UP to set up rural infrastructure company for small, medium cities

Lucknow, Aug 10 (UNI) In a bid to accelerate development of small and medium cities, the Uttar Pradesh government has decided to create a new fund to the tune of Rs 3,000 crore for infrastructure development.

A new UP rural and urban infrastructure finance company will be set up to finance the infrastructure projects, which will include roads, potable water, sewage and other basic facilities.

The proposed company would also use the fund to provide alternative source of revenue to local bodies for the purpose of development, Principal Secretary to the Chief Minister, Shailesh Krishna told reporters today.

The decision to this effect was taken in the state cabinet meeting chaired by Chief Minister Mayawati here yesterday.

The new company would seek financial assistance from World Bank and Government of India, along with other financial institutions.

In another decision, the state cabinet has also decided to amend rule 41 of the Trade Tax rules of the state.

Now the last date of submitting return and tax has been fixed as 20th of every month. So far, the last date was 25th of every month.

In yet another decision, the cabinet has accorded sanction for notification of UP cooperative sugar mill societies (special provisions) Rule, 2007.

The main amendments include definition of sound business, deletion of word sick and duration of notice, Mr Krishna said, adding, that now cane commissioner can act as a registrar of the sugar mill societies.

UNI