Important Facts For Prelims
Central Road and Infrastructure Fund
- 22 Nov 2019
- 1 min read
Why in News
The Union Minister for Road Transport and Highways informed about the Central Road and Infrastructure Fund in Lok Sabha during the winter parliamentary session (2019).
- The Central Road and Infrastructure Fund (earlier known as Central Road Fund) was established in 2000 under Central Road Fund Act, 2000.
- The fund comprises of a cess imposed along with excise duty on petrol and diesel.
- The administrative control of Central Road and Infrastructure Fund (CRIF) falls under the Ministry of Finance.
- Earlier it was under the domain of Ministry of Road Transport and Highways.
Central Road Fund Act (Amendment), 2018
- The amendment renamed the Central Road Fund as Central Road and Infrastructure Fund (CRIF).
- It allowed using the proceeds of the road cess under CRIF to finance other infrastructure projects including waterways, some portion of the railway infrastructure and even social infrastructure including education institutions, medical colleges etc.
