Rashtriya Rail Sanraksha Kosh Current Affairs

Finance Ministry to aid Rashtriya Rail Sanraksha Kosh for rail safety

The Union Finance Ministry has agreed to contribute partially to a new dedicated railway safety fund named as ‘Rashtriya Rail Sanraksha Kosh’ in the upcoming Union Budget 2017-18.

The proposed safety fund will be utilised for track improvement, bridge rehabilitation, rolling stock replacement, human resource development, improved inspection system and safety work at level crossing, among other things.

Key Facts
  • The Finance Ministry is likely to grant a fresh infusion of only Rs. 5,000 crore in the upcoming financial year out of the initial proposed corpus of Rs. 20,000 crore.
  • About Rs. 10,000 crore will be earmarked from the Central Road Fund (CRF) that is collected by levying a cess on diesel and petrol at present for safety-related work.
  • Railways may now be asked to fund the remaining Rs. 5,000 crore for the initial corpus from its own resources.
  • For this Indian Railway’s may either have to bring back a cess on rail tickets to finance its share of Rail Safety Fund or look to fund it from non-budgetary resources. 
Background

The Railway Ministry had requested the Union Finance Ministry to create ‘Rashtriya Rail Sanraksha Kosh’, a ‘non-lapsable’ safety fund of Rs. 20,000 crore over five years. Its request was based on the recommendations of a high-level safety review committee headed by Dr. Anil Kakodkar, former Chairman Atomic Energy Commission.  The Committee, in its report submitted in 2012, had projected an investment requirement of Rs. 1 lakh crore on safety over five years.

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Union Railway Ministry to set up Rs 1 lakh crore Rashtriya Rail Sanraksha Kosh

The Union Railway Ministry has decided to create a 1 lakh crore rupees safety fund named Rashtriya Rail Sanraksha Kosh to strengthen safety measures on the rail network to prevent accidents.

It was announced by Union Railway Minister Suresh Prabhu in the Lok Sabha while replying to a debate on Demands for Grants for Railways for 2016-17.

In this regard Union Railway Ministry has forwarded a proposal to the Union Finance Ministry for approval.

Key facts

  • The Rashtriya Rail Sanraksha Kosh will be a non-lapsable fund which will be utilised for safety measures.
  • The fund will help Indian Railways to accomplish its zero-accident mission by strengthening the safety measures on the rail network in a comprehensive way.
  • Under this fund, envisaged works like track renewal and upgradation, bridge rehabilitation, elimination of level-crossings, construction of road over bridges/road under bridges will be under taken.
  • It will be also used for replacement and improvement of signalling system, improvement and upgradation of rolling stock, replacement of electrical assets and human resource development.

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