal consolidation. Despite the pressing need for enhanced public investment to boost the economic growth and tough commitments on account of requirements of federal structure, (greater tax devolution-- from 32 per cent to 42 per cent of the divisible pool to states), the Budget 2015-16 targeted a fiscal deficit of 3.9 per cent of the GDP, as compared to 4.0 per cent in 2014-15.The Finance Minister said that the fiscal outcome has been promising this year so far. Gross tax revenues increased by 23.1 per cent during April- October 2015-16 in comparison to the corresponding period in the previous year, which was mainly led by a buoyant growth in indirect taxes. The Union Budget 2015-16 estimated a growth in capital expenditure of 25.5 per cent. Against this, during April-October 2015, the growth in capital expenditure on plan account has been 61.3 per cent; while, the total capital expenditure grew by 31 per cent. Increased public investment, reflected in capital expenditure, is likely to promote private investment and growth. Fiscal deficit during April-October 2015-16 has been Rs. 64,505 crore lower than that in the corresponding period of the previous year.

Thereafter, the Members of the Consultative Committee gave their suggestions and observations with regard to State of Indian Economy. Most of the Members of the Committee congratulated the Government for improving the overall macro economic situation of the Indian Economy. They made many suggestions for further improving the performance of different sectors of the economy. One of the Members pointed-out about the poor state of Steel industry in the country . Replying to the observation of the Member, the Finance Minister informed about the various measures taken by the Government to protect the domestic Steel industry by raising Customs and safeguards’ duty in recent times. Some Members suggested for more focus on boosting agriculture production especially pulses. Replying to this observation, the Finance Minister briefed about various steps taken by the Central Government to increase area under cultivation for pulses including highest bonus for pulses under Minimum Support Prices (MSP) and steps taken to ensure adequate supply of pulses in different States to keep the prices under check and further steps being taken to keep adequate stock of pulses in future to meet any shortfall among others. Members appreciated the increase in flow of agriculture Credit. However, they suggested for increase in number of bank branches in the country. Some Members suggested measures to bring down NPAs of the banks especially Public Sector Banks(PSBs). The MoS(Finance) Shri Sinha informed the Members that total NPA of banks(both Public &private Sector Banks) is to the tune of Rs.3.47 lakh crore, out of which Rs.3 lakh crore is of PSBs and remaining Rs.47,000 crore of Private Sector Banks. He gave details of various actions taken by the Government including recapitalization of banks & restructuring of loans among others to reduce the NPA especially of PSBs. Major NPA is because of poor performance of Steel & sugar industry, State Discoms and stalled infrastructure projects among others. The Minister informed that the Government has taken various steps to improve the performance of these sectors which, in turn, would help in bringing down NPAs especially of PSBs . Some members suggested that law be framed that the corporate Companies making huge profits should spend part of their profits in the development of areas from where they are performing and making profits. Members stressed the need for additional steps to be taken to boost job opportunities especially in rural areas to engage rural youth. In this regard, some Members appreciated the performance of Pradhan Mantri MUDRA Yojana which helped in extending credit facilities for self employment in micro, small and medium sector and thereby boosting self employment opportunities especially in rural areas. Some Members suggested for early implementation of GST.

The Finance Minister, while thanking the Members of their useful suggestions said that the present Government is fully committed to the goal of achieving inclusive growth in order to mitigate poverty and to ensure decent quality of life for all the citizens.

Along with the Union Finance Minister Shri Arun Jaitley and Minister of State for Finance Shri Jayant Sinha, the Members of the Parliament and the Consultative Committee who attended the aforesaid Meeting today include, Shri Anirudhan Sampath, Shri Baijayanta Jai Panda, Shri Dilip Kumar Mansukhal Gandhi, Shri.J.Jayasingh Thiyagaraj Natterjee, , Shri.P.P.Chaudhary and Shri Subhash Chandra Baheria ( all Members of Lok Sabha); Shri K P Ramalingam, Shri Rajkumar Dhoot, Shri Ranvijay Singh Judev, Shri Satish Chandra Misra and Shri Sukhendu Sekhar Roy (all Members of Rajya Sabha).

Among the officers present during the aforesaid Consultative Committee Meeting include Shri Ratan P Watal , Finance Secretary ,Shri Shaktikanta Das , Secretary, DEA, Dr.Hasmukh Adhia , Revenue Secretary, Ms Anjuli Chib Duggal, Secretary (DFS), Ms Aradhna Johri, Secretary, Disinvestment and Dr. Arvind Subrahmanian , Chief Economic Adviser (CEA) and senior officers of the Ministry of Finance among others. 
Date for payment of Central Excise duty and Service Tax for November 2015 in the Union Territory of Puducherry (except Mahe & Yanam) extended to 20th December 2015 while the date of filing of the Central Excise return for November 2015 extended to 31st December 2015.
For all Central Excise and Service Tax assessees in the Union Territory of Puducherry (except Mahe & Yanam), the date for payment of Central Excise duty and Service Tax for the month of November 2015 has been extended to the 20th of December 2015. The date of filing of the Central Excise return for the month of November 2015 has been extended to the 31st of December 2015. The notifications and order to give effect to these changes have been issued by the Central Board of Excise and Customs (CBEC). 

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