Meghalaya cabinet nod to introduction of Central Bonded Ware House

All the 44 bonded warehouses in the State would be given a minimum profit margin eligibility.
Meghalaya cabinet nod to introduction of Central Bonded Ware House
TNT Photos

SHILLONG:

The Meghalaya Cabinet on Tuesday adopted the proposal for introduction of the Central Bonded Ware House and creation of new rule 211 (a) in the Meghalaya Bonded Ware House Rules.

Informing this after the cabinet meeting, Meghalaya Chief Minister Conrad K. Sangma said that this particular amendment would allow the State Government to have a Central Bonded Ware House.

"This Central Bonded Ware House would be above all the other bonds. This will ensure that the revenue collection is from one source," the Meghalaya Chief Minister said.

All the 44 bonded warehouses in the State would purchase products from the Central Bonded Warehouse and they would also be given a minimum profit margin eligibility.

"Hence, the financial implications on all the bonds would be reduced," Sangma added.

According to him, this decision will, in no way, impact the revenue or profit structure or profit margin of retail shops.

"This Central Bonded Ware House would be raised through a competitive bidding process and the process will start immediately since the proposal was approved by the Cabinet," the Meghalaya Chief Minister said.

Reduction of administrative costs for land acquisition

Meanwhile, the State Cabinet on Monday approved the proposal for reducing the administrative costs for land acquisition to 2.5 per cent from 10 per cent.

In accordance with the Land Acquisition Act of 1894, the Revenue and Disaster Management department had levied charges of Rs 20,000 and above 8 per cent for the establishment and 2 per cent for contingency charges.

"But now this amount has been reduced to 2.5 per cent,” informed the CM.

Sangma said the department, after considering all aspects, has worked out that the rates for several sectors.

For Defence’s IBBF and BOPs, the cost should be at 2 per cent and contingency at .5 per cent (that is 2.5), 2.5 per cent for national highways and state roads, 8 per cent for all central and state projects of government departments.

For other projects, the old rate of 10 per cent will continue to remain in effect.

Further, the Cabinet had approved the proposal to rename Mawlai bypass road after former legislator (L) Founder Strong Cajee and the road from TSS junction to FCI godown after (L) Archbishop Dominic Jala.

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