24 January 2012 11:42 [Source: ICIS news]
LONDON (ICIS)--Gujarat State Fertilizers & Chemicals (GSFC) has denied claims that it had failed to pass on subsidies to farmers, the fertilizer producer said on Tuesday.
The accusations of GSFC not passing on the subsidy it received under the nutrient based subsidy (NBS) system to farmers for the fiscal year of 2011 is “far from truth”, the company said in a statement.
GSFC said it has not been contacted by the Department of Fertilizers over the issue, implying that at present it does not have to detail its finances or justify its ammonium sulphate (AS) subsidy claims during the 2011 fiscal year.
GSFC added that its fertilizer subsidy payments, including those for AS, under the NBS are made after thorough checking by the Indian government.
The company reiterated in the statement that the retail price for AS to farmers had been adjusted downwards following the introduction of the NBS, and hence “the question of recovery of subsidy on [AS] does not arise”.
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