Deepak Gupta | Oct 29, 2021 |
Breaking! Indian Govt withdraws decision on sharing 50% convenience fee earned by IRCTC
The Ministry of Railways has decided to withdraw its decision on sharing the convenience fee earned by IRCTC on online train ticket bookings, which would be a huge relief for the Indian Railways Catering and Transportation Corporation (IRCTC).
DIPAM Secretary Tuhin Kanta Pandey tweeted on Friday, “The Ministry of Railways has decided to withdraw the decision on IRCTC convenience fee.”
Ministry of Railways has decided to withdraw the decision on IRCTC convenience fee pic.twitter.com/HXIRLxXTlL
— Secretary, DIPAM (@SecyDIPAM) October 29, 2021
The IRCTC announced on Thursday that the Ministry of Railways has asked it to share with the national transporter 50% of its revenue earned as a convenience fee from bookings made through its website.
Customers’ convenience fees generated a sizable revenue stream for IRCTC. The fee is not included in the rail fare. It is for the IRCTC’s online ticket reservation service.
IRCTC shares fell nearly 10% in early trading on Friday, to Rs 822.40 per share. However, shortly after the withdrawal decision was announced, the stock recovered some ground and was trading at 887.35, down 2.89 percent on the BSE.
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