Nashik Municipal Corporation to seek Rs 200crore loan to ebb fiscal woes
The move comes following decisions taken by the standing committee and general body recently, to approve the proposal for a total loan package of Rs 450 crore.
Nov 04, 2012
Source : The Times of India

NASHIK: Armed with the objective to finance various civic works and projects in the city, the Nashik Municipal Corporation (NMC) has decided to take a loan of Rs 200 crore. A proposal for this will be submitted to the state government for its approval within the next few days.The move comes following decisions taken by the standing committee and general body recently, to approve the proposal for a total loan package of Rs 450 crore.

The administration is now seeking an initial approvel from the state for Rs 200 crore as part of this proposal. a proposal of taking loans worth Rs 450 crore to complete civic works was passed by both Standing Committee and General Body Meetings of Nashik Municipal Corporation (NMC) recently.

"The proposal to avail of the Rs 200-crore loan has been chalked out and will be sent to the state government for its approval in the next two-three days. A decision on whether to avail of the loan from nationalized banks or to raise it through bonds will be decided only after we get the state's approval," a senior NMC official told TOI.

The official added that the financial condition of the NMC was not very satisfactory. The last financial year was the last year of the five-year term of the House. Hence, developmental works amounting to Rs 416 crore were approved for the 2011-12 financial year. "This deficit has turned out to be a huge burden on the civic administration. Additionally, there are new civic works and the management of income and expenditure, which are challenges before us.We are focusing to make tax recovery more effective. Our priority is to recover 100% taxes to boost revenue. The revenue collected from house and water taxes is expected to increase during the current financial year," the official said.

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