City Beat: Pune Municipal Corporation Received AA Credit Rating [Video]

City Beat: Pune Municipal Corporation Received AA Credit Rating [Video]

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The Pune Municipal Corporation has gone a step ahead of the New Delhi Municipal Corporation and Ahmedabad Municipal Corporation to receive an AA credit rating. The rating, based on an evaluation of the ability to pay back debt, is given as part of a government initiative. The PMC, according to government officials, has received a rating that even corporates struggle to get. These ratings will be crucial to float municipal bonds for mobilising resources and making cities self-sufficient. They will also help in implementing development programmes like the Smart Cities Mission.

Meanwhile, in a piece of good news for property tax payers, the Pune Cantonment Board will soon allow online payment of property tax. To offer this service, the board has tied up with a private bank which will enable tax payers to either pay tax through the bank's website, mobile app or at its branches across the city. 

To promote the physically disabled individuals, the Pune Municipal Corporation has announced that it will reserve five per cent of its commercial properties on rent for them. The PMC owns nearly 4,000 properties across the city which are reserved for hospitals, community halls, libraries, schools, etc. These civic properties include land, buildings, properties on lease, machinery, electricity equipment, office equipment, furniture, vehicles, among other things.

In another development, the PMC has received a lukewarm response to its recently introduced scheme for properties that were not assessed so far. Under this scheme, launched on August 1 and ending September 31, the civic body had offered an exemption of 10 per cent of the penalty to be paid by those who declared illegal properties themselves. So far, it has received only 780 enquiries.

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