Sonowal inaugurates 3 Projects to bolster Inland Waterways on Brahmaputra (See 'Corp Brief') TRAI releases Paper on 'Review of Rating of Properties for Digital Connectivity Regulations' (See 'Corp Brief') India, Israel ink historic MoU in Fisheries and Aquaculture Sector (See 'Corp Brief') Food Processing to play Decisive Role in Realising Vision of Viksit Bharat: Paswan (See 'Corp Brief') MoRTH sensitizes Stakeholders on 'PM RAHAT' - Cashless Treatment of Road Accident Victims (See 'Corp Brief') Nadda to head reconstituted Hindi Advisory Committee in Chemicals Ministry (See 'Corp Brief') MoS urges scaling up bamboo utilisation (See 'Corp Brief') A&C - Liability to pay interest on a decretal amount ceases to run from date funds are made unconditionally available for withdrawal by Decree Holder: HC (See 'Legal Desk') Winners of 'Cyber Security Grand Challenge 2.0' bag total prize pool of Rs. 6.85 Cr (See 'Corp Brief') MSME Ministry upgrades National Small Industries Corporation to ‘Schedule A' CPSE (See 'Corp Brief') NMDC R&D Centre Partners with IIT Hyderabad for Advanced Mining Research (See 'Corp Brief') Gulmarg to become Global Hub for Winter Sports: Mandaviya (See 'Corp Brief') Misc - CA, who holds position of trust, is guilty of misconduct if he conspire to manipulate public issue by using ante-dated financial instruments to facilitate irregular share allotments for personal benefit: HC (See 'Legal Desk') PM GatiShakti Group evaluates key Infrastructure projects (See 'Corp Brief') IBC - Waiver of rights under contract such as debenture trust deed cannot be implied if agreement explicitly requires such waiver to be in writing: SC (See 'Legal Desk') IBC - Manner in which bank classifies loan as non-performing asset for accounting or provisioning purposes does not determine IBC, if debt was restructured and acknowledged in fresh agreements: SC (See 'Legal Desk') IBC - corporate restructuring under IBC must be prioritized over stalled and ineffective proceedings under Companies Act to protect public funds and larger economic interest: SC (See 'Legal Desk') IBC - NCLT can't Reject Sec 7 application citing corporate debtor's financial health, once twin requirements of debt & default are established: SC LB (See 'Legal Desk') Misc - 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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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