Telangana govt. accords permission to SERP to fund purchase of 600 buses
TGSRTC will pay monthly hire charges at the rate of 15 per cent EMI for seven years
Hyderabad: The State government has decided to permit the Chief Executive Officer (CEO) of Society for Elimination of Rural Poverty (SERP) to fund the purchase of 600 buses by Telangana State Road Transport Corporation (TGSRTC) through Mandal Mahila Samakhyas (MKS).
The TGSRTC, in turn, will pay the monthly hire charges at the rate of15 per cent EMI before the fifth of every month for seven years for the amount invested by MMS. Accordingly, the government permitted SERP CEO in the matter on certain conditions.
Initially, 150 Buses would be funded by the 150 MMS which are identified by the SERP in 17 districts of erstwhile Khammam. Karimnagar, Mahabubnagar and Warangal Districts in the first phase-I for purchase by TGSRTC and the remaining 450 buses would be purchased in the next phase.
Buses will be funded by MMS and will be placed at the disposal with TGSRTC for operations and TGSRTC will hypothecate the buses to the MMS concerned and register in RC Book.
The TGSRTC will pay monthly hire charges at rate of 15 per cent EMI before the fifth of every month for seven years for the amount invested by the MMS. The SERP CEO and TGSRTC Vice-Chairman and Managing Director would take further necessary action in the matter, DS Lokesh Kumar, Secretary to Panchayat Raj and Rural Development, Full Additional Charge (FAC).