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Tue, Dec 11, 2018 | Last Updated 8:23 pm IST

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Amaravati Bonds Thunderbolt on AP's economy: Undavalli

Amaravati Bonds Thunderbolt on AP's economy: Undavalli
data-page-url= 'http://www.apherald.com'

Former Congress MP Undavalli Aruna Kumar seriously demanded AP Government to reveal the names of the NINE INVESTORS who had invested in purchase of The Andhra Pradesh government's Amaravati Bonds.


The government would have to pay an interest at the rate of 10.36% for the ₹ 2,000 Crores it borrowed, and, on top of this, the Telugu Desam Party (TDP) Government has paid a whopping amount of ₹17 Crore towards Brokerage to the middlemen M/s. AK Capital, he observed.

ap-news-doubts-raised-in-paying-huge-money-on-brok 

Speaking to media in Rajamahendravaram, he said that the TDP government withdrew loans for higher rate of interest, after having issued Orders by Centre by warning against borrowing loans at higher interest.

 

Undavalli Aruna Kumar basically questioned the intention behind offering ₹17 Crore towards commission to M/s.AK Capital, which had earlier proposed to act as the merchant bank. Getting funds from public with high rate of Interest and paying this big chunk of brokerage looks fishy as he expressed.

 

"It is unfortunate that the government is encouraging the sale of Cheap Liquor. A bottle of liquor is being sold at a cost of ₹50, while only ₹8.50 is being spent on Manufacture and Transport of the same. The retailers would earn ₹3.75 per bottle, while the government earns ₹37.75," he explained.

ap-news-doubts-raised-in-paying-huge-money-on-brokThe burden of loans on the government is ₹ 2,25,000 Crore, out of which ₹ 1,30,000 Crores was borrowed in the last four and a half years of TDP rule, the former MP said. The State government is not obliged to provide the particulars of payment towards taxes, service charges and others on the receipt provided, to a consumer after filling petrol or diesel at Fuel Stations, he added, that in Kerala the receipts are provided at fuel stations with all above details

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