logo
Panchkula parking contractor misses ‘final notice' deadline, continues ops

Panchkula parking contractor misses ‘final notice' deadline, continues ops

Time of India07-05-2025

1
2
Panchkula: The parking contractor, who has been served a 'final notice' on the long-pending dues, will continue to operate the paid parking lots in Panchkula, at least for now.After the April 15 deadline, the municipal corporation (MC)had issued a 'final notice' to the contractor, directing him to clear the pending licence fee or face contract termination.However, MC officials told TOI that of the approximately Rs 1 crore pending amount, the contractor paid only about Rs 20,000 after being served the notice, apparently to save his job. The corporation seems to have bent, for reasons best known to it, and did not proceed with the termination as it had claimed at the time of serving the 'final notice'.During the MC house meeting held in March, it was resolved that the contractor should clear the amount by April 15, or else the contract would be terminated.Agitated Congress councillors had even threatened to close the paid parking lots in the markets themselves if the payment was not made by April 15. They accused the BJP-led MC of deliberately not acting against the contractor. However, as May approached, the opposition councillors were nowhere to be seen and remained silent on this issue. Meanwhile, the BJP-ruled MC seemed to have given yet another breather to the agency, as notices failed to recover the pending licence fee after months.Prior to this, during a meeting of the revenue resolution committee of the MC in Nov last year, it was decided to cancel the contract if payment was not made. Nearly two months later, the contractor managing parking lots in sectors 8, 9, and 10 paid part of the total amount, ie, Rs 55 lakh, to the corporation to save his job. However, about Rs 1 crore was still pending.Commenting on the issue, SK Nayar, president of the Citizens' Welfare Association, Panchkula, said, "When visitors to the markets are paying the parking fee to the MC, what stops the contractor from paying the licence fee for operating these spaces? The MC giving new deadlines every time shows it is not serious about recovering the amount and raises serious questions about the working of the MC. Why should he be allowed to continue operating if he is defaulting on fee? Who will be responsible if he runs away without making the payment?"When TOI contacted Mayor Kulbhushan Goyal, he said, "He has submitted some amount, and officers are seeing what is to be done next."MC commissioner Aparajita said, "After being issued the notice, he submitted Rs 20,000 and has requested to continue operating, assuring that he will clear the entire amount by Nov when the contract ends. He has given a representation in this regard to the mayor, who is looking into it."The MC remains elusive about the time period of the notice and the exact total amount the agency has to pay.Missed DeadlinesNov 2024: Revenue resolution committee of MC in Nov last year decided to cancel the contract if payment was not madeMarch 2025: MC house sets another April 15 deadlineMay 2026: Pending amount still not cleared; no action taken

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Amid talks of patch-up with Uddhav, Raj Thackeray meets CM Devendra Fadnavis at Mumbai hotel
Amid talks of patch-up with Uddhav, Raj Thackeray meets CM Devendra Fadnavis at Mumbai hotel

Indian Express

time26 minutes ago

  • Indian Express

Amid talks of patch-up with Uddhav, Raj Thackeray meets CM Devendra Fadnavis at Mumbai hotel

