Following the decision, the finance ministry had said in July 2017 that it will partially reimburse for the losses that the company has suffered because of the demonetisation sops. Later, it reimbursed only Rs 80 crore and Rs 88 crore for the financial years 2017-18 and 2018-19 respectively.
The sop plans took a u-turn after a decision by the Department of Economic Affairs on July 19 this year to withdraw the reimbursement of expenses, while advising the ministry of railways to decide on the future course. Following this, the Railway Board had authorised IRCTC
to decide on the service charges to be levied on the passengers for booking railway tickets online.
The government is planning to offload around 12 per cent stake through the IPO of IRCTC, which is likely to fetch around Rs 6,000 crore. During the current financial year, so far Rs.12,357.49 crore has been obtained through disinvestment transactions, as the government is targeting around Rs 1.05 trillion for the entire financial year.
IRCTC operates one of the most transacted websites, www.irctc.co.in, in the Asia-Pacific (APAC) region with transaction volume averaging at 25 million per month and 7.2 million logins a day. Over 1.4 million passengers travel on a daily basis of which 71.42 per cent book their tickets online.