FPJ Exclusive: Revenue dept moots Rs 56 crore stamp duty on MSRDC loan agreements for Samruddhi Marg

Mumbai: The Maharashtra government's revenue department has proposed the imposition of a Rs 56crore stamp duty on loan agreements between the state-run Maharashtra State Road Development Corporation (MSRDC) and lenders. The state cabinet, headed by Chief Minister Uddhav Thackeray, is expected to discuss the proposal at meeting slated for Wednesday.

MSRDC, the nodal agency for the development of the Rs 55,000crore Mumbai-Nagpur Super Communication Expressway (Samruddhi Mahamarg), has tied up with various banks and financial institutions for Rs 28,500 crore in loans.

A revenue department official told The Free Press Journal, "It has been proposed to recover Rs 56 crore in stamp duty on loan agreements between the MSRDC and lenders. The cabinet will look into it.''

However, the MSRDC has contested this proposal, saying the amount is on the higher side. ''The department is charging a maximum of Rs 10 lakh in stamp duty on such agreements signed by private sector. Why does the department want to charge the MSRDC higher stamp duty?" it has has argued, in its representation to the government.

Further, the MSRDC has expressed displeasure over the revenue department's rigid stand and sought relief from the government. The MSRDC has completed 22% of the construction work and hopes to commission the 701km Samruddhi Marg by December 2021.

Of the Rs 28,500 crore in loans, the MSRDC will receive Rs 8,000 crore from the State Bank of India, Rs 4,000 crore each from the Life Insurance Corporation and Canara Bank, Rs 2,550 crore from HUDCO, Rs 1,700 crore each from the Bank of India and the Union Bank of India, Rs 1,500 crore each from the Andhra Bank and the Bank of Baroda, Rs 1,300 crore from the IIFC, Rs 750 crore from the Indian Bank and Rs 500 crore each from the Bank of Maharashtra, Syndicate Bank and the Oriental Bank of Commerce.

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