Raksha Mantri to inaugurate Conclave on 'Advanced Manufacturing Technologies' (See 'Corp Brief') Govt strengthens Institutional Credit Framework for Agriculture and Allied Sectors (See 'Corp Brief') Trade Marks - Quasi-judicial authorities exercising statutory powers under the Trade Marks Act must pass a reasoned & speaking order after considering evidences & submissions placed; failure to do so amounts to abdication of these functions: HC (See 'Legal Desk') Centre encouraging cash crops in place of tobacco: Chouhan (See 'Corp Brief') Over 1 Lakh Startups have at least One-Woman Director: Govt (See 'Corp Brief') PMLA - Allegations of mala fide cannot be accepted without specific evidence against ED officials; search authorization & consequent actions are distinct from scheduled offences u/s 3 of PMLA: HC (See 'Legal Desk') MoSPI has initiated measures to strengthen accountability in data collection (See 'Corp Brief') Govt expands Youth Skill Development through NSS, Skill India Mission and NEP Initiatives (See 'Corp Brief') Govt boosts Renewable Energy Awareness Nationwide (See 'Corp Brief') Misc - Doctrine of lis pendens u/s 52 of TOPA is not applicable to transfer of property that occurs before institution of suit concerning that property, especially when transferor is not party to subsequent suit: HC (See 'Legal Desk') CCI organises 11th Edition of National Conference on Economics of Competition Law (See 'Corp Brief') India submits Report on Implementation of Nagoya Protocol for Biodiversity (See 'Corp Brief') MSME Champion Scheme progressing well towards achieving its objectives (See 'Corp Brief') A&C - Law provides award creditor with additional option to file for execution directly in court where assets are located, but this does not extinguish jurisdiction of Seat Court: HC (See 'Legal Desk') IICA convenes 5th Inter-Ministerial Consultation on Responsible Business Conduct and ESG (See 'Corp Brief') BCCL Organizes Interaction with NRS Linkage and CIL SWMA e-Auction Consumers (See 'Corp Brief') Madnaviya & Kumaraswamy lay foundation of indoor sports complex in Karnataka (See 'Corp Brief') A&C - Juridical seat of arbitration is determinative factor for conferring exclusive supervisory jurisdiction on court: HC (See 'Legal Desk') India's progress in reducing Tuberculosis Incidence has Outpaced Global Average: Nadda (See 'Corp Brief') Rs 100 crore sanctioned for Integrated Aqua Park Project in Anantnag (See 'Corp Brief') Reddy inaugurates Multiple Projects in WCL (See 'Corp Brief') PMLA - If mortgaged properties are to be auctioned by bank or settled with borrower which may result in concealment, it would be only of those properties which was considered to be assets disproportionate to known source: SAFEMA (See 'Legal Desk') India moving from Healthcare Follower to Global Leader in Precision Medicine and Biomanufacturing: MoS (See 'Corp Brief') Companies Act - Technical provisions of Companies Act cannot be relied on to evade compliance with a Court decree prohibiting the judgment debtor from transferring the shares to any third party: HC (See 'Legal Desk') SECL's Vigilance-led Initiative 'Prayas' Ensures Timely PF & Pension Settlement (See 'Corp Brief') PMLA - Appearance of Appellant, ordinarily operating in Mumbai, before SAFEMA Appellate Tribunal at Delhi, does not confer territorial jurisdiction to the Delhi High Court over Appellant: HC (See 'Legal Desk') Supreme Court Clears Path For Single Insolvency Proceedings Against Linked Group Companies (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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