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Commerce Ministry looks for financial help from financial ministry for VRS plan of MMTC

The Commerce Ministry has looked for financial help from its finance counterpart to pay compensation to the workers of public area trading firm MMTC (Metals and Minerals Trading Corporation of India) under its VRS plot, sources said.

As indicated by sources in the Commerce Ministry, which is the nodal service of MMTC, the service has sent a proposition with respect to this to the Finance Ministry.

The organization needs money to pay its workers who are choosing VRS (voluntary retirement scheme), and because of its dull financial conditions, MMTC can't pay the due sum, one of the sources said.

The service is confident that the Finance Ministry would consider the proposition decidedly, the sources said.

In July a year ago, MMTC's board had approved the VRS proposition for its representatives.