TAMIL NADU URBAN ROAD INFRASTRUCTURE FUND (TURIF)
The Government of Tamil Nadu have created a non-lapsable fund in the name of Tamil Nadu Urban Road Infrastructure Fund (TURIF) to implement Tamil Nadu Urban Road Infrastructure Project (TURIP). The fund is managed by Tamil Nadu Urban Infrastructure Financial Services Limited (TNUIFSL)
The objective of TURIP is to implement through a dedicated non-lapsable fund, namely, the Tamil Nadu Urban Road Infrastructure Fund (TURIF) to improve / renovate / relay roads and related infrastructure in the Municipal Corporation, Municipalities and Town Panchayats of Tamil Nadu.
SOURCES OF FUNDS
The fund will have multiple sources viz., a portion of the assigned revenue payable to Municipal Corporations, Municipalities and Town Panchayats on account of surcharge on stamp duty, a portion of devolution to the Urban Local Bodies, proceeds from the issue of bonds and other market borrowings, other borrowings from Government, grants and any other source as decided by the Government, from time to time. The interest from investments and any other income earned or accruing to TURIF will also form part of its corpus and will be applied for the purposes for which the fund is created.
PERFORMANCE DURING 2022-23
During the financial year 2022-23, a sum of Rs.648.81 crores (previous year Rs.304.83 crores) has been released by Government to TURIF. A sum of Rs.714.37 crores (previous year Rs.360.11 crores) has been disbursed to ULBs as grant from TURIF.
In the current financial year Rs.401.08 crores has been disbursed to ULBs as grant upto September 2023