Financial limits of Major Port Trusts increased

May 5, 2015 12:18 pm Published by

The government has increased the financial limits and streamlined the powers exercisable by Major Port Trusts, the Minister of State for Shipping, Mr Pon Radhakrishnan, said.

He informed Parliament that the areas covered include the powers to execute contracts, take temporary loans or overdrafts, incur capital expenditure, sanction works, compound or compromise claims, write off losses, and various housekeeping functions.

Safeguards have been provided so as to ensure due diligence and accountability in the exercise of the financial powers, the Minister stressed.

These enhanced limits are expected to speed up the decision-making process for various activities in the Major Ports in general and for development works in particular, he added.

Mr Radhakrishnan further said that a Committee headed by a Special Secretary and Financial Advisor in the Ministry of Shipping, with representation from the Ministry of Shipping and Major Ports, was constituted in 2013 to suggest measures, inter-alia, and rationalise the extant powers of the Major Port Trusts, including recommendations for enhancement of the same.

 

Source : Exim News Service – New Delhi, May 4

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