Maharashtra Navnirman Sena (MNS) chief Raj Thackeray on Thursday held a closed-door meeting with Chief Minister Devendra Fadnavis at a five-star hotel in Mumbai, sparking speculation that he may be considering a realignment with the BJP-led Mahayuti government instead of an alliance with cousin Uddhav Thackeray's Shiv Sena (UBT). The meeting between the two leaders took place at Taj Lands End in Bandra and lasted over an hour. The meeting was neither pre-announced nor part of either leader's official schedule. The development comes after nearly two months of emotional appeals, symbolic gestures, and strategic signalling by the Shiv Sena (UBT) to reunite the Thackeray cousins under a unified 'Marathi manoos' banner. Uddhav, son Aaditya, and senior Shiv Sena (UBT) leaders like Sanjay Raut have repeatedly urged a reconciliation, claiming the larger cause of Marathi identity and regional pride warranted a reconciliation. However, while Shiv Sena (UBT) leaders and workers had leaned heavily on public messaging—old photos, social media posts, and even the Saamana front page—the MNS has kept mum. Though Raj hinted on an April 19 podcast that he prioritises Maharashtra over personal disagreements, his party quickly clarified that unity on issues does not equate to electoral alliances. The MNS's top leadership has insisted that no formal proposal has been received. On June 5, Raj's son Amit had bluntly remarked that 'alliances are not formed through media sound bites', making it clear that the MNS was unmoved. Thursday's meeting with Fadnavis deepens that perception. Coming just days before both Raj (June 14) and Aaditya's (June 13) birthdays—an occasion Shiv Sena (UBT) workers had tried to frame as symbolic for unity—this unscheduled engagement with Fadnavis suggests Raj may be playing a different game. According to political observers in the state, the meeting cannot be a mere courtesy call as it comes at a time when the civic polls are set to be held and with the Brihanmumbai Municipal Corporation (BMC) a key target, an MNS-BJP alliance may gain more traction than a Shiv Sena (UBT)-MNS one. Responding to the meeting, Shiv Sena (UBT) leader and former BMC mayor Kishori Pednekar said that it was too early to comment on the matter. 'Let us wait and watch. Both brothers have called their differences minor, and there is also a shared feeling among the MNS and Sena UBT workers. So let us see how it goes.. it would be inappropriate to jump the gun now,' she said. On Thursday, the Shiv Sena, led by Deputy Chief Minister Eknath Shinde, had also offered Raj the opportunity to join hands with them. 'Earlier, too, during the Assembly, we had offered to ally. Now also, we are open to an alliance. We still offer Raj saheb to come with us,' Sena leader and minister Sanjay Shirsat had said.

RBI cut interest rates: How will it impact personal loan interest rates?
RBI cut interest rates: How will it impact personal loan interest rates?

Mint

time28 minutes ago

  • Mint

RBI cut interest rates: How will it impact personal loan interest rates?

