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More resources for NCR Board sought

CHANDIGARH: Deepender Singh Hooda, MP has urged Prime Minister Manmohan Singh to enhance the financial resources of the National Capital Region Planning Board (NCRPB).

In a letter addressed to Dr.Manmohan Singh, Mr.Hooda drew his attention towards severe financial hindrances being faced by NCRPB and suggested ways and means to improve its financial health. He urged Dr. Singh to guide the Ministries of Finance and Urban Development to look into the matter favourably.

Mr.Hooda suggested that the budgetary allocation of the Board be enhanced as its annual plan grant was only Rs. 100 crores for 2007-08 which was meagre. He pleaded that the plan grant for NCRPB should be raised to a minimum of Rs. 1,000 crores for the year 2008-09.

He pointed out that the Board had so far sanctioned loan amount of Rs. 3,902 crores for various projects by leveraging and recycling the annual plan grants received by it. However, the pressure on Board was rising to finance an adequate number of projects in the 11th Five Year Plan. One way was for the Board to raise financial resources to the tune of Rs. 11,000 crores through market borrowings to finance large infrastructure projects.

He suggested that the NCRPB be allowed to issue Capital Gain Bonds or Infrastructure Bonds which should be qualified as Capital Gain Exemption Bonds under 54 EC of the Income Tax Act. He urged that concession of Income Tax exemption be restored to the NCRPB on the lines similar to National Highway Authority of India (NHAI) and Delhi Development Authority (DDA).

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More resources for NCR Board sought

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