Financial Limits of Major Port Trusts Enhanced

Government has issued orders enhancing the financial limits and also for streamlining the powers exercisable by Major Port Trusts on February 11. The areas covered include the powers to execute contracts and deposit works, take temporary loans or overdrafts, incur capital expenditure, sanction works, compound or compromise claims, writing 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. 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.

A Committee headed by Special Secretary and Financial Adviser in the Ministry of Shipping, with the representatives from the Ministry of Shipping and Major Ports, was constituted on 17/06/2013 to suggest measures, inter-alia, and rationalize the extant powers of the Major Port Trusts including recommendations for enhancement of the same.

This information was given by Minister of State for Shipping, Shri Pon Radhakrishnan in a written reply in the Lok Sabha today.

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SA/RS