On 6th June 2025, the RBI cut the repo rate by 50 basis points and the Cash Reserve Ratio (CRR) by 100 basis points. It was RBI's third repo rate cut in successive Monetary Policy Committee (MPC) meetings since February 2025. The interest rate cuts are expected to bring down interest rates on personal loans and other loans. In this article, we will understand what the repo rate is, the repo rate cuts by the RBI, and how it will impact personal loan interest rates. Before understanding the impact of RBI repo rate cuts on loan interest rates, let us first understand what is the repo rate. The repo rate or the Repurchase Rate is the rate at which banks borrow money from the Reserve Bank of India (RBI). The money is borrowed by offering Government Securities (G-secs) as collateral to the RBI. The borrowing bank later buys back the G-secs from the RBI at a higher rate, including the interest amount calculated as per the repo rate. On 6th June 2025, the RBI cut the repo rate by 50 basis points from 6% to 5.5%. It is the RBI's biggest repo rate in the last few years. Before that, the RBI cut the repo rate from 6.5% to 6.25% in February 2025, and further from 6.25% to 6.0% in April 2025. Apart from the repo rate cut, the RBI announced the CRR cut by 100 basis points. It will be done in four equal tranches of 25 basis points each on 6th September, 4th October, 1st November, and 29th November. A cut in the repo rate has a direct impact on the personal loan interest rates. When the repo rate is cut, it lowers the cost of borrowing for banks. When the cost of funds falls for banks, they can lend to customers at a lower rate. Thus, when the repo rate decreases, the interest rates on personal loans and other loans go down. The RBI's move to cut the repo rate by 100 basis points or 1% since February 2025 is good news for personal loan borrowers. The borrowers can expect a cut in interest rates on personal loans. If banks lower the interest rates on personal loans by 100 basis points, it will result in huge interest rate savings for borrowers. Let us understand the savings in interest amount with an example. Kareena wants to take a Rs. 10 lakh personal loan for a tenure of 5 years. At a 12% interest rate, Kareena will have to pay an Equated Monthly Instalment (EMI) of Rs. 22,244. She will pay a total of Rs. 13,34,667 to the bank through 60 EMIs. Thus, the total interest paid by Kareena on the 5-year personal loan will be Rs. 3,34,667. Now, suppose the bank reduces the personal loan interest rate to 11% after the 100-basis points repo rate cut by the RBI. For the same Rs. 10 lakh personal loan of 5 years, Kareena's EMI will fall to Rs. 21,742. She will pay a total of Rs. 13,04,545 to the bank through 60 EMIs. The total interest paid by Kareen on the 5-year personal loan will be Rs. 3,04,545. With the personal loan interest rate falling from 12% to 11%, Kareena's EMI will fall from Rs. 22,244 to Rs. 21,742. Thus, she will save Rs. 502 every month on her EMI. The total interest paid over the 5-year personal loan will fall from Rs. 3,34,667 to Rs. 3,04,545. Thus, she will have interest savings of Rs. 30,122 over the entire loan tenure. The table below shows the savings due to changes in personal loan interest rates due to a cut in the repo rate. Personal loan amount & tenure Rs. 10,00,000 for 5 years Rs. 10,00,000 for 5 years Interest rate 12% 11% EMI Rs. 22,244 Rs. 21,742 EMI saving Rs. 502 Total interest paid over 5 years Rs. 3,34,667 Rs. 3,04,545 Total interest savings Rs. 30,122 The above-expected interest rate cuts are not just limited to personal loans. The cuts in Repo Rate are expected to lead to a cut in interest rates on most loans like home loans, vehicle loans, business loans, etc. One of the important objectives of the RBI is to keep inflation at 4% with a tolerance band of 2 to 6% (+ or – 2%). For April 2025, the CPI inflation rate was at 3.16%, well below the RBI's target rate of 4%. The lower inflation rate gave the RBI the elbow room to cut interest rates. The RBI expects the CPI inflation to be 3.7% for FY 2025-26. It is within the RBI's target rate of 4%. However, during his 6th June Monetary Policy statement, the Governor mentioned that after the 100-basis points repo rate cut since February 2025, the RBI is left with limited space to support growth. Hence, the MPC has changed its stance from accommodative to neutral. Going ahead, the MPC will assess the incoming economic data for future course of action. Thus, going ahead, repo rate cuts, if any, will depend on the inflation rate and other economic data. As mentioned earlier, there is limited scope for any further repo rate cuts in the near future. It will all depend on how inflation behaves. Banks will pass on the repo rate cut benefit to their customers in the form of lower interest rates on personal loans and other loans. Hence, if you are looking for a personal loan, consider going for it. Gopal Gidwani is a freelance personal finance content writer with 15+ years of experience. He can be reached at LinkedIn.

‘India becoming tech powerhouse'; PM Modi hails 11 years of innovation; says poor gained from technology
‘India becoming tech powerhouse'; PM Modi hails 11 years of innovation; says poor gained from technology

Time of India

time28 minutes ago

  • Time of India

‘India becoming tech powerhouse'; PM Modi hails 11 years of innovation; says poor gained from technology

FILE PHOTO- PRIME MINISTER NARENDRA MODI Prime Minister Narendra Modi on Thursday highlighted his government's 11-year technological achievements, saying that leveraging technology has brought numerous benefits to citizens. "Powered by the youth of India, we are making remarkable progress in innovation and application of technology. It is also strengthening our efforts to become self-reliant and a global tech powerhouse," the prime minister said on X. — narendramodi (@narendramodi) PM Modi further said that technology has enhanced service delivery, transparency, and empowered the poor, while transforming India into a hub of digital innovation and tech-led governance. The prime minister in a post on Tuesday had shared an article written by Union minister Jyotiraditya M Scindia. In his article, Scindia focused on how villages have increasingly become part of India's digital revolution. India has achieved significant digital connectivity milestones with over 94 crore broadband connections and 120 crore telephone subscribers, increasing tele-density from 75 percent in 2014 to 85 percent in 2025, the government said. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Τι είναι το ChatGPT για το οποίο μιλάνε όλοι; courses AI Undo The country has also become one of the world's cheapest mobile data providers, promoting digital inclusion through UPI payments. The government reported that Direct Benefit Transfer (DBT) has ensured transparency at scale, with over Rs 44 lakh crores credited to beneficiaries across 322 schemes regulated by 56 ministries, saving Rs 3.48 lakh crores by eliminating leakages.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store