India Showcases Climate Progress at WTO Environment Week (See 'Corp Brief') World Environment Day 2026 launches SOP of Solid Waste Management Rules, 2026 (See 'Corp Brief') Sovereign guarantee extended to ship owners; insurance made affordable for maritime trade (See 'Corp Brief') CM, Union ministers open 18 'Namo Oxygen Parks' to boost green cover (See 'Corp Brief') Government expands specified securities under FAR to include new issuances in Sovereign Green Bonds (See 'Corp Brief') Yogasana Championship 2026, Sports Capital, Ahmedabad (See 'Corp Brief') Govt announces ANRF portal for training in patent filing (See 'Corp Brief') Government Targets 75 Lakh Rooftop Solar Households by End-2026 (See 'Corp Brief') IBC - Admission of claim by IRP/RP during CIRP does not amount to acknowledgment of liability u/s 18 of Limitation Act: SC (See 'Legal Desk') Millet Functional Foods Make Sea Export Debut (See 'Corp Brief') India-UK critical minerals Global Supply Chain observatory launched (See 'Corp Brief') West Bengal set to become eastern India's Maritime Hub with Rs 19,209 crore investment plan (See 'Corp Brief') IBC - Disputes raised by Corporate Debtor, including MSME-related objections, alleged irregularity in NPA classification, pending arbitration, do not defeat admission once debt and default are established: NCLT (See 'Legal Desk') CCI Clears DAE's Acquisition of Macquarie AirFinance (See 'Corp Brief') CCI okays UPL group's crop protection businesses reorganisation (See 'Corp Brief') IBC - By virtue of Section 238, IBC overrides Electricity Act, 2003 and allied state electricity recovery laws to extent of inconsistency: HC (See 'Legal Desk') India, South Africa Deepen Ties in AI and Future Technologies (See 'Corp Brief') India-Oman Comprehensive Economic Partnership Agreement (See 'Corp Brief') NPCI International, ACLEDA Bank launch cross-border UPI payments in Cambodia (See 'Corp Brief') IBC - An application u/s 9 not maintainable when operational debt & its basis are doubtful & unsupported by cogent evidence: NCLT (See 'Legal Desk') Centre-States partnership advances reforms for sustainable rural water delivery (See 'Corp Brief') Embrace AI and Emerging Technologies, but Keep Compassion: Nadda (See 'Corp Brief') Governor of Telangana interacts with Meghalaya student delegation (See 'Corp Brief') Digital India BHASHINI, Current AI & Kalpa Impact launch VYOMA Innovation Challenge (See 'Corp Brief') Companies Act - Auditor's remark stating that company has an internal audit system which needs to be strengthened, does not amount to 'qualification', and failure to furnish explanation on such remark does not attract penal liability: HC (See 'Legal Desk') Chouhan launches 'Khet Bachao Abhiyan' from Raisen, MP (See 'Corp Brief') PMLA - Special Courts under PMLA cannot take cognizance of prosecution complaint without first giving accused opportunity of hearing, as mandated under first proviso to Sec 223(1) of BNSS: SC (See 'Legal Desk') Gadkari reviews quality of NH Projects in West Bengal and AP (See 'Corp Brief') Digital India BHASHINI & DPIIT sign MoU for Multilingual Access Across India's Investment Ecosystem (See 'Corp Brief') NI Act - After adoption of electronic clearance system, cheque return memo or bank endorsement need not bear seal or signature to be acted upon under Sections 138 and 146: HC (See 'Legal Desk') National Workshop on R&D in Water to drive Bharat's Next Wave of Water Innovation (See 'Corp Brief') PM SVANidhi completes Six Years of Empowering Street Vendors (See 'Corp Brief') DCA reviews implementation of Legal Metrology Reforms in N-E and UTs (See 'Corp Brief') Raksha Mantri & UP Chief Minister inaugurate 'Nausena Shaurya Vatika' in Lucknow (See 'Corp Brief') IBC - Offences u/s 68 and 235A of Code can be prosecuted only before competent Special Court in manner prescribed u/s 236 of Code: NCLT (See 'Legal Desk') A Highway bringing New Possibilities to Heart of Central India: Boregaon to Shahpur (See 'Corp Brief') National Biodiversity Authority realises Rs. 21.26 Crore through Benefit Sharing Mechanism (See 'Corp Brief') Ayushman Bharat Digital Mission crosses Landmark Milestone of 90 Crore ABHA Accounts (See 'Corp Brief') SEBI - Assessee's request for inspection of documents cannot be allowed where these form part of SEBI's internal administrative process & are not necessary for replying to SCN: SAT (See 'Legal Desk') Moratorium under the IBC (See CORP EINSICHT)

Print

Cabinet approves PM-eBus Sewa-Payment Security Mechanism scheme

Published: Sep 12, 2024

By TIOLCorplaws News Service

NEW DELHI, SEP 12, 2024: Union Cabinet, has approved the "PM-eBus Sewa-Payment Security Mechanism (PSM) scheme" for procurement and operation of e-buses by Public Transport Authorities (PTAs) with an outlay of Rs. 3,435.33 crore.

This scheme will support deployment of more than 38,000 electric buses (e-Buses) from FY 2024-25 to FY 2028-29. The scheme will support the operation of e-buses for a period of up to 12 years from the date of deployment.

At present, the majority of buses operated by Public Transport Authorities (PTAs) run on diesel/CNG, causing adverse environmental impact. On the other hand, e-buses are environment friendly and have lower operational cost. However, it was anticipated that Public Transport Authorities (PTAs) would find it challenging to procure and operate e-buses because of their high upfront cost and lower realization of revenue from operations.

To address the high capital cost of e-buses, Public Transport Authorities (PTAs) induct these buses through Public Private Partnership on Gross Cost Contract (GCC) model. The PTAs are not required to pay the upfront cost of the bus under the GCC model, instead OEMs/operators procure and operate e-buses for PTAs with monthly payments. However, OEMs/operators are hesitant to engage in this model due to concerns about potential payment defaults. 

The scheme addresses this concern by ensuring timely payments to OEMs/operators through a dedicated fund. In case of default of payments by PTAs, CESL, the implementing agency, shall make necessary payments from the scheme funds which will be later recouped by the PTAs/State/UTs.

This initiative seeks to facilitate adoption of e-buses by encouraging private sector participation. The scheme will also lead to significant reductions in greenhouse gas emissions and also reduce the consumption of fossil fuel. The scheme will provide benefits to all Public Transport Authorities (PTAs) present in State/UTs who opt for the scheme. 

 

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.