The Vice Chairman & Managing Director, Andhra Pradesh State Road Transport Corporation (APSRTC), Hyderabad, has informed that the Corporation was extending Bus pass concessions to different types of commuters. Vide G.O.Ms.No.35, dt.16.3.2002, the Government have accorded sanction for reimbursement of 50% of the Bus Passes concessions from 2001-02 onwards and vide G.O.Ms.No.51, T,R&B (Tr.II) Dept., dt.27.3.2006, Government have accorded sanction for reimbursement of 100% Bus Passes concessions from 2005-06 onwards to APSRTC. Every year Government is providing an amount of Rs.200.00 Crores towards reimbursement of Bus Passes concessions in the budget and permitting the Corporation to avail loans from the Banks against Government Guarantee with debt servicing for the remaining amount of the concessions after adjustment of MV Taxes amount payable to the Government.
He has stated that the balance Bus passes concessions amount receivable from the Government worked out to Rs.2718.10 Crs for the period 2001-02 to 2011-12 and after setting the MV Taxes payable to the Government for Rs.1677.81 Crores along with the Government Guarantee loans raised by the Corporation to the extent of Rs.720.59 Crores with the total Bus passes concessions receivable from the Government for Rs.2718.10 Crores, the net amount receivable from the Government works out to Rs.319.70 Crores.
He has further stated that for the year 2012-13 the net amount of concessions receivable from the Government worked out as Rs.273.42 Crores (Rupees Two hundred and Seventy Three Crores and Forty Two lakhs only) and hence, the total amount of balance of concessions receivable from the Government upto 2012-13 is Rs.593.12 Crores (Rs.319.70 + Rs.273.42 Crores).
The VC & MD, APSRTC, has requested the Government to permit the Corporation to avail loans from Comml. Banks against Govt. Guarantee for Rs.593.12 Crs. initially and if proper response from the Banks is not received within the reasonable time, to permit the Corporation to raise through private placement Public Bonds against Govt. Guarantee for Debt servicing.
Government of AP, after consideration of the matter has agreed to permit Andhra Pradesh State Road Transport Corporation (APSRTC) to go for borrowing against Government Guarantee for debt service for Rs.319.70 Crores (Rupees Three Hundred and Nineteen Crores Seventy Lakhs only) from Commercial Banks.
The VC & MD, APSRTC, Hyderabad, shall take necessary action to call for tenders and avail loans to the extent of Rs.319.70 Crores from the Commercial Banks who quote lowest rates of interest.
This orders issues with the concurrence of Finance [Expr. PW.II] Department vide their U.O. No. 16074/586/A2/Exp.PW-II/13, Dt. 20-07-2013.
G.O. Ms. No. 93 Dated :03-10-2013
From Vice Chairman & Managing Director, APSRTC Lr. No. B&F/F2/409(1)/2011-12-FD, Dated 21-05-2013.