India: Cabinet OKs Financial Assistance for KoPT Dredging
- Business & Finance
The Union Cabinet approved the proposal for extension of financial assistance to Kolkata Port Trust (KoPT) to meet the dredging expenditure incurred by KoPT for maintenance of the river/channel. This will make transactions through the port commercially viable for the port users.
The scheme of financial assistance to KoPT towards dredging will be continued for a total amount of Rs. 1501.35 crore for the period from 2012-13 to 2015-16, with effect from 01.04.2012. The extant policy for awarding the dredging work in other major ports will be followed in respect of the dredging work to be carried out in Kolkata Port.
An ‘on account’ payment up to 90 percent of the amount payable towards financial assistance during the previous year may be made to KoPT in the following years in equal quarterly installments based on audit certificate for the previous year.
Press Release, November 29, 2013