After stock crash, Railways withdraws order asking IRCTC to share 50% convenience fee

New Delhi: A day after rail reservation monopoly Indian Railway Catering and Tourism Corporation Ltd (IRCTC) shocked investors saying it has been asked by the Ministry of Railways to share half of convenience fee from November 1, the order has been withdrawn.

"Ministry of Railways has decided to withdraw the decision on IRCTC convenience fee," Department of Investment and Public Asset Management (DIPAM) secretary tweeted.

IRCTC had on October 28 informed BSE in a regulatory filing that Ministry of Railways had asked it to share the revenue earned from convenience fee collected by IRCTC in the ratio of 50:50 with effect from November 1, 2021.

"ln compliance with the Regulation 30 of Securities and Exchange Board of lndia (Listing Obligations and Disclosure Requirements) Regulations,2015, it is to be informed that Ministry of Railways vide above referred letter has conveyed its decision to share the revenue earned from convenience fee collected by IRCTC in the ratio of 50: 50 w.e.f 1st November 2021," IRCTC had said in its filing.