Delhi government has released its equity contribution of Rs 200 crore to Delhi Metro Rail Corporation (DMRC) for construction work of Phase-III projects.
"We have released an amount of Rs 200 crore to DMRC as equity contribution of government of Delhi included in Phase-III of MRTS projects," said a senior official of Delhi government.
He said some "strict" terms and conditions have also been imposed on DMRC for getting amount from Delhi government.
"Interest earned on equity before issue of shares, if any, would be adjusted against the contribution of Delhi government Besides, DMRC would ensure time bound progress of the project. It would also furnish monthly physical and financial progress to Transport, Planning and Finance Department," Jandolaia added.
According to the government, DMRC would submit audited utilisation certificate for previous years and it would also furnish details of funds release by governments of Delhi and Central for MRTS phase-III.
"The Administrative Department may specify the purpose/item on which expenditure may be incurred in precise terms for which equity is being granted/extended. Expenditure will be incurred only for the purpose for which equity has been sanctioned and for the targets, which have been assigned to DMRC by the Administrative department," the official also said.
He further added that due prudence and frugality will be exercised by the DMRC while incurring expenditure out of equity share and no wasteful expenditure whatsoever shall be incurred in any manner.
"The Transport Department may also carry out periodical appraisal of the performance of DMRC for ascertaining as to whether the targets/goals assigned to DMRC are being achieved.
"The audited statement of accounts showing the expenditure incurred during the year 2013-14 should be furnished by it along with a utilisation certificate that the amount has been utilized for the purpose for which it was sanctioned at the time of release of next installment and no previous UC in respect of previous grant/loan is pending," he added.
According to terms and conditions, DMRC will also maintain a register in form GFR-40, a record of the permanent and semi-permanent assets acquired wholly or mainly from the Government funds.
"Such assets would not be disposed off, encumbered or utilized for the purpose other than those for which the amount was given without prior approval of the Government," he added.
