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MoS dedicates to nation first-of-its-kind 'Eco-Educational Hub' (See 'Corp Brief')

XI BRICS Culture Ministers' meeting concludes in Bhopal (See 'Corp Brief')

Railways approves introduction of Daily Itarsi-Madan Mahal Passenger Service (See 'Corp Brief')

NI Act - Moratorium protects corporate debtor in respect of insolvency proceedings, but does not grant immunity to natural persons from criminal liability already incurred on account of cheque dishonour: HC (See 'Legal Desk')

A&C - If prima facie arbitration agreement exists and non-signatories have shown conduct aligning with contract, referral court should allow arbitrator to finalize list of parties based on detailed evidence: HC (See 'Legal Desk')

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13th BRICS Education Ministers' meeting concludes with Declaration (See 'Corp Brief')

IEPFA organises Stakeholder Engagement with Nodal Officers of Companies on Portal 2.0 (See 'Corp Brief')

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National Handloom Day celebrates Tribal Weaves of India (See 'Corp Brief')

SECL leads India in Scientific Mine Closure, Transforming abandoned Mines (See 'Corp Brief')

IBC - RBI prudential norms stopping banks from recognising interest income on NPA accounts do not wipe out borrower's obligation to accrue & recognise interest expense in its own financial statements: NCLAT (See 'Legal Desk')

Sowa-Rigpa must emerge as Globally Recognised Evidence-Based Healthcare System: Jadhav (See 'Corp Brief')

Insurance Division, DFS secures 3rd Rank in Group A Category of Grievance Redressal (See 'Corp Brief')

IPR - Registration of defendant's trademark does not bar passing off action where plaintiff establishes prior goodwill, misrepresentation and likely damage: HC (See 'Legal Desk')

IndiaAI Mission organised AIKosh Univ Engagement Programme at Chitkara Univ (See 'Corp Brief')

A&C - In international commercial arbitration seated in India, ground of ‘patent illegality' u/s 34(2A) is expressly excluded: HC (See 'Legal Desk')

Comprehensive measures taken to boost digital infrastructure & cyber security: Jitin Prasada (See 'Corp Brief')

Misc - A minor admitted to benefits of partnership firm is not personally liable for debts or liabilities incurred by firm during age of minority - ergo, bank communication declaring minor as wilful defaulter is invalid: HC (See 'Legal Desk')

IPC showcases India's Regulatory Excellence at WHO Meeting in Nepal (See 'Corp Brief')

Companies Act - Solely because a private bank carries on banking operations as scheduled bank or is bound to follow regulatory guidelines issued by the RBI, it does not acquires character of a statutory body: HC (See 'Legal Desk')

GI & Beyond 2.0 Summit showcases India's GI-tagged Handloom and Handicraft Products (See 'Corp Brief')

IPR - Test for 'efficacy' u/s 3(d) of Patents Act is not limited to 'therapeutic efficacy' for all substances: HC (See 'Legal Desk')

CCI approves combination of many entities into InterGlobe Hotels (See 'Corp Brief')

IPR - U/s 9(1)(a) of Trade Marks Act, correct legal test is whether applied mark possesses 'distinctive character', means if it is capable of distinguishing applicant's goods from those of others - YES: HC (See 'Legal Desk')

House Panel deliberates on strengthening Human-Wildlife Conflict Mitigation through Technology (See 'Corp Brief')

IBC - Private bank's commercial decision on debt assignment or settlement, even if regulated by RBI norms, remains private banking transaction and does not satisfy function test for writ maintainability: HC (See 'Legal Desk')

PM-PRANAM Promotes Balanced Use of Fertilizer, Organic Farming (See 'Corp Brief')

IPR - In absence of evidence showing acquired distinctiveness or secondary meaning, descriptive mark could not validly remain on Register: HC (See 'Legal Desk')

On International Clouded Leopard Day, India strengthens Conservation through Dedicated Action Plan (See 'Corp Brief')

Limitation - Single Judge rightly declined to exercise writ jurisdiction in a matter which essentially involves contractual obligations & involves disputed issues of fact: HC (See 'Legal Desk')

Tete-a-tete around AI in banking sector often begins with algorithms (See CORP EINSICHT)

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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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