PM attends Global Renewable Energy Investor's Meet in Gandhinagar (See 'Corp Brief') IBBI - Rule 13 of IBBI lays down procedure for completion of sale and thus it should be treated as directory: SC (See 'Legal Desk') 'Accessibility Standards' module in E-Cinepramaan successfully deployed (See 'Corp Brief') NI Act - Authorised signatory of company is not 'drawer' u/s 143A of NI Act, and therefore cannot be directed to pay interim compensation under said Act: SC (See 'Legal Desk') Ministry of Steel to launch 'Swachhata Hi Seva 2024' campaign (See 'Corp Brief') PMLA - Properties involved can be released from attachment as criminal proceedings under PMLA against appellants has been closed: Tribunal (See 'Legal Desk') PMLA-Direction u/s 8(4) for taking possession of property in question before formal order of confiscation is passed merely on basis of confirmation of provisional attachment order, is exception and not rule: HC (See 'Legal Desk') Centre for Rural Enterprise Acceleration through Technology inaugurated at Leh (See 'Corp Brief') Companies Act - NCLT while exercising its jurisdiction u/s 59 of Companies Act, 2013 has to examine the factual issues to ascertain substance of issue: SC (See 'Legal Desk') Rajbhasha Kirti Award awarded to Department of Administrative Reforms (See 'Corp Brief') Arbitration - At referral stage, referral court should leave it for Arbitral Tribunal to decide whether non-signatory is bound by arbitration agreement: SC (See 'Legal Desk') Labour Secy meets Industry Leaders on Employment Linked Incentive Scheme (See 'Corp Brief') PMLA - Process envisaged by Sec 50 of PMLA is in nature of inquiry against proceeds of crime and is not ‘Investigation' in strict sense of term for initiating prosecution: SC (See 'Legal Desk') New era of energy has now begun: Naik (See 'Corp Brief') SEBI-pending merger application still awaiting final order between company and holding company cannot bar adjudicating proceedings under SEBI Act, 1992: SEBI (See 'Legal Desk') TRAI releases recommendations on Connectivity to Access Service VNOs (See 'Corp Brief') Indian Evidence Act- Penalty of blacklisting without giving sufficient reasons would not amount to violation of principles of natural justice: HC (See 'Legal Desk') Ministry of Civil Aviation launches Cleanliness Drive across Airports (See 'Corp Brief') PMLA - Once accused has got bail in money laundering case despite stringent conditions under PMLA, his further detention in predicate offence by CBI under Prevention of Corruption Act, is untenable: SC (See 'Legal Desk') Trademarks Act -Rights bestowed upon assignee does not originate directly from execution of Assignment Deed, rather than its later registration: HC (See 'Legal Desk') NLC India revalidates Vision 2047 with focus on Green Initiatives (See 'Corp Brief') PMLA- amount of proceeds of crime lying in fixed deposit in name of SP,CBI was not likely to be concealed, transferred or dealt with in manner which may frustrate proceeding for confiscation: TRIBUNAL (See 'Legal Desk') Indian Stamp Act -Arbitration award not duly stamped cannot be admitted as piece of evidence in trial court proceedings: HC (See 'Legal Desk')

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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. 

 

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