The Centre today agreed to pay Rs 6,320 crore to the Assam government as crude oil royalty as part of an out of the court settlement after eight years of protracted legal battle.
The amount will be paid by the central government to the Assam government over a period of three financial years commencing 2016-17.
Assam Chief Minister Sarbananda Sonowal thanked Prime Minister Narendra Modi, Finance Minister Arun Jaitley and Petroleum Minister Dharmendra Pradhan for the “proactive and bold steps” which led to the out of the court settlement.
“The Central and state governments were fighting in courts over the oil royalty issue since 2008 when both the governments were ruled by the Congress. Read More…