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The Centre has released an additional tranche of tax devolution dues to States amounting to ₹72,961.21 crore, citing the forthcoming festivities and the New Year, the Finance Ministry said on December 22.

“This installment is in addition to the tax devolution installment due to States on January 10, 2024 and the installment of ₹72,961.21 crore already released on December 11, 2023,” the ministry said.

“In view of the forthcoming festivities and the New Year, the Union Government has authorised the release of an additional installment of tax devolution amounting to ₹72,961.21 crore to strengthen the hands of State Governments for financing various social welfare measures and infrastructure development schemes,” it added.