State seeks Centre's nod to float bonds for Metro rail

The Karnataka government has recently sought permission from the Centre to float tax free bonds to raise resources for early completion of Bengaluru metro rail and irrigation projects.

Participating in the State Finance Ministers’ meeting chaired by Union Finance Minister Arun Jaitley, Karnataka Public Works Department Minister H C Mahadevappa said that though the Centre allowed various financial institutions run by the Government of India to raise money through tax-free bonds, these companies were not giving any funds to state projects with lower interest rate.

Mahadevappa who participated on behalf of Chief Minister Siddaramaiah in the meeting also requested the Centre to compensate the state if any revenue loss occurs after implementation of Goods and Services Tax (GST). The minister also urged the Centre to extend financial support to Hyderabad-Karnataka region.

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