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BMC budget: Civic administration provides break-up of fixed deposit

However, a part of the money has been kept aside meant for provident fund of its employees

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BMC's administration provided break-up of bank deposits of Rs 61,510 crore during the general body meeting held on Thursday. The administration claimed the money would be used for various development works in future. However, a part of the money has been kept aside meant for provident fund of its employees.

Sanjay Mukherjee, additional municipal commissioner of BMC shared details of funds kept as fixed deposits in over 30 banks. Around Rs18,000 has been kept aside for provident and pension funds while remaining amount will be used for development works. However, Mukherjee did not provided details how this money would be utilised for city's development works.

Newly elected members had sought details of fund kept in banks during their first general body meeting and alleged that the civic administration failed to utilise fund for city's development. Manoj Kotak, BJP group leader alleged that the administration has been working as a private company and earning interest on funds while it should use for city's betterment and to relax taxes.

Other members also echoed that BMC is not a profit-making organisation and it should have reduced tax burdens from citizens.

Of the total Rs61,510.19 crore fixed deposits, Rs34254.23 crore is special funds, Rs  6853.86 crore is contractor and other parties’ deposits, Rs 9470.32 crore is accumulated depreciation and Rs 10927.19 as surplus funds.

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