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Over Rs 3800 cr loan outstanding against corporations in Delhi as on Mar 31, 2018: CAG report


Over Rs 3800 cr loan outstanding against corporations in Delhi as on Mar 31, 2018: CAG report

Loans amounting to Rs 3814.89 cr were outstanding against the three municipal corporations in Delhi as on March 31 last year, according to a Comptroller and \RAudit or General (CAG) report released on Monday. Loans are provided to civic bodies on a quarterly basis under various projects and schemes and these are adjusted from the basic tax assignment due to them.

Loans amounting to Rs 2,059.87 crore was outstanding against the erstwhile Municipal Corporation of Delhi (MCD) as on March 31, 2012, the report said. After trifurcation of the MCD in 2012, these loans were divided among the

South Delhi Municipal Corporation (Rs 936 crore), North Delhi Municipal Corporation (Rs 729.61 crore) and East Delhi Municipal Corporation

Rs 394.26 crore) as per their liability ratio, the report said. The NDMC received loans amounting to Rs 1,680.75 crore during 2012-18.

There has been a recovery of Rs 372.82 crore during 2012-13 to 2014-15. Recovery of loans for the period 2015-16 to 2017-18 has been deferred due to

the poor financial condition of the corporation. "Loans amounting to Rs 2,037.54 crore was outstanding against North Delhi Municipal Corporation as on March 31, 2018," it said.

The EDMC received loans amounting to Rs 1,133.98 crore during 2012-18. There has been a recovery of Rs 132.34 crore during 2012-13 to 2013-14. Recovery of loans for the period 2015-16 to 2017-18 has been deferred due to the poor financial condition of the corporation, it added.

As on March 31, 2018, loans amounting to Rs 1,395.90 crore was outstanding against the EDMC, the report said. The SDMC received loans amounting to Rs 158.50 crore during 2012-18.

Recovery of Rs 713.06 crore has been effected since 2012-13 leaving an outstanding amount of Rs 381.45 crore as on March 31 last year, the CAGF report said.

Interest liability on account of the outstanding loans of municipal corporations is under reconciliation by the Principal Accounts Office and the agencies concerned as intimated by the Department of Urban Development of the government of Delhi.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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