Criticising the Brihanmumbai Municipal Corporation (BMC) for its plan to raise funds through bonds for infrastructure projects, corporators demanded that a white paper on the entire plan be submitted before the committee. Committe members said the civic administration cannot bring up such a crucial policy without approval from the standing committee.
A senior civic official said the BMC has planned to float municipal bonds and raise Rs 4,000 crore to fund infrastructure projects. A senior official from the Chief Accountant (CA) department said, “The plan is to raise money from the market and fund major infrastructure projects in the future. The policy has not been finalised and everything about it is still under consideration.”
