Implementation of 'One Rank One Pension' scheme, the long-standing demand of Armed Forces veterans, is likely to cost the exchequer Rs 7,500 crore to Rs 10,000 crore, Union Minister Rao Inderjit Singh said today.
The government has already made it clear that One Rank One Pension (OROP) will be implemented with effect from April 1, 2014, the Minister of State for Defence told reporters here.
He said that the Defence Ministry had recently forwarded to the Finance Ministry the cost which the scheme's implementation would entail.
"It is likely to cost us somewhere between Rs 7,500 crore to Rs 10,000 crore," he said, adding that the previous UPA government had made a mere announcement with regard to OROP.
"During the past four to five months, we have gone deep into this. We have calculated the entire cost now," he said.