GCCI stages protest rally against mortgage fees

Gandhidham, Gujarat, Feb 13 (UNI) A peace march was organised here by the Gandhidham Chamber of Commerce and Industry (GCCI) members to protest against the Kandla Port Trust Authority's (KPTA) decision to charge 'mortgage fees' for issuing NOC to those who have leased KPT land and wish to avail loans from banks and financial institutions.

Large number of GCCI members participated in the rally, which commenced from Gandhi statue and passed through main bazar areas to reach the administrative office of Kandla Port Trust. GCCI president Bachubhai D Ahir presented a flower to KPTA Chairman Janardan Rao and registered protest against mortgage fees in a Gandhian way.

The chamber has initiated agitational methods to scrap the mortgage fees on the township land after getting a lukewarm response from the Ministry of Shipping, chamber sources said.

The Port Trust had circulated the amendment of Land Policy guidelines through a circular on February 28, 2006, advising that 'No Objection Certificate' (NOC) can be granted for mortgage of leasehold interest along with the structure erected by the lessee thereon in favour of FIs/Banks subject to the port retaining the first charge.

Effective from March 1, 2006, the mortgage fee is computed at one per cent of the loan amount upto Rs one crore.

The chamber has pointed out that the Tariff Authority for Major Ports (TAMP) had clarified that mortgage of leasehold rights was not specifically envisaged in the major Port Trusts Act.

The region produces about 70 per cent of the total requirement of edible and industrial salt for the country and these salt manufacturing pans of Kandla have also been covered under the scope of enhanced mortgage fees, sources added.

UNI