BMC standing committee seeks details on raising funds via bonds

Members of the BrihanMumbai Municipal Corporation (BMC) standing committee have demanded a white paper from the civic administration on Wednesday, seeking details about the proposed plan of raising funds through 'Municipal Bonds'.

Af ter facing heavy financial constraints due to the COVID-19 pandemic, BMC is now planning to raise funds from the markets by floating financial bonds and investing in big-ticket projects. Senior civic officials stated that the project is in the development stage and the details on the issue will be revealed during the announcement of the civic budget in Februar y. Meanwhile, public representatives and standing committee members stated that the BMC has not consulted with them regarding this matter and the policy must be tabled in front of the standing committee before approval.

“BMC has planned to raise Rs 4,000 crore through bonds, but we have no idea about this. The civic body must provide us ever y detail before they float the bonds in the market,” said Rais Shaikh, standing committee member, and Samajwadi Party corporator.

Shaikh also stated, despite repeated attempts, the administration has not given any details regarding its expenditures of the previous year.